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Question No 09 Chapter No 1
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9. Find out the cost of goods sold, gross profit and net income from the following information
| Rs | Rs | ||
| Purchase (3,000 articles) | 50,000 | Electricity charges | 1,200 |
| Freight | 3,000 | Municipal taxes | 400 |
| Carriages | 2,000 | Stationary | 500 |
| Salaries | 5,000 | Furniture (estimated life 5 years) | 24,000 |
| Shop rent | 1,000 | Sales (2,700 articles) | 64,000 |
| Godown rent | 1,000 |
The solution of Question No 09 Chapter No 1: –
(i)
Mechandise cost | = | Opening stock + Net purchased + Direct expenses – Closing stock |
| = | Nil + 50,000 + 3,000 + 2,000 – 5,500 | |
| = | Rs 49,500 |
| Average Profit | = | 50,000 + 3,000 + 2,000 | X300 |
| 3 | |||
| = | Rs 5,500 |
(ii)
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Gross profit | = | Net sale – Merchandise cost |
| = | 64,000 – 49,500 | |
| = | Rs 14,500 |
(iii)
Net profit | = | Gross profit – Operating expenses |
| = | 14,500 – 5,000 + 1,000 + 1,000 + 1,200 + 400 + 500 + 4,800 | |
| = | Rs 600 |
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. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
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Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
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Chapter No. 17 – Financial Statements – (Without Adjustments)