Question
K_ 9.5 Pritesh started business on 1 January 2005. The following relates to year ended 31 December 2005. Trade creditors at 31 December 2005 16,000
K_ 9.5 Pritesh started business on 1 January 2005. The following relates to year ended 31 December 2005.
Trade creditors at 31 December 2005
16,000
Trade debtors at 31 December 2005
12,000
Cash received from debtors
32,000
Cash paid to creditors
28,000
Mark-up on cost
30%
Calculate the closing stock at 31 December 2005.
(8 marks) 9.6Devan had the following transactions relating to his business.
Cash received from debtors
18,500
Due from debtors 1/1/2004
1,000
Opening stock
2,000
Closing stock
500
Due to suppliers 1/1/2004
750
Due to suppliers 31/12/2004
300
Cash paid to suppliers
1,200
Calculate:
(i)Sales
A19,500C18,500
B17,500DNone of the above
(ii)Purchases
A2,250C150
B750 DNone of the above
(iii)Gross profit
A15,250C16,250
B750 D18,250
(iv)Gross profit as % of sales
A92% C82%
B93% D87%
(v)Gross profit as % of cost
A 677%C 114% B 14%D 87%
(10 marks)
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