+The bookkeeper of Chung Manufacturing provides you with the following trial balance andinformation.Purchases of raw materialsFuel and lightAdministration salariesFactory wagesCarriage outwardsRent and business ratesSalesReturns inwardGeneral office expensesRepairs to plant and machineryInventory at 1 January 2023:Raw materialsWork-in-progressFinished goodsSundry accounts payableCapitalFreehold premisesPlant and machineryAccounts receivableTrial balance as at 31 December 2023RM364,00021,00017,00065,0004,00021,000Accumulated depreciation on plant andmachineryCash in hand8,0009,00012,000Raw materialsWork-in-progress25,00015,00023,000410,00080,00025,00015,0001,114,000Additional information:į. Depreciation on plant and machinery is 20% - straight-line method.ii. Closing inventories at 31 December 2023.RM30,00011,000Finished goods25,000iii. Allocate 70% of fuel and light and 65% of rent and rates to manufacturing.iv. RM3,000 outstanding for fuel and light.RM510,00045,000551,0008,0001,114,000Required:Prepare the manufacturing account and income statement for the year ended 31 December 2023.

Name: +The bookkeeper of Chung Manufacturing provides you with the followin
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Description: +The bookkeeper of Chung Manufacturing provides you with the following trial balance andinformation.Purchases of raw materialsFuel and lightAdministration salariesFactory wagesCarriage outwardsRent and business ratesSalesReturns inwardGeneral office

Manufacturing account shows all costs incurred on production and manufacturing of goods. It includes…

Business

Accounting

Additional information: į. Depreciation on plant and machinery is 20% - straight-line method. ii. Closing inventories at 31 December 2023. RM 30,000 11,000 Finished goods 25,000 iii. Allocate 70% of fuel and light and 65% of rent and rates to manufacturing. iv. RM3,000 outstanding for fuel and light. Required: Raw materials Work-in-progress Prepare the manufacturing account and income statement for the year ended 31 December 2023. D

Additional information: į. Depreciation on plant and machinery is 20% - straight-line method. ii. Closing inventories at 31 December 2023. RM 30,000 11,000 Finished goods 25,000 iii. Allocate 70% of fuel and light and 65% of rent and rates to manufacturing. iv. RM3,000 outstanding for fuel and light. Required: Raw materials Work-in-progress Prepare the manufacturing account and income statement for the year ended 31 December 2023. D

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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