Calculate gross profit when total purchases during the year are Rs. 8,00,000; return outwards Rs. 20,000; direct expenses Rs. 60,000 and $\frac{2}{3}$ rd of the goods are sold for Rs. 6,10,000.

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Solution

Cost of Goods Sold
= Total Purchases - Return Outwards + Direct Expenses
= Rs. 8,00,000 - Rs. 20,000 + Rs. 60,000
= Rs. 8,40,000

A. $\frac{2}{3}$ rd goods sold for Rs. 6,10,000

B. Cost of $\frac{2}{3}$ rd goods = $R s . 8, 40, 000 \times \frac{2}{3}$ = Rs. 5,60,000

C. Gross profit
= A - B
= Rs. 6,10,000 - Rs. 5,60,000
= Rs.50,000

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Calculate gross profit when total purchases during the year are Rs. 8,00,000; return outwards Rs. 20,000; direct expenses Rs. 60,000 and 23rd of the goods are sold for Rs. 6,10,000.

Cost of Goods Sold = Total Purchases - Return Outwards + Direct Expenses = Rs. 8,00,000 - Rs. 20,000 + Rs. 60,000 = Rs. 8,40,000 A. 23rd goods sold for Rs. 6,10,000 B. Cost of 23rd goods = Rs.8,40,000×23 = Rs. 5,60,000 C. Gross profit = A - B = Rs. 6,10,000 - Rs. 5,60,000 = Rs.50,000

Calculate gross profit when total purchases during the year are Rs. 8,00,000; return outwards Rs. 20,000; direct expenses Rs. 60,000 and $\frac{2}{3}$ rd of the goods are sold for Rs. 6,10,000.