WAEC Accounting Past Questions & Answers - Page 68

\(\begin{array}{c|c} Creditors & 3,000 & 4,000 \\ \hline Debtors & ___ & 6,000 \\ \hline \text{Cash received from debtors} & ___ & 35,000 \\ \hline \text{cash paid to suppliers} & ____ & 25,000 \\ \hline \text{Discount allowed} & _____ & 4,000 \\ \hline \text{Discount received} & _____ & 4,200 \\ \end{array}\)

What is the total sales for the period?

\(\begin{array}{c|c} \text{Raw materials jan.} & 5,000 \\ \hline \text{Raw materials dec.} & 5,800 \\ \hline \text{Purchase of raw materials} & 45,000 \\ \hline \text{Salary} & 61,000 \\ \hline \text{Factory lubricant} & 2,050 \\ \hline \text{plant depreciation} & 1,300 \\ \hline \text{Factory insurance} & 1,250 \\ \end{array}\)

The prime cost for the company is

\(\begin{array}{c|c} \hline & \text{Dept A} & \text{Dept B} \\ \hline \text{Sales} & 180,000 & 150,000 \\ \hline \text{Cost of sales} & 79,000 & 85,000 \\ \hline \text{Expense} & 28,000 & 40, 000 \\ \end{array}\)

How much is the gross profit for department A?

\(\begin{array}{c|c} \text{Stock} & 11,250 \\ \hline \text{Debtors} & 18,750 \\ \hline \text{Creditors} & 3,750 \\ \hline \text{Bank} & 4,000 \\ \hline \text{Net profit} & 7,500 \\ \hline \text{Net} & 60,000 \\ \end{array}\)

Determine the debtors collection period