WAEC Accounting Past Questions & Answers - Page 107

DEBTORS CONTROL ACCOUNT:
\(\begin{array}{c|c} & N & N \\ \hline \text{ Balance b/d} & 8,000 & & \\ & & Bank & \text{"Y"} \\ \text{'X"} & 12,000 & Discount & 200 \\ & & \text{Balanced c/d} & 3,000\end{array}\)

'X' refers to

\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)

Gross profit percentage is

\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)

Net profit percentage is

\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)

Working capital is

\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \text{Closing sock} & 30,000 \\ Expenses & 15,000 \\ \text{Fixed assets} & 40,000 \\ Debtors & 10,000 \\ Creditors & 5,000 \\ Purchases & 25,000 \end{array}\)

Current ratio is