CA CPT Model Test Paper 9 with solutions for online practice

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Question : 49 of 199

Marks: +1, -0

Goods of ₹ 10,000 lost by fire. Due to this:

Gross profit will reduced by ₹ 10,000 but no effect on Profit & Loss. A/c
No effect on Gross profit but Net Profit will reduced by ₹ 10,000.
Gross profit and Net profit both will be reduced by ₹ 10,000.
No effect on Gross Profit and Net Profit.

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