From the following information, prepare detailed Cost Statement for the year ended 31-3 2014.20,00030,00012,00,00099,50020,00050,00060,000ParticularsOpening Stock-Raw Materials DMOpening Stock-Finished Goods +coP Purchases of Raw MaterialsDirect Wages PowerOWFCarriage on Purchase of Raw Materials OM Cost of a Special Design Sell & Air DE Custom Duty and Octroi on Raw Materials MRent and Rates- Office FactoryTelephone Expenses AdvertisementofElectricity-OfficeFactoryMachinery lost in fire Depreciation-Plant and Machinery f-Delivery Van Sall50,00070,00080,000Selling75,00015,00030,00080,00020,0001,20,0002,50,00070,000HIncome Tax SalariesofDonationsHEstablishment ExpensesOfRent of Showroom Interest on Loan65,00045,000 Sale of Factory Scrap FDividend ReceivedDirectors FeesOMailing charges of Sale LiteratureClosing Stock-Raw Materials-Finished GoodsOther Information:a) 60% of Telephone Expenses relate to Office and 40% to Sales Department.b) Salaries to be allocated to the Factory, Office and Sales Department in the ratio of 1:2:1.c) Establishment Expenses are to be apportioned equally between Office and SalesDepartment.d) Sales are made to earn profit @20% on Selling Price.840PMI- COPQ.3. Dunkel Ltd. started a factory in Navi Mumbai on 1st April 2013. Following details arefurnished about its activity during the year ended 31st March 2014:Raw Material consumed - 40,000 units @*7 per unit.Of Sales Commission @*4 per unitDirect Wages: (a) Skilled worker @*9 per unit (b) Unskilled worker @* 6 per unitDE Royalty (on raw material consumed) @* 3 per unitCO Works Overheads @*8 per machine hourMachine Hours worked: 25,000Office Overheads at 1/3rd of Works Cost.Rent: FactoryOfficeUnits produced 40,000.cig of finished goodsStock of units at the end: 4,000 units to be valued at cost of production, per unit.Sales price is 50 per unit.Prepare a cost sheet showing the various elements of cost both in total and per unit.Direct Materials Consumed OMWagesPlyChargeable ExpensesDepreciation of Factory MachineIndirect wages in FactoryRepairs: FactoryOffice60,00010,0001,85,00030,000Q.4. From the details given below, prepare a comparative cost sheet for the first and sehalf of the year 2014, showing cost per unit in each case, at all stages.ParticularsSundry Office ExpensesOFOutput during the period in UnitsHalf Year ended3130-6-1450,00060,00010,00016,00020,0005,0008,0006,0009,00016,00020,000 units

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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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From the following information, prepare detailed Cost Statement for the year ended 31-3 2014. 20,000 30,000 12,00,000 99,500 20,000 50,000 60,000 Particulars Opening Stock-Raw Materials DM Opening Stock-Finished Goods +coP Purchases of Raw Materials Direct Wages Power OW F Carriage on Purchase of Raw Materials OM Cost of a Special Design Sell & Air DE Custom Duty and Octroi on Raw Materials M Rent and Rates- Office Factory Telephone Expenses Advertisement of Electricity-Office Factory Machinery lost in fire Depreciation-Plant and Machinery f -Delivery Van Sall 50,000 70,000 80,000 Selling 75,000 15,000 30,000 80,000 20,000 1,20,000 2,50,000 70,000 H Income Tax Salaries of Donations H Establishment Expenses Of Rent of Showroom Interest on Loan 65,000 45,000

Sale of Factory Scrap F
Dividend Received
Directors Fees
O
Mailing charges of Sale Literature
Closing Stock-Raw Materials
-Finished Goods
Other Information:
a) 60% of Telephone Expenses relate to Office and 40% to Sales Department.
b) Salaries to be allocated to the Factory, Office and Sales Department in the ratio of 1:2:1.
c) Establishment Expenses are to be apportioned equally between Office and Sales
Department.
d) Sales are made to earn profit @20% on Selling Price.
840
PMI
- COP
Q.3. Dunkel Ltd. started a factory in Navi Mumbai on 1st April 2013. Following details are
furnished about its activity during the year ended 31st March 2014:
Raw Material consumed - 40,000 units @*7 per unit.
Of Sales Commission @*4 per unit
Direct Wages: (a) Skilled worker @*9 per unit (b) Unskilled worker @* 6 per unit
DE Royalty (on raw material consumed) @* 3 per unit
CO Works Overheads @*8 per machine hour
Machine Hours worked: 25,000
Office Overheads at 1/3rd of Works Cost.
Rent: Factory
Office
Units produced 40,000.
cig of finished goods
Stock of units at the end: 4,000 units to be valued at cost of production, per unit.
Sales price is 50 per unit.
Prepare a cost sheet showing the various elements of cost both in total and per unit.
Direct Materials Consumed OM
Wages
Ply
Chargeable Expenses
Depreciation of Factory Machine
Indirect wages in Factory
Repairs: Factory
Office
60,000
10,000
1,85,000
30,000
Q.4. From the details given below, prepare a comparative cost sheet for the first and se
half of the year 2014, showing cost per unit in each case, at all stages.
Particulars
Sundry Office Expenses
OF
Output during the period in Units
Half Year ended
31
30-6-14
50,000
60,000
10,000
16,000
20,000
5,000
8,000
6,000
9,000
16,000
20,000 units

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