Question

Calculate Gross Profit Ratio From the Following Figures:
Opening stock : Rs. 40,000
Closing Stock : Rs. 60,000
Purchases : Rs. 7,10,000
Return Outwards :Rs. 10,000
Wages : Rs. 80,000
Cash sales :Rs. 3,45,000
Credit Sales : Rs. 6,30,000
Return Inward : Rs. 25,000.

Answer 1

Answer:4,40,000-gross loss

Explanation:credit sales are not included in trading and profit&lossa/c.because if we sale goods on credit to others , they become debtors to us.it is included as debtors in balance sheet.