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Question 4 Chapter 1 - Unimax Publications of Class 11
4. From the following data, calculate the profits made by a trader in 2021.
| Rs. | |
| Stock of goods on 1-1-2021 | 15,675 |
| Purchases during the year | 37,000 |
| Purchases returns during the year | 4,725 |
| Sales returns during the year. | 8,987 |
| Carriage inward | 1,123 |
| Sales during the year | 77,765 |
| Stock of goods on 31-12-2021 | 1,775 |
| Cost of goods sold | = Opening Stock + Net Purchases + Direct Expenses – Closing Stock |
| Net Purchases | = Purchases-Purchases Returns |
| = Rs. 37,000-4,725 | |
| = Rs. 32,275 | |
| Cost of goods sold | = Rs. 15,675 +32,275+1,123-1,775 |
| = Rs. 47,298 | |
| Gross Profit | = Net Sales - Cost of goods sold |
| Net Sales | = Sales - Sales Returns |
| = Rs. 77,765 - 8,987 | |
| = Rs. 68,778 | |
| Gross Profit | = Rs. 68,778- 47,298 |
| = Rs. 21,480 |
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 "Question 4 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.
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