Calculate Gross Profit from the following information: (1) Sales: Rs. 2,50,000 (2) Sales returned Rs. 20,000 (3) Purchases Rs. 50,000 (4) Opening Stock Rs. 20,000 (5) Wages Rs. 5,000 (6) Octroi Rs. 6,000 (7) Closing stock Rs. 21,000 (4m)
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Answer:
Rs. 170,000
Explanation:
gross profit = (sales - sales return) + closing stock - opening stock - net purchases - direct expenses
= 230,000 + 21000 - 20,000 - 50,000 - 5000 - 6000
= 170,000
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