Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Get complete step-by-step solutions for Unimax Accountancy Class 11 - 2023 - Chapter 15 - Financial Statements (Without Adjustments) - Unimax. Study double-entry system details, practice timed problems, and verify answers directly.
Question 1 Chapter 15 – Class 11 Unimax
From the following balance taken from the books of the year ending year ending March 31,2020, calculate the gross profit:
| ₹ | |
| Closing stock | 2,50,000 |
| Net sales during the year | 40,00,000 |
| Net purchases during the year | 15,00,000 |
| Opening stock | 15,00,000 |
| Direct expenses | 80,000 |
Cost of goods sold = Opening stock + Net purchases + Direct expenses – Closing stock (Merchandise cost)
= ₹ 15,00,000 + ₹ 15,00,000 + 80,000 - 2,50,000
= ₹ 28,30,000
Gross profit = Net sales - Cost of goods sold
= ₹ 40,00,000 - 28,30,000
= ₹ 11,70,000
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.