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Determine gross profit ratio :(1) Sales ₹ 10,00,000,(2) Sales ₹ 15,00,000,(3) Sales ₹ 20,00,000,Operating stock ₹ 2,50,000,Purchase ₹ 12,00,000,Gross profit ₹ 3,00,000Cost of goods sold ₹ 12,00,000Sales return ₹ 2,00,000Closing stock ₹ 3,50,000Purchase expenses ₹ 50,000 |
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Answer» 1. Gross Profit Ratio = \(\frac{Gross\,profit}{Net\,sales}\times100=\frac{300000}{1500000}\times100=30\%\) 2. Gross Profit = Sales – Cost of goods sold = ₹ 15,00,000 – ₹ 12,00,000 = ₹ 3,00,000 ∴ Gross Profit Ratio = \(\frac{Gross\,profit}{Net\,sales}\times100=\frac{300000}{1500000}\times100=20\%\) 3. Cost of goods sold = Opening stock + Purchase + Purchase expenses – Closing stock = ₹ 2,50,000 + ₹ 12,00,000 + ₹ 50,000 – ₹ 3,50,000 = ₹ 11,50,000 Net Sales = Sales – Sales return = ₹ 20,00,000 – ₹ 2,00,000 = ₹ 18,00,000 Gross Profit = Sales – Cost of goods sold = ₹ 18,00,000 – ₹ 11,50,000 = ₹ 6,50,000 |
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