[CBSE] Q 2 Solutions Financial Statements of Sole Proprietorship TS Grewal Class 11 (2022-23)

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Are you looking for the solution of Question number 2 of the Financial Statements of Sole Proprietorship of TS Grewal Book class 11, 2022-23?

From the following information, determine Gross Profit for the year ended 31st March, 2022:

Opening Stock (1st April, 2021)
Freight and Packing
Sales
25,000
10,000
1,90,000
Goods purchased during the year
Closing Stock (31st March, 2022)
Packing Expenses on Sales
1,40,000
30,000
6,000

[Gross Profit – ₹ 45,000.]

[Hint: ‘Packing Expenses on Sales’ are indirect expenses, therefore, they arer not part of Cost of Goods Sold.]

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