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Question No 08 Chapter No 1
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Table of Contents
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
- 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)