Question 8
The following information was extracted from the books of Jinka Enterprises as at 31st August 2015.
15 cartons of sweets at ₦ 2,000 per carton.
25 cartons of milk at ₦4,000 per carton.
15 cartons of sugar at ₦3,000 per carton.
17 cartons of soap at ₦5,000 per carton.
The following payments were made:
Rent and rates ₦3,500
Salaries and wages ₦8,000
Fuel ₦2,000
Electricity ₦1,500
A cash discount of 6% and a 10% trade discount was allowed if payment was made within 7 days.
- Calculate how much cash was paid for the goods bought if payment was made within 7 days.
- If all the goods were sold at a markup of 20%, determine the selling price.
- Calculate the value of the net profit.
Comments
Many candidates did not attempt this question. Those who attempted the question did not perform well. Teachers are encourage to lay emphases on calculation questions in the class room
