Calculate closing stock from the following details:
Opening Stock `- Rs 20,000`, Cash Sales `- Rs 60,000`, Credit Sales `- Rs 40,000`, Purchase `- Rs 70,000`
Rate of Gross Profit on Cost `33(1)/(3)%`

Explanation

Total Sales = Cash Sales + Credit Sales = Rs 1,00,000
Let Cost be Rs 100, Gross Profit `= 33 (10)/(3)%` on Cost `= Rs 33(1)/(3)`, Sales `= Rs 133(1)/(3)`
Gross Profit on Sales `= Rs 33(1)/(3) //Rs 133 (1)/(3) = (1)/(4)`
Gross Profit `= Rs 1,00,000 xx (1)/(4) = Rs 25,000`
Cost of Goods Sold = Sales - Gross Profit `= Rs 1,00,000 - Rs 25,000 = Rs 75,000`
Cost of Goods Sold = Opening Stock + Purchases - Closing Stock
`Rs 75,000 = Rs 20,000 + Rs 70,000 -` Closing Stock
Closing Stock `= Rs 20,000 + Rs 70,000 - Rs 75,000 = Rs 15,000`