Question

Sales (gross) Rs 33000; sales returns Rs 1000; net profit Rs 75000; Indirect expenses Rs 10000; Internet paid on Debentures Rs 15000. Calculate gross profit ratio

Answer 1

An accounting transaction is a business event having a monetary impact on the financial statements of a business. It is recorded in the accounting records of the business. of accounting transactions are: Sale in cash to a customer.Receive cash in payment of an invoice owed by a customer.