2: Calculate Prime Cost, Factory Cost, Cost of Production, Cost of Sales and profitfrom the following particulars:Direct MaterialsDirect WagesWages of ForemanElectric powerLighting: FactoryOfficeStorekeeper's wagesOil and waterRent: FactoryOfficeRepairs and Renewals:Factory plantTransfer to ReservesDiscount on shares written offDepreciation: Factory PlantOffice PremisesRs.1,00,00030,0002,5005001,5005001,0005005,0002,5003,5001,0005005001,250Consumable storesManager's SalaryDirectors' feesOffice StationeryTelephone ChargesPostage and TelegramsSalesmen's salaryTravelling expensesAdvertisingWarehouse chargesSalesCarriage outwardDividendRs.2,5005,0001,2505001252501,2505001,2505001,89,5003752,000

The profit and loss (P&L) statement is a financial statement that summarizes the revenues,…

Direct Wages Wages of Foreman Electric power Lighting: Factory Office Storekeeper's wages Oil and water Rent: Factory Office Repairs and Renewals: Factory plant Transfer to Reserves Discount on shares written off Depreciation: Factory Plant Office Premises 30,000 2,500 500 1,500 500 1,000 500 5,000 2,500 3,500 1,000 500 500 1,250 Manager's Salary Directors' fees Office Stationery Telephone Charges Postage and Telegrams Salesmen's salary Travelling expenses Advertising Warehouse charges Sales Carriage outward Dividend 5,000 1,250 500 125 250 1,250 500 1,250 500 1,89,500 375 2,000

Direct Wages Wages of Foreman Electric power Lighting: Factory Office Storekeeper's wages Oil and water Rent: Factory Office Repairs and Renewals: Factory plant Transfer to Reserves Discount on shares written off Depreciation: Factory Plant Office Premises 30,000 2,500 500 1,500 500 1,000 500 5,000 2,500 3,500 1,000 500 500 1,250 Manager's Salary Directors' fees Office Stationery Telephone Charges Postage and Telegrams Salesmen's salary Travelling expenses Advertising Warehouse charges Sales Carriage outward Dividend 5,000 1,250 500 125 250 1,250 500 1,250 500 1,89,500 375 2,000

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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