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S.4 COMMERCE HOLIDAY WORK
1. Study the information below extracted from Prosper’s books of Accounts for the year ending 2010 and answer the questions that follow.
Stock on 1.1.2011 shs.8,400,000
Stock on 31.12.2011 shs . 9,700,000
Purchases shs.23,300,000
Sales shs. 34,100,000
Calculate
i) Average stock.
ii) Cost of goods sold.
iii) Gross profit.
iv) Rate of Stock turn.
2. The following information was extracted from a retailers book of accounts at the end of 31st December 2008
Opening stock shs. 900,000/=
Closing stock shs. 300,000/=
Rate of stock turn 4
Gross profit as a percentage of turn over 20%
Expenses for the year shs. 200,000/=
Calculate
i) Average stock
ii) Cost of goods sold
iii) Turnover for the year
iv) Gross profit
v) Net profit as a percentage of turnover
3. a) State the formular you would use to compute the followng;
(i) cost of sales
(ii) average stock
(iii) rate of stock turn
(iv) working capital
(v)Capital employed
(vi)capital owned
b) Showing the working, copy and complete the tables below;
Table 1
|Current |Fixed assets |Current assets |Long term |Capital owned |Capital employed |Working capital |
|Liabilities | | |liabilities | | | |
|Shs |Shs |Shs |Shs |Shs |Shs |Shs |
|18,000 |50,000 |22,000 |20,000 |- |- |- |
| - |45,000 |34,000 |- |48,000 |72,000 |26,780 |
|15,000 |- |- |18,000 |75,000 |93,000 |14,000 |
Table 2
|Opening stock |Closing stock |Net purchases |Cost of sales |Net sales |Gross profit |Average stock |Rate of stock |
| | | | | | | |turn |
|Shs |Shs |Shs |Shs |Shs |Shs |Shs |Shs |
|20,000 |- |- |- |- |41,000 |25,000 |8 |
|12,000 |15,000 |82,000 |79,000 |98,200 |- |- |- |
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