Home › CBSE Class 11 (Commerce) › Accountancy › Financial Statements of Sole Proprietorship › Purchases are Rs 75,000, wages Rs 8,000 and clos…
Purchases are Rs 75,000, wages Rs 8,000 and closing stock Rs 15,000. What is the cost of goods sold?
ARs 68,000
BRs 83,000
CRs 98,000
DRs 60,000
Answer & Solution
Correct answer: A. Rs 68,000
Closing stock is deducted: 75,000 + 8,000 - 15,000 = 68,000.
Related questions
Why is the government interested in a business's profitability?A trial balance lists wages, salaries, rent and bad debts. Which is the only direct expensEntries not recorded in any special book go into which book?Where are all credit sales recorded?Which book records all cash and bank transactions?If total debits and credits in the trial balance agree, what is assumed?What is the basic objective of preparing financial statements?For managers, financial statements work like what?