Unit 5 Mock Examination

donnas1977

Trying to tackle the mock examination for Unit 5, and it asks you to calculate the sales for the year ended 31 March 20X1. Looking at the answers it gives you this as £62160 x 150% = £93240. I have no idea where they get the figure of 62160 from.

Information provided was
Receipts
Capital paid 30,000
Takings banked, 75,400

payments
purchases 64670
motor vehicle purchase 12500
Rent 4500
Insurance 2800
Other expenses 12700


Other figures at end march are
Cash float 200
Debtors 2500
Creditors for purchase 5890
Stock at cost 8400

Sales are also made at a mark up of 50%

thanks for looking

Rinske

Purchases plus creditors for purchases minus stock.

Hope this helps!

Cheers,
Rinske

donnas1977

thanks, it certainly does, total mind blank today.

Cheers

Donna