Question

If net profit is 20000, wages
2000, Salary 4000 ; carriage inward
5000 find out Gross Profit
Answer
A.31000
B.26000
C. 25000
D.24000​

Answer 1

Answer:

Correct option is

Net sales (cash sales + credit sales - return inward)                       7,44,000 Add:- Closing stock (Lower of 54,000 or 50,400)                             50,400                                                                                                            ----------------                                                                                                             7,94,400 Less:- Opening stock                                                                         (90,000)           purchases ( 30,000 + 6,00,000 - 6,000)                              (6,24,000)           Direct expenses (1,200 + 2,400 + 1,800 + 600)                       (6,000)                                                                                                           ------------------                                                                                                                74,400

Answer 2

Given  :  net profit is 20000,

wages 2000, Salary 4000 ;   carriage inward 5000

To find  : Gross Profit  

A.31000

B.26000

C. 25000

D.24000​

Solution:

Gross profit  is after subtracting   the costs of producing and distributing its products from Sales ( revenue )

carriage inward cost is part of inventory cost  hence already been considered while calculating cost .

Wages is related to direct labour cost (  based on labour hour ) hence has been considered in calculating gross profit

so here Difference between gross profit and net profit is  SALARY

Net Profit  = Gross Profit  - Salary

=> 20000  =  Gross Profit  -  4000

=> Gross Profit = 24000  

Hence Gross Profit is  24000  

Learn More:

find out Gross Profit

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