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Question No 07 Chapter No 1
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Table of Contents
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 |
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Financial Accounting – Introduction and its Functions
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
- Chapter No. 1 – Introduction
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Origin of Transactions
- Chapter No. 4 – Vouchers and transactions
- Chapter No. 5 – Journal
- Chapter No. 6 – Accounting for Goods and Services Tax(GST)
- Chapter No. 7 – Ledger
- Chapter No. 8 – Cash Book
- Chapter No. 9 – Other Subsidiary Books
- Chapter No. 10 – Journal Proper
- Chapter No. 11 – Trial Balance
- Chapter No. 12 – Bank Reconciliation Statement
- Chapter No. 13 – Depreciation
- 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)
- Chapter No. 18 – Financial Statements – (With Adjustments)