Question

General definitions of profit and loss chapter

Answer 1

Hey mate....

here's the answer...

Loss or Profit = The difference between selling price (S.P.) and cost price (C.P.) gives profit or loss.

Selling price = selling price is the price at which a product or service is sold .

Cost Price = Cost price is the total amount of money that it costs a manufacturer to produce a product .

Gross Profit and Net Profit : Gross Profit and Net Profit are defined below....

Gross Profit

= Total Sales - Direct Cost

Net Profit

= Gross Profit -- Indirect Cost

Turnover = Annual sales volume net of all discounts is a turnover.

Hope this helps❤

Answer 2

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Profit

When the selling price is more than the cost price then it is known as profit.

★For example

The shopkeeper buys an article for Rs 1000 and sells For Rs 1200

Then this case it's a profit.

Loss

When the selling price is less than the cost price then there is a loss.

★For example

The shopkeeper buys an article for Rs 1200 and sells for Rs 1000

Then there is a loss.

Thank you! ❤