Question

Calculate Gross profit From the following particulars : sales 155000 purchase 80000 sales return 5000 purchase return 10000 opening stock 40000 closing stock 10000

Answer 1

Calculation of gross profit :-

Gross profit = Net sales - cost of goods sold

Gross profit = 1,50,000 - 1,00,000.

Gross profit = 50,000.

Working note :-

1. Net sales = sales - sales return

Net sales = 1,55,000 - 5,000 = 1,50,000.

2. Cost of goods sold = opening stock + purchases - purchase return - closing stock.

Cost of goods sold = 40,000 + 80,000 - 10,000 - 10,000.

Cost of goods sold = 1,00,000.