Question No 07 Chapter No 1 – USHA Publication 11 Class

Question No 07 Chapter No 1

Question No 07 Chapter No 1

7. Ascertain the cost of goods sold and gross profit from the following:

  Rs   Rs
Opening stock  8,500 Indirect expenses 5,200
Purchase 30,700 Closing stock  9,000
Direct expenses 4,800 Sale 46,000

The solution of Question No 07 Chapter No 1: –

Calculation of Coat of Goods Sold

Cost of goods sold = Opening stock + Net purchased + Direct expenses – Closing stock
  = 8,500 + 30,700 + 4,800 – 9,000
  = Rs 35,000

Calculation of Gross Profit

Gross profit = Sales – Cost of goods sold
  = 46,000 – 35,000
  = Rs 11,000

 

Financial Accounting – Introduction and its Functions

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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

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