Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Problem 2 Chapter 1 - Unimax Publications of Class 11
From the following calculate:
(i) Cost of goods sold
(ii) Gross Profit
| Rs. | |
| Opening Stock | 12,000 |
| Purchases | 1,17,000 |
| Direct Expenses | 2,200 |
| Closing Stock | 7,500 |
| Sales | 1,42,000 |
| Return outwards | 7,500 |
| (i) Cost of goods sold | = Opening Stock + Net Purchases + Direct Expenses-Closing Stock |
| = Rs. 12,000 + [1,17,000 - 7,500] + 2,200 - 7,500 | |
| = Rs. 1,16,200 |
| (ii) Gross Profit | =Net Sales - Cost of goods sold |
| = Rs. (1,42,000-1,16,200) | |
| = Rs. 25,800 |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Problem 2 Chapter 1 - Unimax Publications of Class 11", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 11 - 2023.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Problem 2 Chapter 1 - Unimax Publications of Class 11" instantly.
