Question

from the following data, calculate the profits made by a trader in 2014

stock of goods on 1-1-2014= 15675
purchases during the year =
37000
purchases returns of the year=4725
=sales return during the year =8987
carried inward =1123
sales during the year =77765
stock of goods on 31-12-2014=1775
(Ans.21,480 ​

Answer 1

(debit side)

opening stock+purchases-purchase return+carriage inward=49073

(credit side)

sales-sales return+closing stock=70553

70553-49073=21480

so grossprofit is 21480

Answer 2

Answer:

stock of good on 1-1-2014 + purchase during the year - purchase returns of the year+ carried inward

15675+37000-4725+1123=49, 073

sales -sales return+ stock of good

77765-8987+1775=70553

49073-70553=21480

Answer=21480