2. From the following information, draw up a manufacturing account and the trading account section of the income statement for the six months ending 30 September, 2012. You should show clearly: a. Cost of raw materials consumed b. Prime cost of production c. Gross cost of production d. Net Production cost Inventory 1 April 2012: GH¢ Raw materials 2,990 Work-in-progress 3,900| Finished goods 15,300| Inventory, 30 September 2012: Raw materials 4,200 Work-in-progress 3,600 Finished goods 17,700 Purchase of raw materials 15,630 Carriage on raw materials 126 Direct wages 48,648 Factory general expenses 7,048 Office salaries 22,200 Depreciation of office furniture 420 Carriage outwards 191 Advertising 1,472 Bad debts 200 Sales less returns 112,410 Sales of scrap 1,317 Discount received 188 Depreciation of factory equipment Rent and business rates (factory three-quarters, office one-quarter) 4,200 2,800

2. From the following information, draw up a manufacturing account and the trading account section of the income statement for the six months ending 30 September, 2012. You should show clearly: a. Cost of raw materials consumed b. Prime cost of production c. Gross cost of production d. Net Production cost Inventory 1 April 2012: GH¢ Raw materials 2,990 Work-in-progress 3,900| Finished goods 15,300| Inventory, 30 September 2012: Raw materials 4,200 Work-in-progress 3,600 Finished goods 17,700 Purchase of raw materials 15,630 Carriage on raw materials 126 Direct wages 48,648 Factory general expenses 7,048 Office salaries 22,200 Depreciation of office furniture 420 Carriage outwards 191 Advertising 1,472 Bad debts 200 Sales less returns 112,410 Sales of scrap 1,317 Discount received 188 Depreciation of factory equipment Rent and business rates (factory three-quarters, office one-quarter) 4,200 2,800

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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