Calculate the gross profit /loss if:
Sales Rs. 60,000; Cost of sales Rs. 50,000; Opening stock Rs. 10,000; Purchases Rs.40,000; Wages Rs. 20,000 and Office rent Rs. 10,000.
Profit of Rs. 10,000
Gross profit
= Sales - Cost of sales
= Rs. 60,000 - Rs. 50,000
= Rs. 10,000