Question

Calculate gross profit when Total purchases during the year are Rs.8,00,000 Return outward Rs.20,000

Direct expenses Rs.60,000 2/3 of the goods are sold for Rs.6,10,000​

Answer 1

Answer:

cost of goods sold = opening stock + net purchase + direct expense - closing stock

net purchase= purchase - return outward

= 800000-20000=780000

As opening and closing stick is not given in the question so cost is calculated as follow

cost of good sold = net purchase + direct expense

= 780000 +60000= 840000

2/3 goods are sold for 610000

so we have to calculate of cost of 2,/ 3 goods

cost if 2/ 3 goods = 840000×2/3=560000

so gross profit = sale - cost

= 610000-560000=50000