Question

Calculate Gross profit from the following
information if 70% goods are sold for Rs.64,000:-
Salaries Rs.26,200; Carriage inwards Rs.21,000;
Net purchases Rs.84,000; Return outwards
Rs. 12,000; Closing inventory Rs.28,000; Opening
inventory Rs.16,000.​

Answer 1

Answer:

That answer is incomplete !!

Prepare Trading Account

Debit side:

opening inventory=16,000

Net purchase=84,000

Carriage inward=21,000

Gross profit= ? (

Credit side:

sales = 64,000+27,429

closing inventory=28,000

cost of goods sold=

16,000+84,000-28,000

=72,000

70% sold for 64,000

70% = 72,000*70% =50,400

Gp ratio= 13,600 *100

64,000

=21.25%

so remaining good also be sold for same profit.

21,600+5,829

=27,429

This way the answer will come.

But the question have some mistake i think