Question

From the following details find out Gross Profit : Trading account debit side total is 130,000 and Credit side total is 30,000​

Answer 1

gross loss can be found not the gross profit because debit is more than credit.

so gross loss = Debit-credit total

gross loss = 130,000- 30,000= 100000

Answer 2

Answer:

Opening Stock  2,50,000  Sales  18,00,000  

Purchases  7,00,000    

Less: Sales Returns

36,000  17,64,000

Less: Purchases Returns

22,000  6,78,000  Closing Stock  6,00,000

Carriage Inward  34,000      

Wages  2,06,000      

Custom Duty  15,000      

Gas, Fuel & Power  60,000      

Dock Charges  8,000      

Manufacturing Expenses  2,48,000      

Factory Lighting  96,000      

Gross Profit (Balancing Figure)  7,69,000      

  23,64,000