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:
- net profit;
- working capital;
- rate of stock turnover.
Observation
Candidates who attempted the question did well.
The expected responses are:
