Read the following which is taken from an income statement.
Rs.
Opening stock $50, 000$
Sales $1, 60, 000$
Freight incurred $10, 000$
Sales retunrs $10, 000$
Gross profit on sales $60, 000$
Net loss for the year $10, 000$
Purchases $1, 00, 000$
Purchases returns $9, 000$
The amount of operating expenses will be ___________________.

R s . 50, 000

No worries! We‘ve got your back. Try BYJU‘S free classes today!

R s .60, 000

No worries! We‘ve got your back. Try BYJU‘S free classes today!

R s . 70, 000

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

R s . 80, 000

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C $R s . 70, 000$
Solution for the given situation:

Particulars Amount Particulars Amount
To Opening Stock 50000 By Sales 160000
To Purchases 100000 Less: Sales Returns 10000
Less: P/return 9000 By Net Sales 150000
To Net Purchases 91000 By Closing Stock
(balancing figure) 61000
To Freight incurred 10000
To Gross Profit 60000
Total 211000 Total 211000
To Operating Expenses
(balancing figure) 70000 By Gross Profit 60000
By Net Loss 10000
Total 70000 Total 70000

Suggest Corrections

Similar questions

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.

Calculate the gross profit /loss if:

Sales Rs. 60,000; Closing stock Rs. 50,000; Opening stock Rs. 10,000; Purchases Rs. 40,000; Wages Rs. 20,000.

Prepare Comparative Income Statement from the following information:

Particulars	2016-17 Rs.	2015-16 Rs.
Freight Outward	20,000	10,000
Wages (office)	10,000	5,000
Manufacturing Expenses	50,000	20,000
Stock adjustment	(60,000)	30,000
Cash purchases	80,000	60,000
Credit purchases	60,000	20,000
Returns inward	8,000	4,000
Gross profit	(30,000)	90,000
Carriage outward	20,000	10,000
Machinery	3,00,000	2,00,000
Charge 10% depreciation on machinery	10,000	5,000
Interest on short-term loans	20,000	20,000
10% debentures	20,000	10,000
Profit on sale of furniture	20,000	10,000
Loss on sale of office car	90,000	60,000
Tax rate	40%	50%

1, 60, 000

10, 000

60, 000

15, 000

Join BYJU'S Learning Program

Particulars	Amount	Particulars	Amount
To Opening Stock	50000	By Sales	160000
To Purchases 100000		Less: Sales Returns	10000
Less: P/return 9000		By Net Sales	150000
To Net Purchases	91000	By Closing Stock (balancing figure)	61000
To Freight incurred	10000
To Gross Profit	60000
Total	211000	Total	211000
To Operating Expenses (balancing figure)	70000	By Gross Profit	60000
		By Net Loss	10000
Total	70000	Total	70000