Problem No.1 From the following information prepare a balance sheet with many details as possible: Gross profit- Rs.80,000; Gross profit to cost of goods sold ratio-1/3 Stock velocity-6 times; Opening stock-Rs.36,000 Accounts receivable velocity (360 days)-72 days; Current assets-Rs.150,000 A/c payable velocity-90 days; Bills receivable-Rs.20,000 Bills payable-Rs.5,000; Fixed assets turnover ratio – 8 times. (Turnover refers to cost of sales

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