1.

A firm commenced business on 1st January 2012 and purchased goods costing Rs.90000 during the year.A sum of Rs.6000 was spent on freight inwards.at the end of the year the cost of goods still unsold is Rs.12000.Sales during the year is Rs.120000 the gross profit earned by the firm is

Answer»

gross PROFIT= sales - COST of GOODS sold

cogs= 96000 +6000 - 12000

=84000

gross profit =. 120000-84000

=36000



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