The following information was extracted from the trial balance of Bikes for All (Pty) Ltd for the years ending 29 February 2020 and 28 February 2019. Sales 2020= R185000. 2019= R60000 Sales returns/ Debtors allowances 2020= R25000 2019= R10000 Purchases 2020= R105 000 2019 = R90 000 Purchases returns/ creditors allowances 2020= R10000 2019= R40 000 Capital 2020= R100 000 2019 = R75 000 Short term loan 2020= R 20 000 2019= R10000 Long term loan 2020=R60 000 2019=0 Short term investment 2020= R25000 2019= R25 000 Creditors/ accounts payable 2020=R10 000 2019 = R15 000 Debtors/ accounts receivable 2020= R40 000 2019= R45 000 Inventory 2020= R40 000 2019= R45 000 Net profit 2020= R80 000 2019 = R55 000 Total assets 2020= R150 000 2019= R100 000 Total liabilities 2020= R140 000 2019 = R125 000 75% of sales are on credit. 40% of purchases are cash. Calculate the following for 2020 year only : 1. Cost of sales 2. Gross profit 3. Credit sales
The following information was extracted from the
Sales 2020= R185000. 2019= R60000
Sales returns/ Debtors allowances 2020= R25000 2019= R10000
Purchases 2020= R105 000 2019 = R90 000
Purchases returns/ creditors allowances 2020= R10000 2019= R40 000
Capital 2020= R100 000 2019 = R75 000
Short term loan 2020= R 20 000 2019= R10000
Long term loan 2020=R60 000 2019=0
Short term investment 2020= R25000 2019= R25 000
Creditors/ accounts payable 2020=R10 000 2019 = R15 000
Debtors/
Inventory 2020= R40 000 2019= R45 000
Net profit 2020= R80 000 2019 = R55 000
Total assets 2020= R150 000 2019= R100 000
Total liabilities 2020= R140 000 2019 = R125 000
75% of sales are on credit. 40% of purchases are cash. Calculate the following for 2020 year only :
1. Cost of sales 2. Gross profit 3. Credit sales 4. Credit purchases 5. Gross profit percentage on cost 6. Net profit percentage 7.debtors collection period(days) 8. Creditors payback period (days) use credit purchase 9.Acid test ratio 10.
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