Unimax Publications Accounts books of Class 11 and 12 - Solution

Given: Sales ₹9,00,000, Purchases ₹6,00,000, Wages ₹45,000, Rent ₹30,000, Debtors ₹1,00,000. Adjustments: (1) Closing Stock ₹1,20,000; (2) Further bad debts ₹4,000; (3) Create provision @5% on debtors; (4) Depreciation on machinery ₹30,000; (5) Outstanding rent ₹8,000. Calculate Gross Profit and Net Profit.