The following balances were extracted from the books of Ongware traders as at 31^st December 2015. Calculate : i) Current ratio ii) Cost of goods sold iii) Mark up iv)...

The following balances were extracted from the books of Ongware traders as at 31^st December 2015

Sales during the year amounted to Ksh.2,000,000
Stock on 1st Jan. 2015 was shs.100,000
Stock on 31st Dec. 2015 was shs.200,000
Creditors shs.250,000
Bank overdraft shs.400,000
Cash in hand shs.150,000
Gross profit margin was 20%

Calculate :
i) Current ratio
ii) Cost of goods sold
iii) Mark up
iv) Rate of stock turnover

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sharon kalunda answered the question on September 5, 2019 at 11:45

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