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The following information has been provided by the National Motors Limited.
Debtor's Velocity 3 months
Stock Velocity 8 months
Creditor's Velocity 2 months
Gross Profit Ratio 25 percent
Gross Profit Rs. 4,00,000
Bill Receivable Rs. 25,000
Bill Payable Rs. 10,000
Closing stock for the year is Rs. 10,000 above the opening stock.
Required:
Question a: Calculate the amount of the following:
1. Amount of Sales.
2. Sundry Debtors.
3. Closing Stock.
4. Sundry Creditors.
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