Determine the amount of gross profit and sales from the followings: Debtors Turnover Ratio = 4 TimesLoss of goods sold = Rs. 640000Gross Profit Ratio = 20%Closing Debtors were Rs. 20000 more than at the beginning.

Determine the amount of gross profit and sales from the followings: Debtors Turnover Ratio = 4 TimesLoss of goods sold = Rs. 640000Gross Profit Ratio = 20%Closing Debtors were Rs. 20000 more than at the beginning.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Determine the amount of gross profit and sales from the followings:
Debtors Turnover Ratio = 4 Times
Loss of goods sold = Rs. 640000
Gross Profit Ratio = 20%
Closing Debtors were Rs. 20000 more than at the beginning.

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