Question

Question 6.
Ascertain Gross Profit the following:

Answer 1

Gross Profit =  5,14,00

Which has been explained by Preparing Trading  Account

Explanation

           

Answer 2

The Gross Profit is ₹ 5,14,000.

Explanation:

Given:

                              ₹                                                                ₹

Opening stock = 2,00,000.               Carriage on sales = 30,000.

Closing Stock = 1,80,000.                  Office rent = 58,000.

Purchases = 8,50,000.                       Sales = 14,07,000.

Carriage on Purchases = 23,000.

Now, to find the Gross Profit.

So, we put formula to get the Gross Profit:

Gross Profit = (Closing Stock + Sales) - (Opening stock + Purchases + Carriage on Purchases)

$Gross\ profit = (180000+1407000)-(200000+850000+23000)$

$Gross\ Profit=1587000-1073000$

$Gross\ profit=514000.$

Therefore, the Gross Profit is  ₹ 5,14,000.