Mr. Prakash Sellos Goods at 20% Cost. His sales were1,020,000 during year.However he sold damaged goods for 20000 costing30000.This is included in1,020,000. The amount Of Gross Profit is
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Replies (13)
the gross profit would be 175000
Ans given is 240,000
sales 1020000
less damage goods 20000
so net sale = 1000000
GP 20% on cost so GP on sale of normal goods= 250000
less loss on abnormal goods(30000-20000) = 10000
so final GP = 240000
| Originally posted by : Vijay Manwani | ||
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sales 1020000 less damage goods 20000 so net sale = 1000000 GP 20% on cost so GP on sale of normal goods= 250000 less loss on abnormal goods(30000-20000) = 10000 so final GP = 240000 |
 Thanx |
What is going on here??? I think something wrong correct Answer should be Rs. 156667 /=. . . . . . . . . . . . .
Total sale 1020000. . . . . . Scrap sale 20000 which cost rs. 30000 i.e. NET SALE RS. 1000000 and Loss on scrap sale Rs. 10000. . . . . . . . . Now GP is 20% on cost i.e. 16.6667% on Sale. . . . . . . . . So GP on Normal Goods Rs 166667 whenever loss on scrap 10000 SO TOTAL GROSS PROFIT WAS RS. 156667. . . . . . . . . . . . . . . . . . . . . . . . . . . . Due to posting via mobile presentation is rough, hope so u understand. . . . . . . . . . . Thanks
| Originally posted by : Vijay Manwani | ||
|
sales 1020000 less damage goods 20000 so net sale = 1000000 GP 20% on cost so GP on sale of normal goods= 250000 less loss on abnormal goods(30000-20000) = 10000 so final GP = 240000 |
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ANSWER PAR MAT JAO APNI AKAL LAGAO. . . . . . . . .
Originally posted by : Mr. Jha
ANSWER PAR MAT JAO APNI AKAL LAGAO. . . . . . . . . |
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I misunderstood with 20% on cost as 25% on sale instead of 16.67% on sale
& Mr. Jha this can happen to anyone u better mind ur languagge
| Originally posted by : Vijay Manwani | ||
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Originally posted by : Mr. Jha Originally posted by : Vijay Manwani sales 1020000 less damage goods 20000 so net sale = 1000000 GP 20% on cost so GP on sale of normal goods= 250000 less loss on abnormal goods(30000-20000) = 10000 so final GP = 240000 ANSWER PAR MAT JAO APNI AKAL LAGAO. . . . . . . . . I misunderstood with 20% on cost as 25% on sale instead of 16.67% on sale & Mr. Jha this can happen to anyone u better mind ur languagge |
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Very Sorry yaar. . . . . . No intention to hurt you and anyone, actually wrong Answer/Question provide by authorer, and this our stg to match that. . . . . . . . . Sorry for using theth hindi language. . . . . . . . .
Question given in mtp is wrong
Answer is 156667
ANSWER IS 156667 AND NOT 240000.
gross profit = 156667 {(1000000/6)-10000}
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