Question No 08 Chapter No 1 – USHA Publication 11 Class

Question No 08 Chapter No 1

Question No 08 Chapter No 1

8. Find out the cost of goods sold and gross profit from the following figures relating to the year 2016-17

  Rs   Rs
Opening stock  5,000 Indirect expenses 2,500
Purchase 12,500 Closing stock  1,000
Direct expenses 500 Sale 20,000

The solution of Question No 08 Chapter No 1: –

Cost of goods sold = Opening stock + Net purchased + Direct expenses – Closing stock
  = 5,000 + 12,500 + 500 – 2,500
  = Rs 15,500
Gross profit = Sales – Cost of goods sold
  = 20,000 – 15,500
  = Rs 4,500
Net income = Gross income – Operating expenses
  = 4,500 – 1,000
  = Rs 3,500

Check out our article on the meaning of financial accounting:

Financial Accounting – Introduction and its Functions

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Also, Check out the solved question of all Chapters: –

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

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