Prepare General journal entries for the given question Q.No.41beginnlag inventories for the perlod arc: Raw Materlal Rs.10,000, Work in Process Ts.20,000 & Finishel Goads 1s.10,1. Muterials purchasad on account Rs.40,0002...Materials returned to suppliers Rs.2,0001. Ray material Inveutory ending Rs.15,0004.Labor used Rs.20,000 of which Rs.15,000 was used directly5. Depreciatlun on machinery Rs.2,0006. Factory overliead cost incurred Rs.15,0007. The factory overlhead rate is applied 110% of direct labor cortR. Worlk in process inventory ending Rs24,500Finished goods inventory ending Rs.20,00010. The Jobs were completed and suipped to customers at a billed price of Rs.80,00011. Balance of factory overhead account was closed fnto̟the Cost of goods sold9.

A journal entry is a form of accounting entry that is used to report a business transaction in a…

beginnlag inventories for the perlod arc: Raw Materlal Rs.10,000, Work in Process Ts.20,000 &Finishel Goads is.i0,0 1. Mnterials purchasad on aAccount Rs.40,000 2...Materials returned to suppliers Rs.2,000 1. Raw material Inveutory ending Rs.15,000 Labor used Rs.20,000 of which Rs.15,000 was used directly 5. Depreciatiun on machinery s.2,000 6. Factory overliend cost incurred Rs.15,000 7. The factory overlhend rate is applied 110% Df direct labor cort R. Work in process inventory ending Rs14,500 9. Finished gnods inventory ending Rs.20,000 10. The Jobs Verc completed and shipped to customers at a billed price of Rs.80,000 11. Balance of factory overhead account was closed into̟the Cost of goods sold 4.