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Opening stock of raw material 40,000 Electricity expenses for Öffice d: Purchase 35,000 add: Rent and Insurance d: Carriage on purchases add: Salary of manager (25,000 × 75%) add: Commission to office manager 5,400 Material consumed 80,400 add: Depreciation on Machinery Office and administrative overhead 2 Direct wages 12,000

Opening stock of raw material 40,000 Electricity expenses for Öffice d: Purchase 35,000 add: Rent and Insurance d: Carriage on purchases add: Salary of manager (25,000 × 75%) add: Commission to office manager 5,400 Material consumed 80,400 add: Depreciation on Machinery Office and administrative overhead 2 Direct wages 12,000

FINANCIAL ACCOUNTING
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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1 Material consumed Amount (OMR) 4 Office and administrative overhead Amount (OMR) Opening stock of raw material Electricity expenses for Office add: Rent and Insurance 40,000 5,300 add: Purchase 35,000 5,250 add: Carriage on purchases Material consumed add: Salary of manager (25,000 × 75%) add: Commission to office manager 5,400 18,750 80,400 1,400 add: Depreciation on Machinery Office and administrative overhead 1,200 Direct wages 12,000 31,900 3 Factory overhead Indirect wages to foreman Amount (OMR) 5 Selling and Distribution overhead Amount (OMR) 900 Rent of warehouse (8,000 - 4,467) 3,533 add: Advertising expenses add: Showroom clearing expenses 7,000 add: Electricity expenses for Factory add: Rent and Insurance 11,200 6,250 add: Salesman expenses add: Salary of manager (25,000 × 25%) add: Depreciation on Machinery Factory overhead 6,250 3,800 add: Sales Manager Salary add: Travelling expenses add: Showroom Insurance 1,000 13,000 21,400 5,600 4,730 Selling and Distribution overhead 41,863
Transcribed Image Text:1 Material consumed Amount (OMR) 4 Office and administrative overhead Amount (OMR) Opening stock of raw material Electricity expenses for Office add: Rent and Insurance 40,000 5,300 add: Purchase 35,000 5,250 add: Carriage on purchases Material consumed add: Salary of manager (25,000 × 75%) add: Commission to office manager 5,400 18,750 80,400 1,400 add: Depreciation on Machinery Office and administrative overhead 1,200 Direct wages 12,000 31,900 3 Factory overhead Indirect wages to foreman Amount (OMR) 5 Selling and Distribution overhead Amount (OMR) 900 Rent of warehouse (8,000 - 4,467) 3,533 add: Advertising expenses add: Showroom clearing expenses 7,000 add: Electricity expenses for Factory add: Rent and Insurance 11,200 6,250 add: Salesman expenses add: Salary of manager (25,000 × 25%) add: Depreciation on Machinery Factory overhead 6,250 3,800 add: Sales Manager Salary add: Travelling expenses add: Showroom Insurance 1,000 13,000 21,400 5,600 4,730 Selling and Distribution overhead 41,863
Sales 255,000 |less: Cost of Sales Actual Profit 195,063 59,937 less: Expected Profit (195,063 x 45%) 87,778 Difference in Profit (27,841)
Transcribed Image Text:Sales 255,000 |less: Cost of Sales Actual Profit 195,063 59,937 less: Expected Profit (195,063 x 45%) 87,778 Difference in Profit (27,841)
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