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Question No 43 Chapter 7 – UNIMAX 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
| 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. |
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 43 Chapter 7 – UNIMAX Class 12 Part 2 – 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 12 Part 2 - 2023.
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