Question No 06 Chapter No 18
6.Ascertain Gross Profit from the following:
| Opening Stock | 2,00,000 | Carriage on Sales | 30,000 |
| Closing Stock | 1,80,000 | Office Rent | 58,000 |
| Purchases | 8,50,000 | Sales | 14,07,000 |
| Carriage on Purchases | 23,000 |
The solution of Question No 06 Chapter No 18:-
| Trading Account | |||||
| Particulars |
Amount | Particulars |
Amount | ||
| To Opening Stock | 2,00,000 | By Sales | 4,07,000 | ||
| To Purchases | 8,50,000 | ||||
| To Carriage on Purchase | 23,000 | ||||
| By Closing Stock | 1,80,000 | ||||
| To Gross Profit | 5,14,000 | ||||
| 15,87,000 | 15,87,000 | ||||
Note: Carriage on Sales and Office Rent are the Indirect Expenses, therefore, these are not considered to compute the amount of Gross Profit
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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