Mr Ojo gives you the following information on 31st July 2...
Mr Ojo gives you the following information on 31st July 2017 Opening Stock 7,000 Closing Stock 12,000 Purchases 60,000 Expenses 4,500 Uniform margin of 33 \(\frac{1}{3}\) % You are required to calculate the sales
55,000
82,500
27,500
50,000
Correct answer is B
Firstly, convert margin to mark-up i.e, 33 \(\frac{1}{3}\)% = \(\frac{100}{300}={1}{3-1}={1}{2}\) or 50% Secondly, Cost of goods sold = Opening stock + Purchases - Closing Stock C.p = 7,000 + 60,000 - 12,000 C.p = ₦55,000 Thirdly, Profit = 50% × 55,000 = ₦27,500 Therefore, Sales = Cp + P ⇒ 55,000 + 27,500 = ₦82,500
The accumulated fund for a not-for-profit making organization is ...
Company tax paid is debited to ...
Use the following information to answer the given question. \(\begin{array}{c|c} \text{Net prof...
The concise statement used to explain entries in the general journal is known as ...
When the fixed capital method is used, the partners' share of profits and remunerations are cred...
To account for expenses paid by head office on behalf of the branch, the branch should ...