Please help me to solve this question 1. The following balances were obtained for The Corn Barn at December 31, 2015:DR45,00060,00090,000700,000Direct wagesFactory wagesAdmin wagesBuildingProvision for depreciation on buildingMachinery and equipmentProvision for depreciation on machinery & equipmentMotor vehicleProvision for depreciation on motor vehicleOffice expensesDirect expensesDrawingsCommission receivedSalesDebtorsCarriage in on raw materialsCapitalBankCreditorsOnaning taleOpening stock - raw materialOpening stock - indirect materialOpening stock work in progressOpening stock - finished goodsLoanInsurancePurchases of raw materialsPurchases of indirect materialsProvision for unrealized profitsFactory general expensesUtilitiesEnd notes:i.385,000360,00030,00020,00030,00056,0003,50030,00015,30024,000110,00025,000410,00050,000CR70,00056,00048,00045,0001,400,000320,00045,00022,000500,0002,30036,50028,0002,508,300 2,508,300Stock on hand at the end of the year: raw materials 45,000; indirect materials 32,000,work in progress 30,500, finished goods 75,000 ii.iii.Provide for depreciation as follows:RateAssetBuilding10%Machinery and equipment 10%Motor vehicle10%Note: All assets are used equally in factory and office.Insurance of 5,000 is owing; while utilities are prepaid by 6,000iv. The insurance and the utilities are to be shared 60% in the factory and 40% in the officeThe goods produced are to be transferred with a markup of 20%V.MethodReducing balanceStraight lineReducing balanceRequired:Prepare the manufacturing account and statement of profit or loss, and statement offinancial position for the Corn Barn.

The manufacturing account contains details of goods manufactured and profit and loss account contain…

1. The following balances were obtained for The Corn Barn at December 31, 2015: Direct wages Factory wages Admin wages Building Provision for depreciation on building Machinery and equipment DR 45,000 60,000 90,000 700,000 385.000 CR 70,000

1. The following balances were obtained for The Corn Barn at December 31, 2015: Direct wages Factory wages Admin wages Building Provision for depreciation on building Machinery and equipment DR 45,000 60,000 90,000 700,000 385.000 CR 70,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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