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A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :
- a)Rs. 1,90,000
- b)Rs. 2,50,000
- c)Rs. 2,40,000
- d)Rs. 2,00,000
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 durin...
Given data:
Selling price = 331/3% above cost
Sales during the year = Rs. 10,20,000
Damaged goods sold = Rs. 20,000
Cost of damaged goods sold = Rs. 30,000
To find: Gross profit
Solution:
Let the cost price of goods be Rs. x
Selling price = 331/3% above cost = (133 1/3/100) * x = (400/3) * x
Given, sales during the year = Rs. 10,20,000
So, (400/3) * x * Number of units = Rs. 10,20,000
Number of units = (10,20,000 * 3) / (400 * x) = 765
Total cost price of goods sold = 765 * x
Cost price of damaged goods sold = Rs. 30,000
Cost price of undamaged goods sold = Total cost price - Cost price of damaged goods sold = 765 * x - 30,000
Selling price of undamaged goods = (400/3) * (765 * x - 30,000) = (102 * x) - 4,000
Total selling price = Selling price of undamaged goods + Selling price of damaged goods = (102 * x) - 4,000 + Rs. 20,000 = (102 * x) + Rs. 16,000
Given, sales during the year = Rs. 10,20,000
So, (102 * x) + Rs. 16,000 = Rs. 10,20,000
(102 * x) = Rs. 10,04,000
x = Rs. 9,824.56
Total cost price of goods sold = 765 * Rs. 9,824.56 = Rs. 7,50,000.40
Gross profit = Total selling price - Total cost price = (102 * Rs. 9,824.56) + Rs. 16,000 - Rs. 7,50,000.40 = Rs. 2,40,556
Therefore, the gross profit is Rs. 2,40,000 (approx).
Selling price = 331/3% above cost
Sales during the year = Rs. 10,20,000
Damaged goods sold = Rs. 20,000
Cost of damaged goods sold = Rs. 30,000
To find: Gross profit
Solution:
Let the cost price of goods be Rs. x
Selling price = 331/3% above cost = (133 1/3/100) * x = (400/3) * x
Given, sales during the year = Rs. 10,20,000
So, (400/3) * x * Number of units = Rs. 10,20,000
Number of units = (10,20,000 * 3) / (400 * x) = 765
Total cost price of goods sold = 765 * x
Cost price of damaged goods sold = Rs. 30,000
Cost price of undamaged goods sold = Total cost price - Cost price of damaged goods sold = 765 * x - 30,000
Selling price of undamaged goods = (400/3) * (765 * x - 30,000) = (102 * x) - 4,000
Total selling price = Selling price of undamaged goods + Selling price of damaged goods = (102 * x) - 4,000 + Rs. 20,000 = (102 * x) + Rs. 16,000
Given, sales during the year = Rs. 10,20,000
So, (102 * x) + Rs. 16,000 = Rs. 10,20,000
(102 * x) = Rs. 10,04,000
x = Rs. 9,824.56
Total cost price of goods sold = 765 * Rs. 9,824.56 = Rs. 7,50,000.40
Gross profit = Total selling price - Total cost price = (102 * Rs. 9,824.56) + Rs. 16,000 - Rs. 7,50,000.40 = Rs. 2,40,556
Therefore, the gross profit is Rs. 2,40,000 (approx).
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Community Answer
A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 durin...
The profit margin 33.33% on cost, which means 25% on sales. Now, the damaged goods sold on loss are also included in these sales on which trader never earned profit instead incurred loss. Hence we will deduct the sale price of these goods from total sales Therefore, the net sales now are Rs.10Laks
Now calculate 25% on 10Lakhs you will get Rs.2.5Lakhs that is the GP on normal sales.
But now as these sales also incude loss on damaged goods i.e.Rs.10000. We'll deduct that loss from GP(Rs.2.5Lakhs- Rs.10000) and we will get actual GP i.e.Rs.240000.
Now calculate 25% on 10Lakhs you will get Rs.2.5Lakhs that is the GP on normal sales.
But now as these sales also incude loss on damaged goods i.e.Rs.10000. We'll deduct that loss from GP(Rs.2.5Lakhs- Rs.10000) and we will get actual GP i.e.Rs.240000.
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A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. Can you explain this answer?
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A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. 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 A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. 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 A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. Can you explain this answer?.
A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. 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 A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. 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 A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. Can you explain this answer?.
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A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. Can you explain this answer?, a detailed solution for A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of A sells goods at 331/3% above cost. His sales were Rs. 10,20,000 during the year. However, he sold damaged goods for Rs. 20,000 costing Rs. 30,000. This sale is included in Rs. 10,20,000. The amount of gross profit is :a)Rs. 1,90,000b)Rs. 2,50,000c)Rs. 2,40,000d)Rs. 2,00,000Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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