Question No 04 Chapter No 19
04. Calculate Gross Profit on the basis of the following information:
| Particular | Rs |
| Purchases | 6,80,000 |
| Return Outwards | 30,000 |
| Carriage Inwards | 20,000 |
| Carriage Outwards | 15,000 |
| Wages | 50,000 |
| 3/4 of the goods are sold for | 6,00,000 |
The solution of Question No 04 Chapter No 19: –
| Cost of Goods Sold | = | Opening Stock + Net Purchases + Direct Expenses – Closing Stock |
| Net Purchases | = | Purchases – Purchases Return |
| = | 6,80,000 – 30,000 | |
| = | Rs 6,50,000 | |
| Direct Expenses | = | Carriage Inwards + Wages |
| = | 20,000 + 50,000 | |
| = | Rs 70,000 | |
| Cost of Goods Sold | = | Opening Stock + Net Purchases + Direct Expenses – Closing Stock |
| = | 0 + 6,50,000 + 70,000 + 0 | |
| = | Rs 7,20,000 |
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Also, Check out the solved question of all Chapters: –
D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution
- Chapter 1 Evolution of Accounting & Basic Accounting Terms
- Chapter 2 Accounting Equations
- Chapter 3 Meaning and Objectives of Accounting
- Chapter 4 Double Entry System
- Chapter 5 Books of Original Entry – Journal
- Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
- Chapter 7 Books of Original Entry – Cash Book (Coming soon)
- Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
- Chapter 9 Ledger (Coming soon)
- Chapter 10 Trial Balance and Errors (Coming soon)
- Chapter 11 Bank Reconciliation Statement (Coming soon)
- Chapter 12 Depreciation (Coming soon)
- Chapter 13 Bills of Exchange (Coming soon)
- Chapter 14 Generally Accepted Accounting Principles(GAAP)
- Chapter 15 Bases of Accounting
- Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
- Chapter 17 Capital and Revenue
- Chapter 18 Provisions and Reserves
- Chapter 19 Final Accounts (Coming soon)
- Chapter 20 Final Accounts – With Adjustments (Coming soon)
- Chapter 21 Errors and their Rectification (Coming soon)
- Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
- Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
- Chapter 24 Computerised Accounting System (Coming soon)
- Chapter 25 Introduction to Accounting Information System (Coming soon)
Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.
