The following totals appear in the day books for June 20X6.
$
Sales day book 10,000
Purchases day book 5,000
Returns inwards day book 500
Returns outward day book 1,000
Opening and closing inventories are both $ 750.
What is the gross profit for June 20X6?
Answer
$ $
Sales ………………………………………10,000
Returns inwards ………………………(500)
Net sale…………………………………………………..9,500
Opening inventory …………………. 750
Purchases ……………………………… 5,000
Returns outwards ……………….. (1,000)
Closing inventory ………………… (750)
Cost of sale……………………………………… (4,000)
Gross profit……………………………………… 5,500