Question

Sales Rs 2,00,00; purchases Rs 1,30,000, wages Rs 18,000; closing stock Rs 22,000; opening stock Rs 20,000. What was the Gross profit?
a)Rs 54,000 b) Rs 50,000
c)Rs 72,000 d) Rs 1, 00,000​

Answer 1

Answer:

Correct Question :

Sales Rs 2,00,000; purchases Rs 1,30,000, wages Rs 18,000; closing stock Rs 22,000; opening stock Rs l20,000. What was the Gross profit?

Explanation:

Given :

• Sales = Rs 2,00,000
• Purchases = Rs 1,30,000
• Wages = Rs 18,000
• Closing Stock = Rs 22,000
• Opening Stock = Rs 20,000

To find :

• Gross profit

Solution :

Gross Profit = Net Sales - Cost Of Goods Sold

Net Sales = Rs 2,00,000

Cost of Goods Sold = ??

Cost of Goods Sold = Opening Stock + Purchases + Wages - Closing Stock

⇒ 20,000 + 1,30,000 + 18,000 + 22,000

⇒ 1,68,000 - 22,000

⇒ 1,46,000

Cost of Goods Sold = Rs. 1,46,000

Gross Profit :

Gross Profit = Net Sales - Cost of Goods Sold

⇒ 2,00,000 - 1,46,000

⇒ 54,000

Gross Profit = 54,000

∴ a). Rs 54,000

Gross Profit = Rs 54,000

Answer 2

★ Cost of Goods Sold = Opening Stock + Purchases + Wages - Closing Stock

==> 20,000 + 1,30,000 + 18,000 + 22,000

==> 1,68,000 - 22,000

==> 1,46,000

Cost of Goods Sold = Rs. 1,46,000

★ Gross Profit = Net Sales - Cost of Goods Sold

==> 2,00,000 - 1,46,000

==> 54,000

Option a) Rs. 54,000 is the gross profit.