Question No 06 Chapter No 1
6. Calculate the cost of goods sold and gross profit from the following:
| Rs | Rs | ||
| Opening stock | 5,000 | Octroi duty | 250 |
| Net purchased | 35,000 | Closing stock | 7,500 |
| Wages | 1,250 | Sale | 39,000 |
The solution of Question No 06 Chapter No 1: –
Calculation of Cost of Goods Sold
| Cost of goods sold | = | Opening stock + Net purchased + Direct expenses – Closing stock |
| = | 5,000 + 35,000 + 1,250 + 250 + 7,500 | |
| = | Rs 34,000 |
Calculation of Gross Profit
| Gross profit | = | Sales – Cost of goods sold |
| = | 39,000 – 34,000 | |
| = | 5,000 |
Financial Accounting – Introduction and its Functions
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
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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
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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)