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Additional information: 1. Inventory on 31 March 2021: Raw materials RM 19,400 Work in progress RM 16,400 Finished goods RM 31,400 2. Utilities and insurance expense are to be apportioned between factory and office in the ratio 2:1. 3. Only 40% of the rent expense and 50% of the general expense apply to factory operations, the remaining amounts should be charged to administrative activities. 4. Accrued payments: Factory direct wages RM 2,500 Utilities RM 1,800 5. Depreciation for the year is to be charged as follows:. Plant and machinery 10% on cost Office equipment 5% on reducing balance method Required : a) Prepare statement of cost of goods manufactured for the year ended 31 March 2021. b) Prepare statement of profit or loss for the year ended 31 March 2021. c) Prepare statement of financial position as at 31 March 2021.

Additional information: 1. Inventory on 31 March 2021: Raw materials RM 19,400 Work in progress RM 16,400 Finished goods RM 31,400 2. Utilities and insurance expense are to be apportioned between factory and office in the ratio 2:1. 3. Only 40% of the rent expense and 50% of the general expense apply to factory operations, the remaining amounts should be charged to administrative activities. 4. Accrued payments: Factory direct wages RM 2,500 Utilities RM 1,800 5. Depreciation for the year is to be charged as follows:. Plant and machinery 10% on cost Office equipment 5% on reducing balance method Required : a) Prepare statement of cost of goods manufactured for the year ended 31 March 2021. b) Prepare statement of profit or loss for the year ended 31 March 2021. c) Prepare statement of financial position as at 31 March 2021.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 1PB: Consider the following situations and determine (1) which type of liability should be recognized...
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Additional information: 1. Inventory on 31 March 2021: Raw materials RM 19,400 Work in progress RM 16,400 Finished goods RM 31,400 2. Utilities and insurance expense are to be apportioned between factory and office in the ratio 2:1. 3. Only 40% of the rent expense and 50% of the general expense apply to factory operations, the remaining amounts should be charged to administrative activities. 4. Accrued payments: Factory direct wages RM 2,500 Utilities RM 1,800 5. Depreciation for the year is to be charged as follows:. Plant and machinery 10% on cost Office equipment 5% on reducing balance method Required : a) Prepare statement of cost of goods manufactured for the year ended 31 March 2021. b) Prepare statement of profit or loss for the year ended 31 March 2021. c) Prepare statement of financial position as at 31 March 2021.
GO-HEAD Sdn Bhd is a furniture manufacturer. The following balances have been extracted from the books of the business as at 31 March 2021. Debit Credit RM RM Сapital Plant and machinery (at cost) Office equipment (at cost) Accumulated depreciation: Plant and machinery 100,000 75,000 56,600 13,800 Office equipment Inventory on 1 April 2020: 7,300 Raw materials 18,780 Work in progress Finished goods Accounts receivable and accounts payable 20,400 35,600 45,600 32,000 Bank 64,600 214,260 Raw material purchases Sales 687,120 Bad debt 3,000 Freight-out 1,700 Purchase return on raw materials 4,780 Factory wages: Direct 115,200 Indirect 43,600 Utilities expense 28,200 Insurance expense General expense 19,500 15,860 Rent expense 9,500 Sales commission 35,600 42,000 845,000 Office salaries 845,000
Transcribed Image Text:GO-HEAD Sdn Bhd is a furniture manufacturer. The following balances have been extracted from the books of the business as at 31 March 2021. Debit Credit RM RM Сapital Plant and machinery (at cost) Office equipment (at cost) Accumulated depreciation: Plant and machinery 100,000 75,000 56,600 13,800 Office equipment Inventory on 1 April 2020: 7,300 Raw materials 18,780 Work in progress Finished goods Accounts receivable and accounts payable 20,400 35,600 45,600 32,000 Bank 64,600 214,260 Raw material purchases Sales 687,120 Bad debt 3,000 Freight-out 1,700 Purchase return on raw materials 4,780 Factory wages: Direct 115,200 Indirect 43,600 Utilities expense 28,200 Insurance expense General expense 19,500 15,860 Rent expense 9,500 Sales commission 35,600 42,000 845,000 Office salaries 845,000
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