7. Bangura started business on January 2020 as a manufacturer of Chil extracted from his books as at December 31, 2020 were as follows: Plant and machinery at cost (January 1, 2020) Sales Purchases of raw materials Repairs of machinery Direct factory wages Indirect factory wages Carriage on raw materials Electricity and rent Sales and distribution expenses Administrative expenses GH 90,000 190,000 63,000 13,600 40,000 7,000 4,000 16,600 15,000 40,000 Additional Information: (i) Depreciate plant and machinery at 10% per annum on cost; (ii) Stocks at December 31, 2020: GH¢ Raw materials 10,000 Partly finished goods 4,000 Finished goods 15,300 (iii) Electricity and rent owed as at December 31, 2020 was GH¢ 3,000, (iv) Electricity and rent is to be apportioned to factory and administration in the ratio of 3:2; (v) Goods produced during the year are to be transferred to the trading account at GHe 150,000. You are required to prepare Bangura's Manufacturing, Trading, Profit and Loss Account for the year ended 31st December 2020.

7. Bangura started business on January 2020 as a manufacturer of Chil extracted from his books as at December 31, 2020 were as follows: Plant and machinery at cost (January 1, 2020) Sales Purchases of raw materials Repairs of machinery Direct factory wages Indirect factory wages Carriage on raw materials Electricity and rent Sales and distribution expenses Administrative expenses GH 90,000 190,000 63,000 13,600 40,000 7,000 4,000 16,600 15,000 40,000 Additional Information: (i) Depreciate plant and machinery at 10% per annum on cost; (ii) Stocks at December 31, 2020: GH¢ Raw materials 10,000 Partly finished goods 4,000 Finished goods 15,300 (iii) Electricity and rent owed as at December 31, 2020 was GH¢ 3,000, (iv) Electricity and rent is to be apportioned to factory and administration in the ratio of 3:2; (v) Goods produced during the year are to be transferred to the trading account at GHe 150,000. You are required to prepare Bangura's Manufacturing, Trading, Profit and Loss Account for the year ended 31st December 2020.

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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