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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 09 Chapter No 1
9. Find out the cost of goods sold, gross profit and net income from the following information
| Rs | Rs | ||
| Purchase (3,000 articles) | 50,000 | Electricity charges | 1,200 |
| Freight | 3,000 | Municipal taxes | 400 |
| Carriages | 2,000 | Stationary | 500 |
| Salaries | 5,000 | Furniture (estimated life 5 years) | 24,000 |
| Shop rent | 1,000 | Sales (2,700 articles) | 64,000 |
| Godown rent | 1,000 |
(i)
|
Mechandise cost |
= | Opening stock + Net purchased + Direct expenses – Closing stock |
| = | Nil + 50,000 + 3,000 + 2,000 – 5,500 | |
| = | Rs 49,500 |
| Average Profit | = | 50,000 + 3,000 + 2,000 | X300 |
| 3 | |||
| = | Rs 5,500 |
(ii)
|
Gross profit |
= | Net sale – Merchandise cost |
| = | 64,000 – 49,500 | |
| = | Rs 14,500 |
(iii)
|
Net profit |
= | Gross profit – Operating expenses |
| = | 14,500 – 5,000 + 1,000 + 1,000 + 1,200 + 400 + 500 + 4,800 | |
| = | Rs 600 |
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
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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