(Answered) Question - m jones gives you the following information as

Accounting

Question - M Jones gives you the following information as at 30 June 2002

	£
Stock 1 July 2001	6,000
Purchases	54,000

Jones's mark-up is 50% on cost of goods sold. His average stock during the year was £12,000. Draw up a trading and profit and loss account for the year ended 30 June 2002.

a) Calculate the closing stock as at 30 June 19X7.

b) State the total amount of profit and loss expenditure Jones must not exceed if he is to maintain a net profit on sales of 10%.

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