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From the following balances extracted from the books of M/s Ahuja and Nanda. Calculate the amount of: (a) Cost of goods available for sale (b) Cost of goods sold during the year Rs Opening stock 25,000 Credit purchases 7,50,000 Cash purchases 3,00,000 Credit sales 12,00,000 Cash sales 4,00,000 Wages 1,00,000 Salaries 1,40,000 Closing stock 30,000 Sales return 50,000 Purchases return 10,000

From the following balances extracted from the books of M/s Ahuja and Nanda. Calculate the amount of: (a) Cost of goods available for sale (b) Cost of goods sold during the year Rs Opening stock 25,000 Credit purchases 7,50,000 Cash purchases 3,00,000 Credit sales 12,00,000 Cash sales 4,00,000 Wages 1,00,000 Salaries 1,40,000 Closing stock 30,000 Sales return 50,000 Purchases return 10,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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From the following balances extracted from the books of M/s Ahuja and Nanda. Calculate the amount of:

(a)

Cost of goods available for sale

(b)

Cost of goods sold during the year

Rs

Opening stock

25,000

Credit purchases

7,50,000

Cash purchases

3,00,000

Credit sales

12,00,000

Cash sales

4,00,000

Wages

1,00,000

Salaries

1,40,000

Closing stock

30,000

Sales return

50,000

Purchases return

10,000

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