2. The following information taken from Jejai Limited: Particulars Debit RM 258,000 21.000 17.000 59,000 4,000 21,000 Credit RM Purchase of raw materials Fuel and light Administration salaries Factory wages Carriage outwards Rent and business rates Sales Return inward 482.000 7,000 9,000 9,000 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 Plant and machinery Accounts receivable Accumulated provision for depreciation on plant and machinery Cost in hand 21,000 14,000 23.000 37,000 457.000 410,000 80,000 20,000 8,000 11,000 984,000 ТОTAL 984,000 Additional information: i. Inventory in hand at 31 December 2020: a. Raw materials RM25,000 RM11,000 RM26,000 b. Work in process C. Finished goods ii. Depreciation of 10% on plant and machinery using the straight-line method i. 80% of fuel and light and 75% of rent and rates to be dcharged 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 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 pos tinn a et 31 December 2020.
2. The following information taken from Jejai Limited: Particulars Debit RM 258,000 21.000 17.000 59,000 4,000 21,000 Credit RM Purchase of raw materials Fuel and light Administration salaries Factory wages Carriage outwards Rent and business rates Sales Return inward 482.000 7,000 9,000 9,000 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 Plant and machinery Accounts receivable Accumulated provision for depreciation on plant and machinery Cost in hand 21,000 14,000 23.000 37,000 457.000 410,000 80,000 20,000 8,000 11,000 984,000 ТОTAL 984,000 Additional information: i. Inventory in hand at 31 December 2020: a. Raw materials RM25,000 RM11,000 RM26,000 b. Work in process C. Finished goods ii. Depreciation of 10% on plant and machinery using the straight-line method i. 80% of fuel and light and 75% of rent and rates to be dcharged 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 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 pos tinn a et 31 December 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
2
Chapter : Manufacturing Accounting
Transcribed Image Text:2. The following information taken from Jejai Limited:
Particulars
Debit
Credit
RM
RM
Purchase of raw materials
258,000
21,000
17,000
59,000
4.000
21,000
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:
482,000
7,000
9,000
9,000
Raw materials
21,000
14,000
23,000
Work in process
Finished goods
Sundry accounts payable
Сaptal
Freehold premises
Plant and machinery
Accounts receivable
Accumulated provision for depreciation on plant and
machinery
Cost in hand
37,000
457,000
410,000
80,000
20,000
8,000
11,000
TOTAL
984,000
984,000
Additional information:
i. Inventory in hand at 31 December 2020:
a. Raw materials
RM25,000
b. Work in process
c. Finished goods
ii. Depreciation of 10% on plant and machinery using the straight-line method
i. 80% of fuel and light and 75% of rent and rates to be dcharged 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
RM11,000
RM26,000
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 pos tinn a et 31 December 2020.
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