On 29th November 2005 there was a fire out break at the premises of Wajibu enterprises....

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On 29th November 2005 there was a fire out break at the premises of Wajibu enterprises. The whole of his stock, purchases and sales journal all got burnt in the fire except for stock worth Sh 24600 that was in the loading bay even though cleared in by the supplier. However the sales ledger and the purchases ledger were salvaged. The following figures were available on 30th November 2005: a) Stock at the last statement of financial position date 31st December 2004 was Sh 249000 b) Receipts from debtors during the period to 29th November was Sh 634900 Debtors were Sh 285560 on 31st December 2004 and Sh 246660 on 29th November 2005 c) Payments to creditors during the period 1st January 05 - 29th November 05 was Sh 345400. Creditors were Sh 152000on 31st December 04 and 125780 on 29th November 2005 The gross profit margin on all sales has been constant at 25% All sales were made on credit and all purchases made on credit d) Required Compute the amount of stock destroyed by fire on 29th November 2005 On 29th November 2005 there was a fire out break at the premises of Wajibu enterprises. The whole of his stock, purchases and sales journal all got burnt in the fire except for stock worth Sh 24600 that was in the loading bay even though cleared in by the supplier. However the sales ledger and the purchases ledger were salvaged. The following figures were available on 30th November 2005: a) Stock at the last statement of financial position date 31st December 2004 was Sh 249000 b) Receipts from debtors during the period to 29th November was Sh 634900 Debtors were Sh 285560 on 31st December 2004 and Sh 246660 on 29th November 2005 c) Payments to creditors during the period 1st January 05 - 29th November 05 was Sh 345400. Creditors were Sh 152000on 31st December 04 and 125780 on 29th November 2005 The gross profit margin on all sales has been constant at 25% All sales were made on credit and all purchases made on credit d) Required Compute the amount of stock destroyed by fire on 29th November 2005

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