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Question 66 Chapter 4 of +2-B
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Table of Contents
66. (GP Ratio when Credit Sales are given) Calculate the Gross Profit Ratio
| Purchases | ₹ 5,00,000 |
| Credit Sales | ₹ 4,00,000 |
Cash sales 20% of Total sales Revenue from Operation. Excess of closing stock over opening stock ₹ 50,000.
The solution of Question 66 Chapter 4 of +2-B: –
Calculation of Gross Profit Ratio
| Total Revenue from Operation | = | Credit Revenue from Operation + Cash Revenue from Operations |
| Let the Total Revenue from Operations | = | x |
| Cash Revenue from Operations | = | 20% of x |
| Credit Revenue from Operations | = | ₹ 4,00,000 |
| x | = | x | X | ₹ 4,00,000 |
| 5 | ||||
| 5x | = | x + ₹ 20,00,000 | ||
| 5x-x | = | ₹ 20,00,000 | ||
| x | = | ₹ 20,00,000 | ||
| 4 | ||||
| Total Sales | = | ₹ 5,00,000 | ||
| Cash Revenue from Operations | = | 20 | X | ₹ 5,00,000 |
| 100 | ||||
| = | ₹ 1,00,000 |
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| Cost of goods sold | = | Purchases – Excess of Closing inventory over opening inventory |
| = | ₹ 5,00,000 – ₹ 50,000 | |
| = | ₹ 4,50,000 | |
| Gross Profit | = | Total Sales – Cost of goods sold |
| = | ₹ 5,00,000 – ₹ 4,50,000 | |
| Purchase | = | ₹ 50,000 |
| Gross Profit Ratio | = | Gross Profit | X | 100 |
| Sales |
| = | ₹ 50,000 | X | ₹ 1,50,000 | |
| ₹ 5,00,000 | ||||
| = | 10% |
Also, Check out the solved question of previous Chapters: –
Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution
- Chapter No. 1 – Accounting Not for Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Reconstitution of Partnership)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
- Chapter No. 8 – Company Accounts (Share Capital)
- Chapter No. 9 – Company Accounts (Issue of Debentures)
- Chapter No. 10 – Company Accounts (Redemption of Debentures)
Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 4 – Ratio Analysis
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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