enter the following transaction in a suitable cash book
anil opened a bank account
Answers
Answer:
The amount of Gross Profit will be ₹ 20,000
Explanation:
Given :
Sales amount = ₹ 1,00,000
Gross profit = 25 % of the cost
To find :
The amount of Gross Profit
Solution :
Gross Profit = Net Sales - Cost of Goods Sold
Let,
Cost of Goods Sold = x
Net Sales = Cost of Goods Sold + Gross Profit
⇒ 1,00,000 = x + 25 % of x
⇒ 1,00,000 = x + 0.25 x
⇒ 1,00,000. = 1.25x
⇒ x \: \: = \dfrac{1,00,000}{1.25}x=1.251,00,000
⇒ x \:=\: 80,000x=80,000
Cost of Goods Sold = ₹ 80,000
★ Gross Profit = Net Sales - Cost Of Goods Sold
⇒ 1,00,000 - 80,000
⇒ 20,000
Gross Profit = ₹ 20,000
Therefore,
The amount of Gross Profit will be ₹ 20,000
★ Verification :
According to the Question :
Gross profit = 25 % of the cost
Gross profit = ₹ 20,000
Cost of Goods Sold = ₹ 80,000
⇒ 25 % of 80,000
⇒ 20,000