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Answer Posted / manisha
gross profit is the profit which relates to trading
i.e.purchase and sales . Gross profit means that profit
from which expenditures which are indirect are not deducted
as it is gross not net.Gross profit is carried down to net
profit.There may be a gross loss in the trading also.
Entries :-
Trading account dr.
To gross profit
(being gross profit)
Gross loss dr.
TO trading account
(being gross loss)
Gross profit= sales- cost of goods sold
cost of goods sold = opening stock+purchases-closing stock
Trading account
To opening stock xx By sales xx
To purchases xx - sales returnx xx
- purchases
return x xx By closing stock x
To wages xx By gross loss
To direct exp. x
To gross profit
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