Question

7. Calculate Gross profit Ratio from the following figures: Sales Rs.10,00,000 Sales Return Rs.1,00,000 Opening Stock Rs.2,00,000 Purchases Rs.6,00,000 Purchase returns Rs.1,50,000 Closing Stock Rs.65,000​

Answer 1

Explanation:

★ Gross Profit Ratio =

$\dfrac{Gross \: Profit}{Net \: Sales} \: \times \: 100$

Net Sales = Sales - Sales Return

$\longrightarrow$ 10,00,000 - 1,00,000

$\longrightarrow$ 9,00,000

Net Sales = Rs. 9,00,000

Cost of Goods Sold = Opening Stock + (Purchases - Purchase returns) - Closing Stock

$\longrightarrow$ 2,00,000 + (6,00,000 - 1,50,000) - 65,000

$\longrightarrow$ 2,00,000 + 4,50,000 - 65,000 $\longrightarrow$ 6,50,000 - 65,000

$\longrightarrow$ 5,85,000

Cost of Goods Sold = 5,85,000

Gross Profit = Net Sales - Cost of Goods Sold

$\longrightarrow$ 9,00,000 - 5,85,000

$\longrightarrow$ 3,15,000

Gross Profit = 3,15,000

Gross Profit Ratio =

$\dfrac{Gross \: Profit}{Net \: Sales} \: \times \: 100$

$\dfrac{3,15,000}{9,00,000} \: \times \: 100$

Gross Profit Ratio = 35%

Therefore, Gross profit Ratio = 35%.

Answer 2

Answer:

Gross profit ratio

Gross profit ×100

Net sales

Net sales =Sales taken -sales written

=10,00,000-1,00,000

=9,00,000

Net sales =9,00,000.

Cost of good which is sold = 5,85,000

Gross profit = Total net sales- Cost of goods which is sold

=9,00,000-5,85,000

=3,15,000.

Gross profit =3,15,000.

Gross profit ratio =

=Gross profit ×100

Net sales

=3,15,000×100

9,00,000

Gross profit ratio = 35%..

Hope it helps u mate

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