A new firm commenced business on 1st January, 2006 and
purchased goods costing
Rs. 90,000 during the year. A sum of Rs. 6,000 was spent on
freight inwards. At the
end of the year the cost of goods still unsold was Rs.
12,000. Sales during the year Rs.
1,20,000. What is the gross profit earned by the firm?
(a) Rs. 36,000
(b) Rs. 30,000
(c) Rs. 42,000
(d) Rs. 38,000
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Answer Posted / guest
The Gross Profit will be arrived by using the following method
in Government Departments.
Opening stock as on 1.1.2006 Rs. 90000.00
Freight charges paid Rs. 6000.00
Total Purchase Cost Rs. 96000.00
Less Closing Stock Rs. 12000.00
Net Purchase value Rs. 84000.00
Sales Value Rs.120000.00
Gross profit Rs. 36000.00
Percentage of Gross Profit 42.857 %
Reply From:
ABHIVIRTHI Tax and Industrial Consultancy
R.R.JAGADEESAN
VAT PRACTITIONER AND INDUSTRIAL CONSULTANT
H-63, Palaami Enclave, New Natham Road,
Madurai-625014.
Cell: 9994990599
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