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Question

The balance in books of X, a sole proprietor were:
Opening Stock Rs. 17,000, Purchases Rs. 52,000 Wages Rs. 46,500 Fuel Rs. 15,000 Sales Rs. 1,45,000 and Closing stock Rs. 25,000 whose Net Realizable value was Rs. 28,000. Find the Gross profit.

A
Rs. 39,500
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B
Rs. 42,500
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C
Rs. 54,500
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D
Rs. 57,000
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Solution

The correct option is A Rs. 39,500
Gross profit = Sales - cost of goods sold ( working note 1)
= 1,45,000 - 1,05,500
= 39,500

Working note:-
1) Cost of goods sold = Opening stock + purchases + direct expenses - closing stock
= 17,000 + 52,000 + 46,500 + 15,000 - 25,000
= 1,05,500.

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