Question

find out gross profit/ gross loss purchases ₹30,000 , sales ₹15000 , carriage inward ₹2400 , opening stock ₹10000 , purchase returns ₹1000 , closing stock ₹36000​

Answer 1

=Opening Stock + Net Purchases + Wages

= 25,000+ 10,40,000 + 1,00,000

= Rs 11,65,000

(b) Cost of Goods Sold = Opening Stock + NetPurchases + Wages – Closing Stock

= 25,000 +10,40,000 + 1,00,000 – 30,000

= Rs 11,35,000

Or

Cost of Goods Sold = NetSales – Gross Profit

= 15,50,000 – 4,15,000

= Rs 11,35,000

(c)

Trading Account

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Opening Stock

25,000

Sales

Purchases

Add: Credit Sales

12,00,000

Add: Credit Purchases

7,50,000

Add: Cash Sales

4,00,000

Add: Cash Purchases

3,00,000

16,00,000

10,50,000

Less: Sales Return

(50,000)

15,50,000

Less: Purchases Return

(10,000)

10,40,000

Wages

1,00,000

Closing Stock

30,000

Gross Profit

4,15,000

15,80,000

15,80,000

Gross Profit Rs 4,15,000