Calculate the Gross Profit/Gross Loss Purchases A/c ₹ 15,500, Sales

1.	Calculate the Gross Profit/Gross Loss Purchases A/c ₹ 15,500, Sales A/c ₹ 30,000, Carriage Inward ₹ 1,200, Opening Stock ₹ 5,000, Purchases Returns ₹ 500, Closing Stock ₹ 18,000
Answer» Cost of Goods Sold = Opening Stock + Purchases – Purchases Returns + Carriage Inward – Closing Stock = 5,000 + 15,500 – 500 + 1,200 – 18,000 = ₹ 3,200 Gross Profit = Sales – Cost of goods sold = 30,000 – 3,200 = ₹ 26,800

Calculate the Gross Profit/Gross Loss Purchases A/c ₹ 15,500, Sales A/c ₹ 30,000, Carriage Inward ₹ 1,200, Opening Stock ₹ 5,000, Purchases Returns ₹ 500, Closing Stock ₹ 18,000

Answer»

Cost of Goods Sold = Opening Stock + Purchases – Purchases Returns + Carriage Inward – Closing Stock

= 5,000 + 15,500 – 500 + 1,200 – 18,000

= ₹ 3,200

Gross Profit = Sales – Cost of goods sold

= 30,000 – 3,200

= ₹ 26,800