Calculate the gross profit/loss if sales Rs. 60000, cost of sales Rs. 50000, opening stock Rs. 10000; purchases Rs. 40000; wages Rs. 20000, and office rent Rs. 10000.
Answer: Profit Rs. 10000
Explanation
Calculation:
Gross Profit/Loss = Sales – Cost of Sales
- Sales = Rs. 60,000
- Cost of Sales = Rs. 50,000
Gross Profit = 60,000 – 50,000 = Rs. 10,000
(Note: Wages and office rent are not included in the gross profit calculation.)
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