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<p>XYZ Company have following information</p> <p>Sales 7000 ( All cash sales)</p> <p>Discount on sales500</p> <p>Carriage outward 300</p> <p>Carriage inward 250</p> <p>purchases 4000 ( All Credit Purchases)</p> <p>custom charges200</p> <p>Octori duty 100</p> <p>Closing stock 1000</p> <p>Installation Charges 700 for new machinery </p> <p>Comapny need to Pay commission on Sale10% .</p> <p> </p> <p>A)1650</p> <p>B)2250</p> <p>C)1350</p> <p>D) NON OF ABOVE</p> <p> </p> <p> </p>
Thanks for invitng me.Gross profit can be calculated as:
GROSS PROFIT = Sales - Cost of goods sold.
As acoording to your given values none of the above is the value of gross profit.calculation and explanation is given as under.
Sales:
(Purchases) =4000
less (Closing Stock) =1000 =3000
- carriage inward = 250
- Custom Charges = 200
- Octri Duty =100 =3,450
Correct me if I am wrong.rest of Carriage outward is indirect expense,Discount and commission are selling and distribution expense and in last installation on machinery is added into the asset value.
D. NON OF THE ABOVE
Sales:7000 -(Purchase-Closing Stock) -Carriage Inward-Custom-Octroi
7000-()-250-200-100
=3450
(Discounts and Commission700+500 are treated as selling and distribution expenses)
(700/- Installation on Machinery added to the value of the Asset)
(Carriage outward300/- indirect expense)
D) NONE OF THE ABOVE
D) Non of the above
D) None of the Above
correct answer is d
D) None of the Above
Its D none of the above
7000 - (500 +300 +700) =5500 net sales
4000 + (250 +200 +100) =4550 -1000 =3550 cost of sales
5500 -3550 =1950 gross profit
the answer is D
