Sales to Meena for Rs.4,200 have been posted to debit of sales account as Rs.2,400. What shall be the net effect on the Gross Profit of this transaction?

Gross profit is overstated by Rs 2,400

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Gross profit is understated by Rs 4,200

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Gross profit is understated by Rs 6,600

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Gross profit is overstated by Rs 4,200

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Solution

The correct option is C
Gross profit is understated by Rs 6,600

Gross Profit is understated by Rs 4,200 + Rs 2,400 = Rs 6,600

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Sales to Meena for Rs.4,200 have been posted to debit of sales account as Rs.2,400. What shall be the net effect on the Gross Profit of this transaction?

The correct option is C Gross profit is understated by Rs 6,600 Gross Profit is understated by Rs 4,200 + Rs 2,400 = Rs 6,600

The correct option is C
Gross profit is understated by Rs 6,600

Gross Profit is understated by Rs 4,200 + Rs 2,400 = Rs 6,600