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.

Rs.

39, 500

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Rs.

42, 500

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Rs.

54, 500

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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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, Carriage Outwards Rs.

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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.

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

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.

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.