You visited us 1 times! Enjoying our articles? Unlock Full Access!

Byju's Answer

Standard XI

Economics

Opportunity Cost

The balance i...

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.

Rs.

39, 500

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

Rs.

42, 500

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

Rs.

54, 500

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

Rs.

57, 000

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

Open in App

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.

Suggest Corrections

Similar questions

Q. Trial balance of a trader shows the following balances:
Opening Stock Rs.

9, 600

, Purchases Rs.

11, 850

, Wages and Salaries Rs.

3, 200

. Carriage on Purchases Rs.

200

, Carriage Outwards Rs.

300

, Sales A/cs Rs.

24, 900

, Closing Stock is Rs.

3, 500

Gross Profit will be _____________.

Q. Adjusted Purchases Rs. 6,63,600, Sales Rs. 7,44,000, Closing Stock Rs. 50,400, Freight & Cartage Inward Rs. 3,600, Wages Rs. 2,400, Freight & Cartage outward Rs. 1.800 Opening stock 48,600. calculate gross profit for the year end ____________.

Calculate the gross profit /loss if:

Sales Rs. 90,000; Closing stock Rs. 40,000; Opening stock Rs. 40,000; Purchases Rs.40,000; Wages Rs. 20,000.

Calculate closing stock and cost of goods sold. Opening stock Rs. 5,000 ; sales Rs. 16,000; carriage inwards Rs. 1,000, sales return Rs. 1,000; gross profit Rs. 6,000; purchases Rs. 10,000; purchases return Rs. 900.

Q. Opening Stock Rs. 90,000, Cash Sales Rs. 36,000, Credit Sales Rs. 7,20,000, Returns outwards Rs. 6,000. Wages & Salaries Rs. 2,400 Carriage Inwards Rs. 1,200. Freight Inwards Rs. 1,800, Cartage Inwards Rs. 600, Cash Purchases Rs. 30,000, Credit Purchases 6,00,000, Returns Inward Rs. 12,000, Cost of closing Stock as on 31st March Rs. 54,000 but its market value is Rs. 50,400, Freight outwards Rs. 600. The Gross Profit for the year is _____________.

Join BYJU'S Learning Program

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.