A sells goods at 100/3 % above cost. His sales were rs 1020000 during the year. However, he sold damaged goods for rs 20000 costing rs 30000.The sale is included in rs 1020000.The amount of Gross Profit is
a. 190000
b. 250000
c.240000
d.200000
Please explain with detail procedure.
CAclubindia
