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Illustration9 answers of chp financial statements1

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Illustration9 answers of chp financial statements1

Posted by Prachi Kumar 8 years, 4 months ago

CBSE > Class 11 > Accountancy

1 answers

The Architect 8 years, 4 months ago

In the question we given that total purchase =800000 return outward I.e purchase return =20000 Direct expense =60000 Now firstly we have to calculate first cost of good sold of total purchases In illustration you can see formula of cost of goodsold After calculating cost of good sold ,we calculate 2/3 of cogs because the sale price given in the question is of 2/3 of good After this calculate Gross profit =netsales - cost of good sold Note : purchase always refer to purchase of good

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