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Question No 08 Chapter No 1
8. Find out the cost of goods sold and gross profit from the following figures relating to the year 2016-17
| Rs | Rs | ||
| Opening stock | 5,000 | Indirect expenses | 2,500 |
| Purchase | 12,500 | Closing stock | 1,000 |
| Direct expenses | 500 | Sale | 20,000 |
| Cost of goods sold | = | Opening stock + Net purchased + Direct expenses – Closing stock |
| = | 5,000 + 12,500 + 500 – 1,000 | |
| = | Rs 17,000 | |
| Gross profit | = | Sales – Cost of goods sold |
| = | 20,000 – 17,000 | |
| = | Rs 3,000 | |
| Net income | = | Gross income – Operating expenses |
| = | 3,000 – 2,500 | |
| = | Rs 500 |
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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 08 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.
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 "Question No 08 Chapter No 1 - USHA Publication 11 Class" instantly.
