Prepare the menufacturing income statement for the year ended 31 december 2010 and a statement of financial positions as at that date theinfit willRevenueDebtors and CreditorsLightingFactory powerAdministration salariesSales rep's salariesCommission on salesSivarjTrial balance as on 31 December 2010DrDrawingsCapital as at 1.1.2010Wages (direct 90,000, factory indirect $72,500) 162,500RoyaltiesCamage inwards (cn raw materials)Purchases of raw materialsInventory of raw materials 1.1.2010inventory of finished goods 1.1 2010Work in progress 1.1.2010Productive machinery (cost $140,000)Accounting machinery (cost ¢10,000)General factory expensesRentInsuranceGeneral administration expensesBank chargesDiscounts allowed1C2.95028.40071,15013675010,0003,5001,750185.00010,50019.4506.750115,0006,00015.5003,7506,85022,00015,0005,7506,0002,1006,7001,1502,400710,900Crt500,00062.500710,900Additional informationinventory of raw materials 12.000, inventory of finished goods $20.000,work in progress $7,500Lighting, rent and insurance are to be apportioned factory 5/6,administration 1/6Depreciation on productive and accounting machinery at 10 percent perannum on costPrepare the manufacturing Income Statement for the year ended 31December 2010 and a Statement of Financial positions as at that date148.400

Balance sheet refers to the statement which shows the financial position of the company during the…

Camage outwards Revenue Debtors and Creditors Drawings Capital as at 1.1.2010 Sivarj Trial balance as on 31 December 2010 Cr 2.950 28.400 71,150 inventory of raw materials 1.1.2010 inventory of finished goods 1 12010 progress 11 2010 750 10,000 Wages (direct +90,000, factory indirect $72,500) 162,500 Royalties Camage inwards (on raw materials) Purchases of raw materials 3,500 1,750 185,000 10,500 19.450 500,000 62.500 148.400

Camage outwards Revenue Debtors and Creditors Drawings Capital as at 1.1.2010 Sivarj Trial balance as on 31 December 2010 Cr 2.950 28.400 71,150 inventory of raw materials 1.1.2010 inventory of finished goods 1 12010 progress 11 2010 750 10,000 Wages (direct +90,000, factory indirect $72,500) 162,500 Royalties Camage inwards (on raw materials) Purchases of raw materials 3,500 1,750 185,000 10,500 19.450 500,000 62.500 148.400

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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