Q#1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. 8,200 Notes Payable 41,000 Accounts Payable 23,000| Тахев Раyable 31,800 Rent Payable Dividend Payable 3,200 12,350 1,500 1,020 500 35,000 Cash Accounts Receivable Notes Receivable Material (1-1-2018) Work in Process (1-1-2018) Finished Goods (1-1--2018) Prepaid Insurance Machinery & Equipment Purchased of Material Carriage inward 4,000 11,700 Sales Common Stock Retained Earnings 200 10,000 34,570 20,000 93,500 16,000 Accumulated Depreciation 520 Direct Labor 33,000 8,520 5,580 5,400 Indirect Material Indirect Labor Depreciation - Factory Utility - Factory 6,500 Carriage outward. Advertising Salesmen Salary 460 175 565 Foreman Salary 7,000 1,020 318,140 Administrative Cost 318,140 During the year 70,000 units have been produced. The Following Further information are also available: Inventories at December 31st, 2018 Rs. Material Work in Process 3,520 2,500 Finished Goods 10,000 Note: The factory overhead cost applied at the rate of 100% of direct labor cost. The actual FOH cost incurred during the period Rs. 31,48o. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. b) Statement of Profit or Loss for the year ended December 31lst, 2018.
Q#1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. 8,200 Notes Payable 41,000 Accounts Payable 23,000| Тахев Раyable 31,800 Rent Payable Dividend Payable 3,200 12,350 1,500 1,020 500 35,000 Cash Accounts Receivable Notes Receivable Material (1-1-2018) Work in Process (1-1-2018) Finished Goods (1-1--2018) Prepaid Insurance Machinery & Equipment Purchased of Material Carriage inward 4,000 11,700 Sales Common Stock Retained Earnings 200 10,000 34,570 20,000 93,500 16,000 Accumulated Depreciation 520 Direct Labor 33,000 8,520 5,580 5,400 Indirect Material Indirect Labor Depreciation - Factory Utility - Factory 6,500 Carriage outward. Advertising Salesmen Salary 460 175 565 Foreman Salary 7,000 1,020 318,140 Administrative Cost 318,140 During the year 70,000 units have been produced. The Following Further information are also available: Inventories at December 31st, 2018 Rs. Material Work in Process 3,520 2,500 Finished Goods 10,000 Note: The factory overhead cost applied at the rate of 100% of direct labor cost. The actual FOH cost incurred during the period Rs. 31,48o. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. b) Statement of Profit or Loss for the year ended December 31lst, 2018.
Accounting (Text Only)
26th Edition
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 6.5APR: Multiple-step income statement and report form of balance sheet The following selected accounts and...
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