Question Bank - Accountancy

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If the rate of Gross profit on sales is 30% and the cost of goods sold is Rs. 70,000, What is the amount of sales?

A.
Rs. 1,00,000
B.
Rs. 21,000
C.
Rs. 49,000
D.
Rs. 2,33,333

Solution:

The correct answer is option no. 1 i. e. Rs. 1,00,000This can be formulated as: Sales - Cost of goods sold = Gross Profit If sales is Rs. 100 Then Gross Profit becomes Rs. 30 (30% of sales)The cost of goods sold will be Rs. 70 (Rs. 100 - Rs. 30)The cost of goods sold is equal to 70% of salesSales = Cost of goods sold/70%= 70000/70%Therefore, Sales = Rs. 100000

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