Question

Ascertain gross profit from the following: Opening Stock Rs. 20,000 Closing stock Rs. 75,000 Purchases Rs. 1,50,000 Carriage inwards Rs. 2,000 Sales Rs. 1,25,00

Answer 1

Answer:

1,25,000+75,000-20,000+1,50,000+2,000

=28,000

Explanation:

gross profit = sales +closing stock-purchese+carriage +opening stoch

Answer 2

Explanation:

Cost of Goods Sold = Opening Stock + Purchases + Direct expenses - Closing stock

= 20,000 + 1,50,000 + 2,000 - 75,000

= 97,000

Cost of Goods Sold = Rs. 97,000

Gross profit = Net sales - Cost of Goods Sold

= 1,25,00 - 97,000

= 28,000

Gross profit = Rs. 28,000

Therefore, Gross profit = Rs. 28,000