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For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:
- a)Rs.85,000
- b)Rs.1,45,000
- c)Rs.64,500
- d)none of the above
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
For the financial year 20011-12, the gross profit was Rs.1,75,000. Dur...
Net profit = gross profit - carriage outward -bad debts net profit = 175000-17500-12000=145000
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For the financial year 20011-12, the gross profit was Rs.1,75,000. Dur...
Calculation of Net Profit:
Gross Profit = Rs.1,75,000
Carriage inward = Rs.15,000
Personal expenses of proprietor = Rs.75,000
Carriage outward = Rs.17,500
Bad debts = Rs.12,000
To calculate the net profit, we need to deduct the following expenses from the gross profit:
1. Carriage inward:
- Deduct Rs.15,000 from the gross profit.
2. Personal expenses of proprietor:
- Deduct Rs.75,000 from the gross profit.
3. Carriage outward:
- Deduct Rs.17,500 from the gross profit.
4. Bad debts:
- Deduct Rs.12,000 from the gross profit.
Net Profit Calculation:
Gross Profit: Rs.1,75,000
Carriage inward: - Rs.15,000
Personal expenses of proprietor: - Rs.75,000
Carriage outward: - Rs.17,500
Bad debts: - Rs.12,000
Net Profit = Gross Profit - (Carriage inward + Personal expenses of proprietor + Carriage outward + Bad debts)
Net Profit = Rs.1,75,000 - (Rs.15,000 + Rs.75,000 + Rs.17,500 + Rs.12,000)
Net Profit = Rs.1,75,000 - Rs.1,19,500
Net Profit = Rs.55,500
Therefore, the net profit earned for the year 2011-12 is Rs.55,500.
The correct option is 'B' (Rs.1,45,000) is incorrect.
Gross Profit = Rs.1,75,000
Carriage inward = Rs.15,000
Personal expenses of proprietor = Rs.75,000
Carriage outward = Rs.17,500
Bad debts = Rs.12,000
To calculate the net profit, we need to deduct the following expenses from the gross profit:
1. Carriage inward:
- Deduct Rs.15,000 from the gross profit.
2. Personal expenses of proprietor:
- Deduct Rs.75,000 from the gross profit.
3. Carriage outward:
- Deduct Rs.17,500 from the gross profit.
4. Bad debts:
- Deduct Rs.12,000 from the gross profit.
Net Profit Calculation:
Gross Profit: Rs.1,75,000
Carriage inward: - Rs.15,000
Personal expenses of proprietor: - Rs.75,000
Carriage outward: - Rs.17,500
Bad debts: - Rs.12,000
Net Profit = Gross Profit - (Carriage inward + Personal expenses of proprietor + Carriage outward + Bad debts)
Net Profit = Rs.1,75,000 - (Rs.15,000 + Rs.75,000 + Rs.17,500 + Rs.12,000)
Net Profit = Rs.1,75,000 - Rs.1,19,500
Net Profit = Rs.55,500
Therefore, the net profit earned for the year 2011-12 is Rs.55,500.
The correct option is 'B' (Rs.1,45,000) is incorrect.
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For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:a)Rs.85,000b)Rs.1,45,000c)Rs.64,500d)none of the aboveCorrect answer is option 'B'. Can you explain this answer?
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For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:a)Rs.85,000b)Rs.1,45,000c)Rs.64,500d)none of the aboveCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:a)Rs.85,000b)Rs.1,45,000c)Rs.64,500d)none of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:a)Rs.85,000b)Rs.1,45,000c)Rs.64,500d)none of the aboveCorrect answer is option 'B'. Can you explain this answer?.
For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:a)Rs.85,000b)Rs.1,45,000c)Rs.64,500d)none of the aboveCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:a)Rs.85,000b)Rs.1,45,000c)Rs.64,500d)none of the aboveCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:a)Rs.85,000b)Rs.1,45,000c)Rs.64,500d)none of the aboveCorrect answer is option 'B'. Can you explain this answer?.
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ample number of questions to practice For the financial year 20011-12, the gross profit was Rs.1,75,000. During the year Carriage inward Rs.15,000, Personal expenses of proprietor Rs.75,000 and Carriage outward Rs.17,500. Bad debts for the year were Rs.12,000. The net profit earned for the year 2011-12 would be:a)Rs.85,000b)Rs.1,45,000c)Rs.64,500d)none of the aboveCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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