Interested to Buy Any Domain ? << Click Here >> for more details...
Answer Posted / manisha
gross profit is the profit which relates to trading
i.e.purchase and sales . Gross profit means that profit
from which expenditures which are indirect are not deducted
as it is gross not net.Gross profit is carried down to net
profit.There may be a gross loss in the trading also.
Entries :-
Trading account dr.
To gross profit
(being gross profit)
Gross loss dr.
TO trading account
(being gross loss)
Gross profit= sales- cost of goods sold
cost of goods sold = opening stock+purchases-closing stock
Trading account
To opening stock xx By sales xx
To purchases xx - sales returnx xx
- purchases
return x xx By closing stock x
To wages xx By gross loss
To direct exp. x
To gross profit
| Is This Answer Correct ? | 12 Yes | 0 No |
Post New Answer View All Answers
hi, what type of questions are asked in capital iq interview .plz let me know. thanks... venkat...
Expand-------ANC
Q A project cost Rs.6,00,000. It yields annually a profit of Rs.80,000. After depreciation of 12.5% p.a.but before tax of 50%.Calculate payback priod.
WHAT IS LIMITED REVIEW? WHY IT IS REQUIRE?
Expand-------ANCS
From the following information you are to prepare a Cash Budget for the period from July to December 2008. (i) The estimated sales and expenses are as follows: June July Aug. Sep. Oct. Nov. Dec. Sales 35,000 40,000 40,000 50,000 50,000 60,000 65,000 Purchases 14,000 16,000 17,000 20,000 20,000 25,000 28,000 Wages & Salaries 12,000 14,000 14,000 18,000 18,000 20,000 22,000 Expenses 5,000 6,000 6,000 6,000 7,000 7,000 7,000 Interest Received 2,000 - - 2,000 - - 2,000 Sale of Fixed Assets - - 20,000 - - - - (ii) Sales are 20% in cash and balance on credit. 50% of the debtors are collected in the month of sales and the remaining in the next month. (iii) The time lag in payment of purchases and expenses is 1 month. However, wages and salaries are paid fortnightly with a time lag of 15 days. (iv) The company maintains a minimum cash balance of Rs. 5,000. The cash balance in excess of Rs. 7,000 is invested in government securities in multiples of Rs. 1,000. Short falls in cash balance are made good by borrowing from banks. The interest received as well as paid is to be ignored.
What is mamimum rate of CST applicable on Plastic Doors in NOIDA?
EXPAND___________IMA
when assessing the credit proposal of a prospective borrower if he gets internal rating below the hurdle rate what will you suggest as a banker
is advance against FD or RD is treated as NPA .if EMI is not in scheduled . or classification of npa as per day is is made from sanction date or last payment date of repayment . please suggest me
1. what is debenture? 2.Why company will issue shares? 3. What is audit? 4. What is the role of finance department? 5. What is mutual fund?
What is account
do we have to learn all the shortcutkeys in tally.i am from non commerce background ,where should i start from.
how can i make configration relation with inflation in sap
why funds management doc is generated during migo and miro
