Question No 09 Chapter No 1 – USHA Publication 11 Class

Q 9 CH 1 USHA 1 Book 2020 Solution min 1024x576 - Question No 09 Chapter No 1 - USHA Publication  11 Class

Question No 09 Chapter No 1

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)

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. 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)

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