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Question 3 Chapter 1 – Unimax Publications of Class 11
3. Find out the Net Income from the following figures relating to the year 2021.
| Rs. | |
| Opening Stock | 10,000 |
| Purchases | 25,000 |
| Direct Expenses | 1,000 |
| Closing Stock | 5,000 |
| Opening Expenses | 2,000 |
| Sales | 40,000 |
The solution of Question 3 Chapter 1 – Unimax Publications of Class 11:
| Cost of goods sold | = Opening Stock + Net Purchases + Direct Expenses – Closing Stock |
| = Rs. 10,000+25,000 + 1,000-5,000 | |
| = Rs. 31,000 |
| Gross Profit | = Net Sales – Cost of goods sold |
| = Rs. (40,000-31,000) | |
| = Rs. 9,000 |
| Net Income | = Gross Profit- Operating Expenses |
| = Rs. 9,000-2,000 | |
| = Rs. 7,000 |
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