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64 Points Posted on 27 October 2017

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. 

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On 27 October 2017 at 22:14 Report
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Managing Partner at TAXounting
8742 Points Posted on 28 October 2017
C) 240000

Normal Sales 10.2L - 0.2L = 10L
Profit on normal sales 10L ÷ (100+33.33) * 33.33 = 2.5L
Loss on damage 0.2L - 0.3L = 0.1L

Total profit 2.5L - 0.1L = 2.4L
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On 28 October 2017 at 07:16
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Chartered Accountant
86505 Points Posted on 28 October 2017
Completely Agree witb Ashwini Ballodia.
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On 28 October 2017 at 07:29

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