Opening Stock Rs.15,000, sales Rs.48,000, Carriage Inward Rs.3,000, Sales Return Rs.3,000, Gross Profit Rs.18,000, Purchases Rs.30,000, Purchases Returns Rs.2,700. Calculate closing Stock and the cost of goods sold.

Net Sales = Sales - Sales Returns

= Rs.48,000 – Rs.3,000 = Rs.45,000

Cost of Goods sold = Net Sales - Gross Profit

= Rs.45,000 – Rs.18,000 = Rs.27,000

Cost of Goods sold = Opening Stock + Purchases – Purchases Returns + Carriage

Inward – Closing Stock

Rs.27,000 = Rs.15,000 + Rs.30,000 – Rs.2,700 + Rs.3,000 – Closing Stock

Closing Stock = Rs.45,000 – Rs. 27,000 = 18,300