Following figures have been extracted from the Cost Records of a manufacturing unit : $ Store: Work-in-progress: Opening Balance 1,60,000 Direct Wages Applied Overheads Applied Opening Balance 30,000 60,000 Purchases 60,000 Transfers from Work-in-Progress Issues to Work-in-Progress Issues to Repairs and Maintenance Deficiencies found in Stock Taking 80,000 2,40,000 1,60,000 Closing Balance 40,000 20,000 6,000 Finished products: Entire output is sold at a profit of 10% on actual cost from Work-in-progress. Direct wages incurred $ 70,000; Overheads incurred $ 2,50,000. Items not included in Cost Records: Income from investments $ 10,000; Loss on sale of capital assets $ 20,000. Draw up Stores Control Account, Work-in-progress Control Account, Costing Profit and Loss Account, Profit and Loss Account and Reconciliation Statement.

Following figures have been extracted from the Cost Records of a manufacturing unit : $ Store: Work-in-progress: Opening Balance 1,60,000 Direct Wages Applied Overheads Applied Opening Balance 30,000 60,000 Purchases 60,000 Transfers from Work-in-Progress Issues to Work-in-Progress Issues to Repairs and Maintenance Deficiencies found in Stock Taking 80,000 2,40,000 1,60,000 Closing Balance 40,000 20,000 6,000 Finished products: Entire output is sold at a profit of 10% on actual cost from Work-in-progress. Direct wages incurred $ 70,000; Overheads incurred $ 2,50,000. Items not included in Cost Records: Income from investments $ 10,000; Loss on sale of capital assets $ 20,000. Draw up Stores Control Account, Work-in-progress Control Account, Costing Profit and Loss Account, Profit and Loss Account and Reconciliation Statement.

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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