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Gross Sales for the year is Rs 20 00 000 Gross profit is 25 of the cost of goods sold Which one of t...........

General Accounting Principles Rectification of Errors

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Gross Sales for the year is Rs. 20,00,000. Gross profit is 25% of the cost of goods sold. Which one of the following is the amount of Gross Profit?

Rs. 5,00,000

Rs. 6,25,000

Rs. 3,75,000

Rs. 4,00,000

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Explanation:

Sales – cogs = GP

Let COGS be x

20,00,000 - 25% of x = x

20,00,000 = x+25%of x

20,00,000 = 1.25x

X = Rs. 16,00,000

Gp = 16,00,000* 25% = Rs. 4,00,000

By: Munesh Kumari

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Bijoy Krishna

answer is not matching it is wrong answer

Punit Kumar Chaturvedi

Sir I have marked 400000 only but answer reported by you is 500000 which is wrong I made the solution as 25 percent means 1/4 on cost means 1/5 on sales so 2000000×1/5

is the question incomplete??

Ashwani sonkar

question incomplete

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