From the following balances taken from the books of Simmi and Vimmi Ltd- for the year ending March 31-2017 - calculate the gross profit-Closing stockNet sales during thNet purchases duriOpening stockDirect expenses Rs - the year- uring the year -2-50-00040-00-00015-00-00015-00-00080-000 1-2during

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Standard XI

Accountancy

Trading & Profit or Loss Account

From the foll...

Question

From the following balances taken from the books of Simmi and Vimmi Ltd.

for the year ending March 31, 2017, calculate the gross profit.

Rs

Closing stock

2,50,000

Net sales during the year

40,00,000

Net purchases during the year

15,00,000

Opening stock

15,00,000

Direct expenses

80,000

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Solution

Trading Account as on March 31, 2017

Dr.

Cr.

Particulars

Amount

Rs

Particulars

Amount

Rs

Opening Stock

15,00,000

Net Sales

40,00,000

Net Purchases

15,00,000

Closing Stock

2,50,000

Direct Expenses

80,000

Gross Profit

11,70,000

42,50,000

42,50,000

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Similar questions

From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2011, calculate the gross profit.

$(R s .)$
$Closing stock 2, 50, 000$
$Net sales during the year 40, 00, 000$
$Net purchase during the year 15, 00, 000$
$Opening stock 15, 00, 000$
$Direct expenses 80, 000$

Q. 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

Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv and Sons for the year ended March 31, 2017.

	Rs
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

Calculate the amount of gross profit and operating profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended 31st March, 2016

$\begin{matrix} Amt (Rs.) Opening stock & 50, 000 Net sales & 11, 00, 000 Net purchases & 6, 00, 000 Direct expenses & 60, 000 Administration expenses & 45, 000 Selling and distribution expenses & 65, 000 Loss due to fire & 20, 000 Closing stock & 70, 000 \end{matrix}$

The following is the statement of Profit and Loss of Yamuna Limited for the year ended March 31, 2017:
$\begin{matrix} Particulars & Note & Amount No. I. Revenue From Opeerations (Sales) & 10, 00, 000 - --------- - II. Expenses: Purchases & 5, 00, 000 Changes in Inventories (Opening Inventory - Closing Inventory) (2, 50, 000 - 2, 00, 000) & 50, 000 Other Expenses & 3, 00, 000 - -------- - Total Expenses & 8, 50, 000 - -------- - III. Profit Before Tax (I-II) & 1, 50, 000 \end{matrix}$

Additional Information:
(1) Trade Receivables decrease by Rs. 30,000 during the year.
(2) Prepaid expenses increase by Rs. 5,000 during the year.
(3) Trade payables decrease by Rs. 15,000 during the year.
(4) Outstanding expenses increased by Rs. 3,000 during the year.
(5) Operating expenses included depreciation of Rs. 25,000.

Compute net cash provided by operations for the year ended March 31,2017 by the indirect method.

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	Rs
Closing stock	2,50,000
Net sales during the year	40,00,000
Net purchases during the year	15,00,000
Opening stock	15,00,000
Direct expenses	80,000

Trading Account as on March 31, 2017
Dr.			Cr.
Particulars	Amount Rs	Particulars	Amount Rs
Opening Stock	15,00,000	Net Sales	40,00,000
Net Purchases	15,00,000	Closing Stock	2,50,000
Direct Expenses	80,000
Gross Profit	11,70,000
	42,50,000		42,50,000