gross profit & net profit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 March 2011
DEAR Sir/Madam
PLEASE SUGGEST I AM WRITE OR WRONG IN G.P. & N.P. CALCULATION.
ITS A PROP. FIRM PREVIOUS FINANCIAL YEAR 09-10 M/s.X COLOR CLOSING DT 31.03.10 G.P. IS 12.28% & N.P. IS 2.89%
THIS YEAR M/s.X COLOR CONVERT PROP. FIRM TO PARTNERSHIP FIRM EFFECTED ON 01.01.2011 SO WE CLOSED THE ACCOUNT ON DT.31.12.10 AS PROP. FIRM
THE REQ. SUGGESTION IS HOW TO CALCULATE THE G.P. AND N.P. ON 31.12.10 IF WE MAINTAIN THE % AS PREV.YEAR CLOSING.
I AM DOING AS BELOW
PREVIOUS YEAR G.P. 12.28% / 4 MONTH = 3.07% X 3 MONTH = 9.21% IS IT RIGHT OR WRONG ?
PREVIOUS YEAR N.P. 2.89% / 4 MONTH = 0.7225% X 3 MONTH = 2.1675% IS IT RIGHT OR WRONG ?
THANKS IN ADVANCE
PLEASE SUGGEST I AM WRITE OR WRONG IN G.P. & N.P. CALCULATION.
ITS A PROP. FIRM PREVIOUS FINANCIAL YEAR 09-10 M/s.X COLOR CLOSING DT 31.03.10 G.P. IS 12.28% & N.P. IS 2.89%
THIS YEAR M/s.X COLOR CONVERT PROP. FIRM TO PARTNERSHIP FIRM EFFECTED ON 01.01.2011 SO WE CLOSED THE ACCOUNT ON DT.31.12.10 AS PROP. FIRM
THE REQ. SUGGESTION IS HOW TO CALCULATE THE G.P. AND N.P. ON 31.12.10 IF WE MAINTAIN THE % AS PREV.YEAR CLOSING.
I AM DOING AS BELOW
PREVIOUS YEAR G.P. 12.28% / 4 MONTH = 3.07% X 3 MONTH = 9.21% IS IT RIGHT OR WRONG ?
PREVIOUS YEAR N.P. 2.89% / 4 MONTH = 0.7225% X 3 MONTH = 2.1675% IS IT RIGHT OR WRONG ?
THANKS IN ADVANCE
18 March 2011
Both are Wrong it should be calculated based on the sales, purchase, direct expenses, indirect expenses, and stock information
10 June 2011
Dear GP & NP is actual result of transaction you have to calculate as per your actual transaction performance and actual stock
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Management System (IMS)
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- Gift Received from nonblood relative
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
