Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales 21,000 38,900 13,500 325,000 7,000 3,500 370.000 230,000 12.000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards 1,000,000 64,000 Sales Account receivable and accounts payable 142,300 Bank Cash Drawings Capital as at 1 Jan 2020 16,800 1,500 60,000 357,800 TOTAL 1,421,800 1,421,800 Additional information: i. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; wor in progress RM 15,000 ii. Lighting, rent and insurance are to be apportioned; factory 5/6, administration 1/6 iii. Depreciation on productive machinery and administration computers at 10% pe annum on cost Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.
Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of raw materials 1 Jan 2020 Inventory of finished goods 1 Jan 2020 Work in progress 1 Jan 2020 Wages (direct RM180,000, factory indirect RM145,000) Royalties Carriage inwards (on raw materials) Purchases of raw materials Productive machinery (cost RM280,000) Administration computers (cost RM20,000) General factory expenses Lighting Factory power Administration salaries Sales representative salaries Commission on sales 21,000 38,900 13,500 325,000 7,000 3,500 370.000 230,000 12.000 31,000 7,500 13,700 44,000 30,000 11,500 12,000 4,200 13,400 2,300 4,800 5,900 Rent Insurance General administration expenses Bank charges Discount allowed Carriage outwards 1,000,000 64,000 Sales Account receivable and accounts payable 142,300 Bank Cash Drawings Capital as at 1 Jan 2020 16,800 1,500 60,000 357,800 TOTAL 1,421,800 1,421,800 Additional information: i. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; wor in progress RM 15,000 ii. Lighting, rent and insurance are to be apportioned; factory 5/6, administration 1/6 iii. Depreciation on productive machinery and administration computers at 10% pe annum on cost Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1
Chapter : Manufacturing Accounting
Transcribed Image Text:1.
Jorasmi Enterprise
Trial Balance as at 31 December 2020
Particulars
Debit
Credit
RM
RM
Inventory of raw materials 1 Jan 2020
Inventory of finished goods 1 Jan 2020
Work in progress 1 Jan 2020
Wages (direct RM180,000, factory indirect RM145,000)
Royalties
Carriage inwards (on raw materials)
Purchases of raw materials
Productive machinery (cost RM280,000)
Administration computers (cost RM20,000)
General factory expenses
Lighting
Factory power
Administration salaries
21,000
38,900
13,500
325,000
7.000
3,500
370.000
230.000
12,000
31,000
7,500
13,700
44,000
30,000
11,500
12,000
4,200
Sales representative salaries
Commission on sales
Rent
Insurance
General administration expenses
Bank charges
13,400
2,300
4,800
5,900
Discount allowed
Carriage outwards
1,000,000
64,000
Sales
Account receivable and accounts payable
Bank
Cash
142,300
16,800
1.500
Drawings
Capital as at 1 Jan 2020
60,000
357.800
1,421,800 1,421,800
TOTAL
adzi
Additional information:
i. Inventory of raw materials RM24,000; inventory of finished goods RM40,000; work.
in progress RM15,000
ii. Lighting, rent and insurance are to be apportioned; factory 5/6, administration 1/6
i. Depreciation on productive machinery and administration computers at 10% per
annum on cost
Required:
a) Prepare statement of cost production for the year ended 31 December 2020.
b) Prepare statement of comprehensive income for the year ended 31 December 2020.
c) Prepare statement of financial position as at 31 December 2020.
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