{"id":57149,"date":"2024-04-16T00:57:02","date_gmt":"2024-04-16T00:57:02","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=57149"},"modified":"2024-04-16T00:57:02","modified_gmt":"2024-04-16T00:57:02","slug":"the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/","title":{"rendered":"The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 7,000&#8243; option2=&#8221;Rs. 5,000&#8243; option3=&#8221;Rs. 2,000&#8243; option4=&#8221;Rs. 9,000&#8243; correct=&#8221;option2&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>B. Rs. 5,000<\/strong><\/p>\n<p>Explanation:<\/p>\n<p>The value of closing stock is calculated as follows:<\/p>\n<p>Closing stock = Opening stock + Purchases &#8211; Cost of goods sold<\/p>\n<p>In this case, we are given that:<\/p>\n<ul>\n<li>Opening stock = Rs. 7,000<\/li>\n<li>Purchases = Rs. 23,000<\/li>\n<li>Cost of goods sold = Rs. 21,000<\/li>\n<\/ul>\n<p>Therefore, the value of closing stock is:<\/p>\n<p>Closing stock = Rs. 7,000 + Rs. 23,000 &#8211; Rs. 21,000 = Rs. 5,000<\/p>\n<p>Option A is incorrect because it is the value of opening stock.<\/p>\n<p>Option C is incorrect because it is the value of cost of goods sold.<\/p>\n<p>Option D is incorrect because it is the sum of opening stock and purchases.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Rs. 7,000&#8243; option2=&#8221;Rs. 5,000&#8243; option3=&#8221;Rs. 2,000&#8243; option4=&#8221;Rs. 9,000&#8243; correct=&#8221;option2&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"class_list":["post-57149","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Rs. 7,000&#8243; option2=&#8221;Rs. 5,000&#8243; option3=&#8221;Rs. 2,000&#8243; option4=&#8221;Rs. 9,000&#8243; correct=&#8221;option2&#8243;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-16T00:57:02+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/","og_locale":"en_US","og_type":"article","og_title":"The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?","og_description":"[amp_mcq option1=&#8221;Rs. 7,000&#8243; option2=&#8221;Rs. 5,000&#8243; option3=&#8221;Rs. 2,000&#8243; option4=&#8221;Rs. 9,000&#8243; correct=&#8221;option2&#8243;]","og_url":"https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2024-04-16T00:57:02+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/","url":"https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/","name":"The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2024-04-16T00:57:02+00:00","dateModified":"2024-04-16T00:57:02+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/the-value-of-opening-stock-as-on-1stjanuary-2003-was-rs-7000-stock-of-rs-23000-in-january-were-purchased-cogs-was-rs-21000-what-was-the-value-of-closing-stock-as-on-31st-january-2003\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"Costing","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/costing\/"},{"@type":"ListItem","position":3,"name":"The value of opening stock as on 1stJanuary 2003 was Rs. 7,000 stock of Rs. 23,000 in January were purchased. COGS was Rs. 21,000. What was the value of closing stock as on 31st January, 2003?"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/57149","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=57149"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/57149\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=57149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=57149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=57149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}