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Diff between Net profit & Gross profit?
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Answer / mahi kaka
Net profit we get frm p&l a/c
& gross profit frm trail balance
| Is This Answer Correct ? | 0 Yes | 5 No |
Answer / s girish babu
NET PROFIT IS PROFIT AFTER TAX, GROSS PROFIT IS PROFIT
BEFORE TAX
| Is This Answer Correct ? | 7 Yes | 13 No |
Principles of accounting
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While finalizing the current year’s profit, the company realized that there was an error in the valuation of closing stock of the previous year. In the previous year, closing stock was valued more by Rs.50,000. As a result (a) Previous year’s profit is overstated and current year’s profit is also overstated (b) Previous year’s profit is understated and current year’s profit is overstated (c) Previous year’s profit is understated and current year’s profit is also understated (d) Previous year’s profit is overstated and current year’s profit is understated
Audit 
