How can we explain what is an asset, consumable, stock,
store item ? What are the essential differences?
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Answer / sreeram
Asset: Asset means which bought for the purpose of carrying
the business in the terms of producing the goods not for the
purpose of resale.
Consumable: consumable means the products which required for
producing goods, Like raw materials ets.
Stock means the goods which have been produced and are
readily available for sale. it may opening stock or closing
stock.
Note: It may include raw materials but need to specify
depending on the situation.
| Is This Answer Correct ? | 16 Yes | 5 No |
Answer / ican&*^
Asset: Asset means which bought for the purpose of carrying
the business in the terms of producing the goods not for the
purpose of resale.
Consumable: consumable means the products which required for
producing goods like maintenance of Machines ,etc
Stock means the goods which have been produced and are
readily available for sale. it may opening stock or closing
stock. It also includes Stock of RM
Note: It may include raw materials but need to specify
depending on the situation.
| Is This Answer Correct ? | 14 Yes | 5 No |
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The following information is extracted from the audited books of accounts of a chain of food stores for the period ended 31st December 2015. Revenue Statement (Trading and Profit and Loss Account for the year ended 31st December 2015. BWP’000 BWP’000 Sales 460 Cost of good sold (220) Gross profit 240 Wages 50 Other expenses 30 (80) Net Profit 160 Note: The purchase figure included in the cost of goods sold of P255 000. Balance Sheet as at 31st December 2015 BWP’000 BWP’000 Fixed Assets 400 Current assets: Stock 80 Debtors (trade) 120 Bank 400 ----- [600] Current liabilities: Trade creditors 300 ------ [300] 300 Net Assets 700 ==== Financed by: Share capital 600 Revenue reserves 100 ------ 700 Shareholders Funds 700 ===== Required: (a) Calculate the following accounting ratios: (i) Current ratio (ii) Acid test ratio (iii) Stock turnover (in days) (iv) Debtors turnover (in days) (v) Creditors turnover (in days) (vi) Return on capital employed (ROCE) (vii) Gross profit percentage (viii) Net profit percentage (b). Give a brief comment on the performance of the company, based on the above ratios.
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