Exam question help again please....
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Hi<BR><BR>I had a similar question a few days ago about a past exam paper question and lo and behold I have the same question, but different data this time....here goes..<BR><BR>The question is to calculate the closing stock figure, based on the following:-<BR><BR>Stock at year end was unknown, but profit margin on all sales was 1/3.<BR><BR>Sales were £93900, purchases were £68720. There doesnt appear to be any opening stock.<BR><BR>Also, a note further down says that 'the value of closing stock was £3650, however, the shop was broken into and some stock was stolen'. You also have to calculate the value of the stolen stock.<BR><BR>I dont know what it is, but I can not calculate these answers....any comments appreciated.
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Exam question help again please....
Sales margin 1/3 therefore cost of sales = 93900x33.3333%=31300<BR>93900-31300=62600 cost of sales.<BR><BR>Stock Account<BR> Dr with Purchases 68720 <BR><BR>Cr with cost of sales 62600<BR>Cr with c/d Closing stock 3650<BR>Cr with Stolen Stock (balancing fig) 2470<BR><BR>Hope this is OK0