Commerce WASSCE (SC), 2023

Question 8

 

The following information was extracted from the books of Lompat Ventures as at December 31, 2022.

                                                                              ₦
Stock as at 01/01/22                                        37,500
Stock as at 31/12/22                                        15,000
Goods bought                                                 30,000
Sales                                                                70,000
Wages and salaries                                            2,500
Rent and rates                                                   3,500
Transportation                                                   2,600
Debtors                                                         100,000
Creditors                                                         50,000
Bank overdraft                                                60,000
Cash at bank                                                   25,000

Calculate:

  1. net profit;
  2. working capital;
  3. rate of stock turnover.

 

Observation

Candidates who attempted the question did well.

The expected responses are: