Question

Calculate merchandise cost, gross profit, and net income, from the following information
Purchases (3000 articles)
₹25000
Freight ₹1500
Local taxes ₹1000
Salaries ₹2500
Shop rent ₹500
Godown rent ₹500
Electric charges ₹600
Municiple taxes ₹200
Stationery ₹200
Furniture (estimated life 5 yrs) ₹12000
Sales (2700 articles ) ₹3200​

Answer 1

Answer:

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Answer 2

Explanation:

Trading Account

for the year ended March 31, 2012

Dr. Cr.

Particulars Amount (Rs) Particulars Amount (Rs)

Opening Stock 67,000 Sales 2,60,000

Purchases 1,20,000

Less: Return Inwards

3,000 2,57,000

Less: Advertisement

4,000 1,16,000 Closing Stock 80,000

Manufacturing Wages 40,000

Less: New Machinery

10,000 30,000

Gross Profit (Balancing Figure) 1,24,000

3,37,000 3,37,000