A business furnishes you with the following details: A year may be taken to be of 360

Question:

A business furnishes you with the following details:

A year may be taken to be of 360 days. You are asked to:
(i) Work out inventories turnover and debtors turnover ratios;

(ii) calculate the operating cycle and state its significance.

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Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015

ISBN: 9789352605569

2nd Edition

Authors: M Hanif, A Mukherjee

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Question Posted: Aug 19, 2023 07:44 AM

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A business furnishes you with the following details: A year may be taken to be of 360

Question:

(i) Opening Inventories (ii) Closing Inventories (iii) Sales: Credit Cash (iv) Gross Profit (v) Year end Debtors Less: Provision for Bad Debts (vi) Year end Bills Receivable 20,000 2,000 50,000 70,000 2,10,000 1,50,000 60,000 18,000 15,000

Step by Step Answer:

i Inventories Turnover Ratio Inventories Turnover Ratio Cost of Goods Sold Average Inventories Cost of Goods Sold COGS Sales Gross Profit 210000 15000...View the full answer

Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015

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