Question
QUESTION 1 JACKSON OIL COMPANY LIMITED is a newly oil marketing company made a first purchase of 13,500liters of petrol and 13,500liters of Diesel for
QUESTION 1 JACKSON OIL COMPANY LIMITED is a newly oil marketing company made a first purchase of 13,500liters of petrol and 13,500liters of Diesel for 2 of its outlets filling stations. An amount of GH285,255 ghana cedis cash was brought into the business to begin with. The cost per liter for both is determine by the following variables. PETROL: BDC COST ( ACTUAL COST OF PRODUCT) .8.7/LIT CUSTOM MARGIN.1.74/LIT BDC TRANSFER COST..0.05/LIT NPA MARGIN.0.89/LIT DIESEL: BDC COST ( ACTUAL COST OF PRODUCT) .8.85/LIT CUSTOM MARGIN.1.74/LIT BDC TRANSFER COST..0.05/LIT NPA MARGIN.0.89/LIT The product was purchase from Fueltrade at the actual costs above. The custom margin is calculated on the liter per product lifted and pay to GRA. The BDC transfer cost is paid to vanilla company limited for using they company to lift on a liter of product lifted. The NPA margin is also calculated on the liter of product lifted. The NPA margin is paid after 1 month JACKSON OIL COMPANY LIMITED decided to sale both diesel and petrol at GH12.59gh/liter. Require 1) Prepare the various books of accounts 2) Prepare the trial balance. 3) Calculate the expected profit margin
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