2. The following information taken from Jejai Limited: Particulars Credit Debit RM 258.000 RM Purchase of raw materials Fuel and light Administration salaries Admir Factory wages Carriage outwards Rent and business rates Sales 21,000 17,000 59,000 4,000 21,000 482,000 Sales Return inward General office expenses Repairs to plant and machinery Inventory at 1 January 2020: Raw materials Work in process Finished goods Sundry accounts payable 7,000 9,000 9,000 21,000 14,000 23,000 37,000 457,000 Capital Freehold premises Plant and machinery Accounts receivable Accumulated provision for depreciation on plant and machinery 410,000 80,000 20,000 8,000 Cost in hand 11,000 984,000 984,000 TOTAL Prepared by: Puan Siti Nor Junita Mohd Rac Additional information: i. Inventory in hand at 31 December 2020: a. Raw materials RM25,000 RM11,000 b. Work in process c. Finished goods Depreciation of 10% on plant and machinery using the straight-line method 80% of fuel and light and 75% of rent and rates to be charged to manufacturing iv. Provision for doubtful debts: 5% of sundry accounts receivable. v. RM4,000 outstanding for fuel and light vi. Rent and business rates paid in advance: RM5,000 vii. Market value of finished goods: RM382,000 RM26,000 i. iii. Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020 c) Prepare statement of financial position as at 31 December 2020.
2. The following information taken from Jejai Limited: Particulars Credit Debit RM 258.000 RM Purchase of raw materials Fuel and light Administration salaries Admir Factory wages Carriage outwards Rent and business rates Sales 21,000 17,000 59,000 4,000 21,000 482,000 Sales Return inward General office expenses Repairs to plant and machinery Inventory at 1 January 2020: Raw materials Work in process Finished goods Sundry accounts payable 7,000 9,000 9,000 21,000 14,000 23,000 37,000 457,000 Capital Freehold premises Plant and machinery Accounts receivable Accumulated provision for depreciation on plant and machinery 410,000 80,000 20,000 8,000 Cost in hand 11,000 984,000 984,000 TOTAL Prepared by: Puan Siti Nor Junita Mohd Rac Additional information: i. Inventory in hand at 31 December 2020: a. Raw materials RM25,000 RM11,000 b. Work in process c. Finished goods Depreciation of 10% on plant and machinery using the straight-line method 80% of fuel and light and 75% of rent and rates to be charged to manufacturing iv. Provision for doubtful debts: 5% of sundry accounts receivable. v. RM4,000 outstanding for fuel and light vi. Rent and business rates paid in advance: RM5,000 vii. Market value of finished goods: RM382,000 RM26,000 i. iii. Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020 c) Prepare statement of financial position as at 31 December 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:15:20|0.0KB/s0
1al 23
Tutorial 11.pdf
2. The following information taken from Jejai Limited:
Credit
Debit
RM
258.000
21,000
17,000
59,000
4,000
21,000
Particulars
RM
Purchase of raw materials
Fuel and light
Administration salaries
Factory wages
Carriage outwards
Rent and business rates
Sales
Return inward
General office expenses
Repairs to plant and machinery
Inventory at 1 January 2020:
Raw materials
Work in process
Finished goods
Sundry accounts payable
Capital
Freehold premises
482,000
7,000
9,000
9,000
21,000
14,000
23,000
37,000
457,000
410,000
80,000
20,000
Plant and machinery
Accounts receivable
Accumulated provision for depreciation on plant and
machinery
Cost in hand
8,000
11,000
984,000 984,000
ТОTAL
Prepared by: Puan Siti Nor Junita Mohd Radzi
Additional information:
i.
Inventory in hand at 31 December 2020:
a. Raw materials
RM25,000
b. Work in process
c. Finished goods
RM11,000
RM26,000
ji.
Depreciation of 10% on plant and machinery using the straight-line method
80% of fuel and light and 75% of rent and rates to be charged to manufacturing
Provision for doubtful debts: 5% of sundry accounts receivable.
RM4,000 outstanding for fuel and light
iii.
iv.
v.
vi.
Rent and business rates paid in advance: RM5,000
vii.
Market value of finished goods: RM382,000
Required:
a) Prepare statement of cost production for the year ended 31 December 2020.
b) Prepare statement of comprehensive income for the year ended 31 December 2020.
c) Prepare statement of financial position as at 31 December 2020.
II
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