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Standard XII

Accountancy

Hidden Goodwill

The Gross pro...

Question

The Gross profit for the year ending $31.03.2009$ is Rs. $1750$ , Carriage inward is Rs. $150$ bad Debts is Rs. $120$ Proprietors personal expenses is Rs. $750$ Carriage outward is Rs. $175$ . The amount of Net Profit will be:

Rs.

1455

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Rs.

1305

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Rs.

555

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Rs.

705

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Solution

The correct option is A Rs. $1455$
Net profit = Gross profit - other expenses
= 1,750 - (120 + 750 + 175)
= Rs-1455.

Note :- Carriage inwards is already deducted while calculating gross profit as it a direct expenses and is included in cost of goods sold.

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Similar questions

Q. Financial data of an entity is given below:
Gross Profit Rs.

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, Carriage outwards Rs.

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, Rent received Rs.

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. The net profit would be.

Prepare Trial Balance from the following information:

Capital Rs.50,000; Bank Loan Rs.20,000; Trade payables Rs.18,000; Rent outstanding Rs.4,000. Capital reserve Rs.5,000; Commission received Rs.3,000; Bad debts Rs.5,000. Plant & Machinery Rs.60,000; Goodwill Rs.16,000; Carriage inwards Rs.2,500; Carriage outwards Rs.1,500; Trade Receivables Rs. 10,000; Profit and Loss (Dr.) Rs.5,000.

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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 _____________.

Given the following data: Purchases Rs. 4,500, Returns outwards Rs. 300, Returns inwards Rs. 150, Carriage outwards Rs. 830, Carriage inwards Rs. 260, Opening stock Rs. 935, and closing stock Rs. 1,100. The value of the cost of goods sold is:

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The Gross profit for the year ending 31.03.2009 is Rs. 1750, Carriage inward is Rs. 150 bad Debts is Rs. 120 Proprietors personal expenses is Rs. 750 Carriage outward is Rs. 175. The amount of Net Profit will be:

The correct option is A Rs. 1455Net profit = Gross profit - other expenses = 1,750 - (120 + 750 + 175) = Rs-1455.Note :- Carriage inwards is already deducted while calculating gross profit as it a direct expenses and is included in cost of goods sold.

The Gross profit for the year ending $31.03.2009$ is Rs. $1750$ , Carriage inward is Rs. $150$ bad Debts is Rs. $120$ Proprietors personal expenses is Rs. $750$ Carriage outward is Rs. $175$ . The amount of Net Profit will be:

The correct option is A Rs. $1455$
Net profit = Gross profit - other expenses
= 1,750 - (120 + 750 + 175)
= Rs-1455.

Note :- Carriage inwards is already deducted while calculating gross profit as it a direct expenses and is included in cost of goods sold.