Answered

3.
Prepare a trading account of Bimal Das for the year ending 31st March, 2022 from the following particulars:-
Stock of goods on 1st April, 2021
25,000
Stock of goods on 31st March, 2022
Purchases-Cash
Return to Suppliers
47,600
36,800
82,400
-Credit
6,400
51,200
Sales
-Cash
-Credit
1,16,000
5,600
Return from customers
Carriage and Freight
Duty and clearing charges
Wages
6,000
5,000
24,000
[Ans. Gross Profit 36,400.]

Verified Answer :

GinnyAnswer

To prepare the trading account of Bimal Das for the year ending 31st March, 2022, we'll calculate his gross profit using the given particulars:

1. Opening stock (stock of goods on 1st April, 2021): Rs. 25,000
2. Closing stock (stock of goods on 31st March, 2022): Rs. 47,600
3. Purchases:
- Cash purchases: Rs. 36,800
- Credit purchases: Rs. 82,400
- Return to suppliers: Rs. 6,400
4. Sales:
- Cash sales: Rs. 116,000
- Credit sales: Rs. 5,600
- Return from customers: Rs. 6,000
5. Expenses:
- Carriage and Freight: Rs. 5,000
- Duty and clearing charges: Rs. 24,000
- Wages: Rs. 24,000

Let's go through the steps to calculate the gross profit:

Step 1: Calculate Net Purchases
Net Purchases = Cash purchases + Credit purchases - Return to suppliers
= Rs. 36,800 + Rs. 82,400 - Rs. 6,400
= Rs. 112,800

Step 2: Calculate Net Sales
Net Sales = Cash sales + Credit sales - Return from customers
= Rs. 116,000 + Rs. 5,600 - Rs. 6,000
= Rs. 115,600

Step 3: Calculate Total Expenses
Total Expenses = Carriage and Freight + Duty and clearing charges + Wages
= Rs. 5,000 + Rs. 24,000 + Rs. 24,000
= Rs. 53,000

Step 4: Prepare Trading Account
Once we have the net purchases, net sales, total expenses, and the values of opening and closing stock, we can calculate the Gross Profit as such:

Gross Profit = (Net Sales) - (Net Purchases + Opening Stock + Total Expenses) + Closing Stock

Substituting the calculated figures:

Gross Profit = Rs. 115,600 - (Rs. 112,800 + Rs. 25,000 + Rs. 53,000) + Rs. 47,600
= Rs. 115,600 - Rs. 190,800 + Rs. 47,600
= Rs. 115,600 - Rs. 143,200
= Rs. 36,400

Correctly, as given in the question, the Gross Profit that we have calculated for Bimal Das for the year ending 31st March, 2022 is Rs. 36,400.