The following is a trial balance for the firm for the year ending 31st Dec. 20X7. It is known that the closing stock of the company as on 31st Dec 20X7 stood at ₹1,00,000:

1. At the end of the accounting period, the gross profit of the industrial firm would be:

(a) Less than ₹10,000;

(b) Between ₹10,001 and ₹80,000;

(c) Above ₹80,001;

(d) None of the above

2. At the end of the accounting period, the net profit of the industrial firm would be:

(a) Less than ₹10,000;

(b) Between ₹10,001 and ₹40,000;

(c) Above ₹40,001;

(d) None of the above

3. At the end of accounting period, the net worth of the industrial firm would be:

(a) Less than ₹1,00,000;

(b) Between ₹1,00,001 and ₹2,80,000;

(c) Above ₹2,80,001;

(d) Can’t say

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Sundry Debtors Stock (1-1-20X7) Land & Building Capital Rent Cash in hand Cash at bank Wages S.Crs. B/R Interest Bad debts Repairs T.Sales B/P Furniture & fixtures Depreciation Rates and Taxes Salaries Drawings 15,000 50,000 1,00,000 16,000 40,000 30,000 20,000 2000 5000 3000 15,000 10,000 8000 20,000 20,000 2,50,000 6000 70,000 1,70,000 40,000