Beta spikes Ltd Trial Balance as on 31 December 2002 Dr(Kshs) Cr(Kshs) Stock of raw materials 1.1.2002 21,000 Stock of finished goods 1.1.2002 38,900 Work in progress 1.1.2002 13,500 Wages(direct Sh.180,000: factory indirectSh.145,000) 325,000 Royalties 7,000 Carriage inwards (on raw materials) 3,500 Purchases of raw materials 370,000 Productive machinery (cost Sh.280,000) 230,000 Accounting machinery (cost Sh.20,000) 12,000 General factory expenses 31,000 Lighting 7,500 Factory power 13,700 Administrative salaries 44,000 Sales representatives’ salaries 30,000 Commission on sales 11,500 Rent 12,000 Insurance 4,200 General administration expenses 13,400 Bank charges 2,300 Discounts allowed 4,800 Carriage outwards 5,900 Beta spikes Ltd Trial Balance as on 31 December 2002 Dr(Kshs) Cr(Kshs) Sales 1,000,000 Debtors and creditors 142,300 125,000 Bank 56,800 Cash 1,500 Drawings 20,000 Capital as at 1.1.2002 296,800 1,421,800 1,421,800 Notes at 31.12.2002 1.Stock of raw materials Sh.24,000,Stock of finished goods Sh.40,000,Work in progress Sh.15,000. Lighting, and rent and insurance are to be apportioned: factory 5/6ths, administration 1/6th. Depreciation on productive and accounting machinery at 10 per cent per annum on cost. Required: a)Prepare a manufacturing, Trading Profit and Loss Account for the year ended 31 December 2002 .
Beta spikes Ltd
Dr(Kshs) Cr(Kshs)
Stock of raw materials 1.1.2002 21,000
Stock of finished goods 1.1.2002 38,900
Work in progress 1.1.2002 13,500
Wages(direct Sh.180,000: factory indirectSh.145,000) 325,000
Royalties 7,000
Carriage inwards (on raw materials) 3,500
Purchases of raw materials 370,000 Productive machinery (cost Sh.280,000) 230,000
Accounting machinery (cost Sh.20,000) 12,000
General factory expenses 31,000
Lighting 7,500 Factory power 13,700 Administrative salaries 44,000 Sales representatives’ salaries 30,000 Commission on sales 11,500
Rent 12,000
Insurance 4,200
General administration expenses 13,400
Bank charges 2,300
Discounts allowed 4,800
Carriage outwards 5,900
Beta spikes Ltd
Trial Balance as on 31 December 2002
Dr(Kshs) Cr(Kshs)
Sales 1,000,000
Debtors and creditors 142,300 125,000
Bank 56,800
Cash 1,500
Drawings 20,000
Capital as at 1.1.2002 296,800
1,421,800 1,421,800
Notes at 31.12.2002
1.Stock of raw materials Sh.24,000,Stock of finished goods Sh.40,000,Work in progress Sh.15,000.
- Lighting, and rent and insurance are to be apportioned: factory 5/6ths, administration 1/6th.
- Depreciation on productive and accounting machinery at 10 per cent per annum on cost.
Required:
a)Prepare a manufacturing, Trading
b)Balance Sheet as at 31.12.2002
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