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Total Marks 5
Starting Date Thursday, July 30, 2015
Closing Date Monday, August 03, 2015
Status Open
Question Title GDB-02
Question Description

Topic to be tested:

  • Financial Statements

Learning Objectives:

  • To determine various items of financial statements from incomplete set of information and application of accounting principles.

Discussion Scenario:

It is supposed that you are an accountant of a business. You have limited information because some financial data has been lost due to fire.  Available information for the period is:

 

  • Gross profit is 25% of cost of goods sold
  • Operating profit Rs. 50,000
  • Selling and administration expense are 15% of sales
  • Financial expenses are 1% of sales
  • Opening stock Rs. 500,000
  • Purchases Rs. 700,000

 

Being a business graduate, you know the fundamentals of accountancy. You are required to determine the amount of sales and value of closing stock for the period.  In addition to it, which basic principle/concept of accounting is applied to deduct value of closing stock from cost of goods available for sale for reporting? Also discuss the main logic for this deduction?

 

Note: Provide your answer precisely and it must not exceed 125 words.

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