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Question No 03 Chapter No 18
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3.From the following information determine Gross Profit for the year ended 31st March, 2018
| Opening Stock 1stApril, 2017 | 25,000 | Goods purchased during the year | 1,40,000 |
| Freight and Packing | 10,000 | Closing Stock 31stMarch, 2018 | 30,000 |
| Sales | 1,90,000 | Packing Expenses on Sales | 6,000 |
The solution of Question No 03 Chapter No 18:-
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| Gross Profit | = | Sales + Closing Stock – Opening Stock +Freight and Packing +Goods Purchased |
| = | 1,90,000 + 30,000 – 25, 000 +10, 000 +1, 40, 000 | |
| = | 2,20,000 – 1,75,000 | |
| = | Rs 45,000 |
| Trading Account for the year ended March 31, 2018 | |||
| Particulars | Amount | Particulars | Amount |
| To Opening Stock | 25,000 | By Sales | 1,90,000 |
| To Purchases | 1,40,000 | ||
| To Freight and Packing | 10,000 | ||
| By Closing Stoc | 30,000 | ||
| To Gross Profit | 45,000 | ||
| 2,20,000 | 2,20,000 | ||
Final Accounts: Meaning, Definition and Explanation
Trading Account: Meaning, Format and Examples
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Also, Check out the solved question of previous Chapters: –
- Chapter No. 1 – Introduction to Accounting
- Chapter No. 2 – Basic Accounting Terms
- Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
- Chapter No. 4 – Bases of Accounting
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
- Chapter No. 11 – Special Purpose Books II – Other Books
- Chapter No. 12 – Bank Reconciliation Statement
- Chapter No. 13 – Trial Balance
- Chapter No. 14 – Depreciation
- Chapter No. 15 – Provisions and Reserves
- Chapter No. 16 – Accounting for Bills of Exchange
- Chapter No. 17 – Rectification of Errors
- Chapter No. 18 – Financial Statements of Sole Proprietorship
- Chapter No. 19 – Adjustments in preparation of Financial Statements
- Chapter No. 20 – Accounts from incomplete Records – Single Entry System
- Chapter No. 21 – Computers in Accounting
- Chapter No. 22 – Accounting Software – Tally
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
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