Question

From the following information, calculate gross profit:
sales 80,000
Sales returns 10,000
Purchases 25,000
Closing stock 2,500
Opening stock 7,000
Fuel, power & electricity 3,000
Wages 3,000​

Answer 1

Answer:

34,500

Explanation:

GP a/c

CREDIT SIDE

sales - sales returns, 80,000-10,000= 70,000.

closing stock = 2500.

total 72,500.

DEBIT SIDE.

purchase 25000

fuel power and electricity 3000

wages 3000.

opening stock 7000

total 38,000.

gross profit is equal to 72500 - 38000 is equal to 34,500.