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Calculate Gross Profit when Totla Purchases during the year are Rs 8,00,000, Returns Outward Rs 20,000, Direct Expenses Rs 60,000 and 2/3rd of the goods are sold for Rs 6,10,000. |
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Answer» Solution :Cost of GOODS Sold = TOTAL Purchases - Returns Outward + Direct Expenses `= Rs 8,00,000 - Rs 20,000 + Rs 60,000 = Rs 8,40,000` A. 2/3rd of the Goods sold for Rs 6,10,000 B. 2/3rd Cost of Goods Sold `= Rs 8,40,000 XX 2//3 = Rs 5,60,000` Gross PROFIT `= A - B = Rs 6,10,000 - Rs 5,60,000 = Rs 50,000` |
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