Question

Calculate gross profit from the following information.

opening stock..............................RS 12,000
credit purchase.............................RS 45,000
cash purchase............................RS 50,000
purchase return............................Rs 3000
wages.....................................RS 7000
salaries............................RS 19,000
cash ............................RS 69000
credit sales............................RS 34,000
sales return............................RS 6000
closing stock ( given in adjustment).........RS 23,000
direct expenses...............................RS 5000

Answer 1

Answer: yes

Explanation:

Cost of goods sold= (12,000+45000+50000-3000)-23000= 81000

Sales= 34000-6000=28000₹

If ‘cash’ in the question is cash sales, then SALES= 69000+34000-6000=97,000₹

Finally,

Gross profit = Sales-COGS (97,000-81000=16000₹)

So gross profit is 16,000₹