Question 7 Chapter 1 - Unimax Publications of Class 11
7. From the following information, calculate:
(i) Gross Profit
(ii) Net Income
| Rs. | |
| Opening Stock | 12,000 |
| Purchases (Net) | 36,000 |
| Closing Stock | 16,000 |
| Direct Expenses | 4,000 |
| Office Expenses | 6,000 |
| Selling Expenses | 8,000 |
| Financial Expanses | 4,000 |
| Sales | 70,000 |
| Purchases Returns | 6,000 |
| Cost of goods sold | = Opening Stock + Net Purchases + Direct Expenses – Closing Stock |
| = Rs. 12,000+ 36,000+4,000-16,000 | |
| = Rs. 36,000 | |
| Gross Profit | = Net Sales - Cost of goods sold |
| = Rs. 70,000-36,000 | |
| = Rs. 34,000 | |
| Net Income | = Gross Profit- Indirect Expenses |
| = Gross Profit-(Office Expenses+ Selling Expenses + Financial Expenses) | |
| =Rs. 34,000-(6,000+8,000+ 4,000) | |
| = Rs. 34,000-18,000 | |
| = Rs. 16,000 |
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.
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