Question

Find out Gross Profit / Gross Loss Purchases Rs. 30,000 , Sales Rs. 15,000 , Carriage inward Rs.2,400 , Opening stock Rs.10,000 ,Purchase Return Rs. 1,000 , Closing Stock Rs.36,000.​

Answer 1

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Answer 2

There is a Gross Profit of Rs. 9,600.

Explanation:

• We know that gross profit or gross loss is calculated by subtracting debt from credit.

Here,

• Debits are:

1. Purchases of Rs. 30,000,
2. Carriage inward of Rs.2,400,
3. Opening stock of Rs.10,000.

• Credits are:

1. Sales of Rs. 15,000,
2. Purchase Return of Rs. 1,000,
3. Closing Stock of Rs.36,000.​

Now,

• Total Debit = Purchases + Carriage inwards + Opening Stocks

                           $=30,000+2,400+10,000\\=42,400$

• Total Credit = Sales + Purchse Return + Closing Stock

                            $=15,000+1,000+36,000\\=52,000$  

And,

• Gross Profit/Gross Loss = Credit - Debit

                                                $=52,000-42,400\\=9,600$

• Hence, there is a Gross Profit of Rs. 9,600.