CSEC Principles of Accounts · January 2011 · Paper 2 · Question 6(b)
State the name given to the relationship between gross profit and cost of sales.
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- 6(a)(i)Prepare the Creditors (Total) Account to calculate the amount of credit purchases for the period.[5 marks]
- 6(a)(ii)Calculate the total purchases figure for Collins' Smart Mart for the period January 1 to March 31, 2010. (Show all working clearly.)[2 marks]
- 6(a)(iii)Given that J. Collins normally operates at a gross profit margin of 20%, find the cost of sales for the period January 1 to March 31, 2010. (Show working.)[3 marks]
- 6(a)(iv)Prepare the Income Statement (Trading Account) for Collins' Smart Mart for the period ended March 31, 2010. Show clearly the value of the inventory (Closing…[9 marks]
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