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Question
From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March 31, 2017, calculate the gross profit.
|
|
(₹) |
|
Closing stock |
2,50,000 |
|
Net sales during the year |
40,00,000 |
|
Net purchases during the year |
15,00,000 |
|
Opening stock |
15,00,000 |
|
Direct expenses |
80,000 |
₹
Journal Entry
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Solution
| Dr. | Trading Account as on March 31, 2017 | Cr. | |
| Particulars | Amount ₹ |
Particulars | Amount ₹ |
| Opening Stock | 15,00,000 | Net Sales | 40,00,000 |
| Net Purchases | 15,00,000 | Closing Stock | 2,50,000 |
| Direct Expenses | 80,000 | ||
| Gross Profit | 11,70,000 | ||
| 42,50,000 | 42,50,000 | ||
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