# Question 7 Chapter 1 – Unimax Publications of Class 11

Question 7 Chapter 1 – Unimax

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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## 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

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

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