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From the following, prepare Profit and L...

From the following, prepare Profit and Loss Account of Sohan Lal as it would appear in the 1st year that ended 31st March, 2019:

The Gross Profit was 45% of Sales, which amounted to Rs 6,50,000
Also pass the Journal entries

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The correct Answer is:
Net Profit - Rs 2,41,050
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