Question 43 Chapter 7 -Unimax Publication Class 12 Part 2 - 2021

Question 43 Chapter 7 - Unimax Publication Class 12 Part 2 - 2021

43. Calculate the gross profit ratio from the following information:

Cash sales: 25% of total sales
Purchases: 2,76,000
Credit sales: 2,40,000
Excess of closing stock over opening stock: 20,000

The solution of Question 43 Chapter 7 - Unimax Publication Class 12 Part 2-2021 : -

Let total sales	=	x
Cash Sales	=	25 % of x

=	25 x	=	1	x
	100		4

Credit sales + cash sales

=

total sales

2,40,000	+	1	X	=	x
		4

2,40,000	=	x	-	1	X
				4

2,40,000	=	4x-x
		4
9,60,000	=	3x
x	=	₹3,20,000

Let opening stock	=	x
Let closing stock	=	x + 20,000
C.O.G.S	=	opening stock + net purchases + direct taxes – closing stocks
C.O.G.S	=	x + 2,76,000 + Nil – x- 20,000
	=	2,76,000 – 20,000
	=	2,56,000
G.P.	=	Net sales – C.O.G.S.
	=	3,20,000 – 2,56,00
	=	₹64,000

G.P Ratio	=	G.P.	X	100
		Net Sales

=	64,000	X	100
	3,20,000
=	20 % Ans.

Thanks, Please Like and share with your friends  

Comment if you have any Doubts.

https://tutorstips.com/accounting-ratios/

 

Unimax Publication - Accountancy PSEB Class 12 - Volume I - Solution

• Chapter No. 1 – Accounting Not for Profit Organisations
• Chapter No. 2 – Partnership Accounts – I (Introduction)
• Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
• Chapter No. 4 – Partnership Accounts – III (Change in Profit sharing ratio among Existing Partners )
• Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
• Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
• Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)

Unimax Publication - Accountancy PSEB (Class 12) - Part - II - Solution

• Chapter No. 1 – Company Accounts (Share Capital)
• Chapter No. 2 – Company Accounts (Issue of Debentures)
• Chapter No. 3 – Company Accounts (Redemption of Debentures)
• Chapter No. 4 – Financial Statements of a Company
• Chapter No. 5 – Financial Statement Analysis
• Chapter No. 6 –  Tools of Financial Statement Analysis- Comparative and Common Size  
• Chapter No. 7 – Ratio Analysis
• Chapter No. 8 – Cash Flow Statement

Check out T.S. Grewal +2 Book 2023@ Official Website of Sultan Chand Publication