2 - Ratio Analysis Q.1M porter commenced business as a trader on 1 October 2015 when he bought stock at a cost of $ 47,815. An examination of porter's first year results reveals: 1.At 30 September 2016, the stock-holding had been reduced by $ 25,550. 2. A stock turnover of 6 times. 3.Gross profit Sales In this Calculation, the average of opening and closing stock has been used. 4.Foxed overheads = 20.0% = 12.0% Sales = 3.0% = 5.0% 5.Variable overheads Sales 6.Net profit Sales 7.Acid test ratio 3.5 times 8.The net book value of fixed assets at 30 September 2016 was 100,000. 9.Collection period for debtors 40 days. All sales are on a credit basis. 10. Payment period for creditors 17 days. All purchases are on a credit basis. 11. Net current assets at 30 September 2015 consists of. Stock Debtors Bank (balance in hand) Creditors 12. Cash drawings for the year of 9,370. REQUIRED (a) Prepare a Trading and profit and loss accounts for the year ended 30 September 2015 and a balance sheet as at that date in as much detail as possible (Non Current Asset, Current Asset & Liabilities as mentioned above and Capital) 1/2