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The following information is available for the year ended 31 December 20X6 for M Ski Co, a well-run company:
Opening cash $1,000
Closing cash $2,000
Rpening balance – payables’ control account $8,000
Closing balance – payables’ control account $10,000
Opening balance – receivables’ control account $12,000
Closing balance – receivables’ control account $14,000
Cash paid to payables in the penod $9,000
Opening inventory $6,000
Closing inventory $7,000
Marl-up on cost – 10%sir how will we find the sales for this using this info
Again, why are you attempting questions for which you do not have an answer? You must use a Revision Kit from one of the ACCA approved publishers – they have answers and workings in them. Then you can ask whatever in the workings you do not understand!
You need to write up a payables account so that you can calculate the total purchases.
Once you know the purchases you can adjust by the opening and closing inventories to get the cost of goods sold.Then you can use the mark-up to calculate the sales.
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