Revolution Now!
Welcome,
Guest
. Please
login
or
register
.
Have you missed your
activation email
?
1 Hour
1 Day
1 Week
1 Month
Forever
Login with username, password and session length.
News:
New servers, hooraaaay! More bandwidth, more power.
Home
Help
Calendar
Login
Register
IGCSE/GCSE/O & A Level/IB/University Student Forum
»
Qualification
»
IGCSE/ GCSE
»
Subject Doubts
»
Commerce
»
ACcounting
« previous
next »
Print
Pages: [
1
]
Go Down
Author
Topic: ACcounting (Read 2974 times)
shan2391
SF Immigrant
Posts: 103
Reputation: 3
ACcounting
«
on:
May 30, 2009, 10:38:50 pm »
I m asked to make trading account
i have Opening stock 9500
Closing stock 17500
Purchases 22000
Cash sales 6600
Credit sales ?
The Gross profit margin is 20%
How do i calculate credit sales and gross profit.
Logged
Monica
Guest
Re: ACcounting
«
Reply #1 on:
May 30, 2009, 10:56:29 pm »
gross profit margin= gross profit mark up( by subtracting one from the dominator)
so if gross profit=20%=20/100= 1/5
so the gross profit mark up = 1/4(becuz i subtracted one from the dominator)
now gross profit mark up= Gross Profit/ cost of sales
cost of sales= 9500+22000 -17500=14000
mark up= GP/14000
1/4= GP/14000
GP=3500
NOW GET THE SALES EASILY BY= 3500+14000= 17500
HOPE U UNDERSTOOD ANYTHING!!LOL!!
Logged
Monica
Guest
Re: ACcounting
«
Reply #2 on:
May 30, 2009, 10:58:40 pm »
AND if u got the opposite that is they gave u the mark up npt te margin remember this formula
gross profit mark up= gross profit margin( by adding 1 to the dominator)
Logged
shan2391
SF Immigrant
Posts: 103
Reputation: 3
Re: ACcounting
«
Reply #3 on:
May 30, 2009, 11:04:06 pm »
Thanks a lot and a same type of Q. if markup was 20, sales 60000, opening stock 7800,purchases47100 howd u calculate grossprofit.
Logged
Monica
Guest
Re: ACcounting
«
Reply #4 on:
May 30, 2009, 11:08:49 pm »
gross profit mark up= gross profit margin( by adding 1 to the dominator)
mark up= 20%= 20/100= 1/5
so gross profit margin will be 1/6 (remember that i added one)
now gross profit margin= gross profit/sales
1/6 = GP/60000
GP = 10000
u can then get the closing stock....
Logged
shan2391
SF Immigrant
Posts: 103
Reputation: 3
Re: ACcounting
«
Reply #5 on:
May 30, 2009, 11:12:54 pm »
Thanks a lot monica,
rep 4 u
Shukran
Logged
Monica
Guest
Re: ACcounting
«
Reply #6 on:
May 30, 2009, 11:17:13 pm »
lol thx + rep for u becuz u made me practice!!
and hey if u have any questions ask u make me practice!!
Logged
Print
Pages: [
1
]
Go Up
« previous
next »
IGCSE/GCSE/O & A Level/IB/University Student Forum
»
Qualification
»
IGCSE/ GCSE
»
Subject Doubts
»
Commerce
»
ACcounting