Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.

Related Mcqs:

Sales on credit is recorded in which of the following journal?

A. Purchase journal B. Sales journal C. Purchases return journal D. Sales return journal...

Which of the following is a liability?

A. Cash B. Equipment C. Debtors D. Creditors...

An increase in provision for bad debt will____________?

A. Decrease net income B. Decrease liabilities C. Increase net income D. Increase liabilities...

Closing stock in the Trial Balance implies that______________?

A. It is already adjusted in the opening stock B. It is adjusted in the Purchase A/c C. It is adjusted in the Cost of Sale A/c D. It is adjusted in the Profit &Loss A/c...

Outstanding salaries is shown as___________?

A. An Asset in the Balance Sheet B. A Liability C. By adjusting it in the P & L A/c D. Both B. and C. above...