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…

Answered: Camage outwards Revenue Debtors and…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Prepare the menufacturing income statement for the year ended 31 december 2010 and a statement of financial positions as at that date

the
in
fit will
Revenue
Debtors and Creditors
Lighting
Factory power
Administration salaries
Sales rep's salaries
Commission on sales
Sivarj
Trial balance as on 31 December 2010
Dr
Drawings
Capital as at 1.1.2010
Wages (direct 90,000, factory indirect $72,500) 162,500
Royalties
Camage inwards (cn raw materials)
Purchases of raw materials
Inventory of raw materials 1.1.2010
inventory of finished goods 1.1 2010
Work in progress 1.1.2010
Productive machinery (cost $140,000)
Accounting machinery (cost ¢10,000)
General factory expenses
Rent
Insurance
General administration expenses
Bank charges
Discounts allowed
1
C
2.950
28.400
71,150
136
750
10,000
3,500
1,750
185.000
10,500
19.450
6.750
115,000
6,000
15.500
3,750
6,850
22,000
15,000
5,750
6,000
2,100
6,700
1,150
2,400
710,900
Cr
t
500,000
62.500
710,900
Additional information
inventory of raw materials 12.000, inventory of finished goods $20.000,
work in progress $7,500
Lighting, rent and insurance are to be apportioned factory 5/6,
administration 1/6
Depreciation on productive and accounting machinery at 10 percent per
annum on cost
Prepare the manufacturing Income Statement for the year ended 31
December 2010 and a Statement of Financial positions as at that date
148.400

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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