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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 07 Chapter No 1
7. Ascertain the cost of goods sold and gross profit from the following:
| Rs | Rs | ||
| Opening stock | 8,500 | Indirect expenses | 5,200 |
| Purchase | 30,700 | Closing stock | 9,000 |
| Direct expenses | 4,800 | Sale | 46,000 |
Calculation of Coat of Goods Sold
| Cost of goods sold | = | Opening stock + Net purchased + Direct expenses – Closing stock |
| = | 8,500 + 30,700 + 4,800 – 9,000 | |
| = | Rs 35,000 |
Calculation of Gross Profit
| Gross profit | = | Sales – Cost of goods sold |
| = | 46,000 – 35,000 | |
| = | Rs 11,000 |
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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 No 07 Chapter No 1 - USHA Publication 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication +1 Elements of Book-Keeping.
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