Pass necessary journal entries to record the information summarized below.II. Prepare accounts in ledger of the company for the accounts, work in process and finished goods.Data:a) Material purchased on account Rs. 120,000.b) Material requisitioned and factory labor used:Material Factory LaborJob 501 13,000 19,000Job 502 9,000 15,520Job 503 22,400 14,080Job 504 17,600 20,800Job 505 14,000 7,200Job 506 7,000 3,600For general factory use 3,800 7,400c) Factory overhead cost incurred on account Rs. 68,800.d) Depreciation of machinery Rs. 10,400.e) The factory overhead rate is 110% of direct labor cost.f) Jobs completed: 501, 503, 504 and 506g) Jobs 501, 503 and 504 were shipped and customers were billed for Rs. 84,000, Rs. 85,000 and Rs. 100,000.
Pass necessary
II. Prepare accounts in ledger of the company for the accounts, work in process and finished goods.
Data:
a) Material purchased on account Rs. 120,000.
b) Material requisitioned and factory labor used:
Material Factory Labor
Job 501 13,000 19,000
Job 502 9,000 15,520
Job 503 22,400 14,080
Job 504 17,600 20,800
Job 505 14,000 7,200
Job 506 7,000 3,600
For general factory use 3,800 7,400
c)
d)
e) The factory overhead rate is 110% of direct labor cost.
f) Jobs completed: 501, 503, 504 and 506
g) Jobs 501, 503 and 504 were shipped and customers were billed for Rs. 84,000, Rs. 85,000 and Rs. 100,000.
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