Q4(d) continued Trading and Profit and Loss Account for the year ended 31/12/2021 Credit Sales Less: Cost of Sales Stock 01/01/2021 Add: Credit Purchases Less: Stock 31/12/2021 Cost of Sales Gross Profit Less: Total Expenses (including interest) Net Profit for year Fixed Assets 42,000 X X 58,000 Balance Sheet as at 31/12/2021 680,000 X 300,000 220,000 80,000 Cost Depreciation NBV 500,000 50,000 450,000 Current Assets (including debtors 20,000) 210,000 Less Creditors: amounts falling due within 1 year Trade Creditors 88,000 122,000 572,000 Financed by: Creditors: amounts falling due after more than 1 year 6% Debentures (2024/2026) 150,000 Capital and Reserves Authorised Issued Ordinary Shares at 1 each 600,000 342,000 342,000 Profit and Loss Account 80,000 572,000 Q4 (d) continued on next page....... Q4(d) continued You are required to: Calculate: (to 2 decimal places where appropriate.) (i) The value of purchases (ii) The percentage mark-up on cost (iii) Net profit margin/percentage (iv) The period of credit given to debtors. Explain the following terms and state how they apply to the balance sheet: (v) Depreciation (vi) Tangible assets (vii) (viii) Shareholders' funds Authorised share capital. In your answers, show all calculations. [8]