Question

Calculate gross profit when
Total purchases during the year are 8,00,000
Return outward 20,000
Direct expenses *60,000
2/3 of the goods are sold for 6,10,000​

Answer 1

Answer:

Cost of Goods Sold

= Total Purchases - Return Outwards + Direct Expenses

= Rs. 8,00,000 - Rs. 20,000 + Rs. 60,000

= Rs. 8,40,000

A.

2

3

rd goods sold for Rs. 6,10,000

B. Cost of

2

3

rd goods =

R

s

.

8

,

40

,

000

×

2

3

= Rs. 5,60,000

C. Gross profit

= A - B

= Rs. 6,10,000 - Rs. 5,60,000

= Rs.50,000