Following details have been extracted for the year ended 31st March, 2021 Particulars Rs. Corporate Manager’s salary Rent of Plant Sale of defective Raw Material Hire charges for special equipment Office rent Purchase of raw material Carriage inwards Indirect materials Office expenses Insurance premium for stock of raw material Insurance premium for computer Insurance premium for delivery van Opening stock of raw material Closing stock of raw material Sale of factory scrap Carriage outward Depreciation on delivery van Depreciation on computer Salaries to office staff Salaries to drawing and designing department Opening work in progress Closing work in progress Brand ambassador remuneration Direct wages for skilled labour Direct wages for unskilled labour Cost of catalogue printing Opening stock of finished goods Closing stock of finished goods Repairs to delivery van 11,10,000 1,27,500 8,500 57,000 84,700 4,85,230 24,325 2,35,600 41,000 22,600 12,700 11,500 78,175 76,230 16,800 1,10,000 28,000 87,300 1,15,300 1,85,700 94,300 96,500 4,80,000 3,15,500 1,24,500 57,500 6,40,000 7,50,000 35,500 Other information: 1. The corporate manager’s salary to be apportioned between the factory and the office in the ratio of 1:9 2. Selling price is 120% of Cost price. From the above details prepare Cost Sheet showing various elements of cost
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Following details have been extracted for the year ended 31st March, 2021
|
Particulars |
Rs. |
|
Corporate Manager’s salary Rent of Plant Sale of defective Raw Material Hire charges for special equipment Office rent Purchase of raw material Carriage inwards Indirect materials Office expenses Insurance premium for stock of raw material Insurance premium for computer Insurance premium for delivery van Opening stock of raw material Closing stock of raw material Sale of factory scrap Carriage outward Depreciation on computer Salaries to office staff Salaries to drawing and designing department Opening work in progress Closing work in progress Brand ambassador remuneration Direct wages for skilled labour Direct wages for unskilled labour Cost of catalogue printing Opening stock of finished goods Closing stock of finished goods Repairs to delivery van |
11,10,000 1,27,500 8,500 57,000 84,700 4,85,230 24,325 2,35,600 41,000 22,600 12,700 11,500 78,175 76,230 16,800 1,10,000 28,000 87,300 1,15,300 1,85,700 94,300 96,500 4,80,000 3,15,500 1,24,500 57,500 6,40,000 7,50,000 35,500 |
Other information:
1. The corporate manager’s salary to be apportioned between the factory and the office in the ratio of 1:9
2. Selling price is 120% of Cost price.
From the above details prepare Cost Sheet showing various elements of cost
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
