Bill and Benn invested equity (capital) of £80,000 and £40,000 respectively in setting up a Partnership on 1 January Year 3
PART B
Bill and Benn invested equity (capital) of £80,000 and £40,000 respectively in setting up a
Partnership on 1 January Year 3.
The following information is available at 31 December Year 3:
Sales Revenue (Sales) (Credit 80%) £200,000
Gross Profit Ratio 40%
Closing Inventory (Stock) £10,000
Rate of Inventory (Stock) Turnover 10 times
Return on Equity (Capital) Employed 20%
Average Trade Receivables (Debtors) £15,000
From the above information, calculate (to one decimal place):
(i) Mark-up Ratio;
(ii) Opening Inventory (Stock);
(iii) Purchases;
(iv) Expenses;
(v) Trade Receivables (Debtors) Collection Period (in days).
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