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Question 7 Chapter 1 – Unimax
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Table of Contents
7. From the following information, calculate:
(i) Gross Profit
(ii) Net Income
| Rs. | |
| Opening Stock | 12,000 |
| Purchases (Net) | 36,000 |
| Closing Stock | 16,000 |
| Direct Expenses | 4,000 |
| Office Expenses | 6,000 |
| Selling Expenses | 8,000 |
| Financial Expanses | 4,000 |
| Sales | 70,000 |
| Purchases Returns | 6,000 |
The solution of Question 7 Chapter 1 – Unimax:
| Cost of goods sold | = Opening Stock + Net Purchases + Direct Expenses – Closing Stock |
| = Rs. 12,000+ 36,000+4,000-16,000 | |
| = Rs. 36,000 | |
| Gross Profit | = Net Sales – Cost of goods sold |
| = Rs. 70,000-36,000 | |
| = Rs. 34,000 | |
| Net Income | = Gross Profit- Indirect Expenses |
| = Gross Profit-(Office Expenses+ Selling Expenses + Financial Expenses) | |
| =Rs. 34,000-(6,000+8,000+ 4,000) | |
| = Rs. 34,000-18,000 | |
| = Rs. 16,000 |
This is all about the Question 7 Chapter 1 – Unimax. You can check out the following article to better understand:
Financial Accounting Terminology
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Financial Accounting Terminology – Explained in Hindi
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You can also Check out the solved question of other Chapters: –
Advanced Accountancy – Unimax Class 11 – 2021 – Solution.
Part-I
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST) : An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconlciliation Statement
- Chapter No. 14 – Bills of Exchange
Students may Choose only one part from the Part II and Part III
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Part-II
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
Part-III
- Chapter No. 18 – Introduction to Compurters and Accounting information System
- Chapter No. 19 – Computerised Accounting
- Chapter No. 20 – Accounting Software : Tally
- Chapter No. 21 – Data Base System
- Chapter No. 22 – Concept of Entity and Relationship
You can also Check out the other Books’ Solution: –