Question No 13 Chapter No 19
13. Calculate the amount of gross profit, operating profit and net profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
| Opening Stock | 50,000 |
| Net Sales | 11,00,000 |
| Net Purchases | 6,00,000 |
| Direct Expenses | 60,000 |
| Administration Expenses | 45,000 |
| Selling and Distribution Expenses | 65,000 |
| Loss due to Fire | 20,000 |
| Closing Stock | 70,000 |
The solution of Question No 13 Chapter No 19: –
| Trading Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Opening Stock | 50,000 | By Net Sales | 11,00,000 | ||
| To Net Purchases | 6,00,000 | By Closing Stock | 70,000 | ||
| To Direct Expenses | 60,000 | ||||
| To Gross Profit | 4,60,000 | ||||
| 11,70,000 | 11,70,000 | ||||
| Profit & Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Administration Expenses | 45,000 | By Gross Profit | 4,60,000 | ||
| To Selling & Distribution Expenses | 65,000 | ||||
| To Loss by Fire | 20,000 | ||||
| To Net Profit | 3,30,000 | ||||
| 4,60,000 | 4,60,000 | ||||
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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.
