R.K. Ltd. operates separate cost accounting and financial accounting systems. The following information has been extracted from the cost records of the company for the month of Jan 2005. Jan. 31, 2005 Jan. 1, 2005 $ 49,500 60,100 1,15,400 (A) Control account balances : Raw Material Work-in-progress Finished Goods 50,000 56,900 1,37.400 (B) Additional information for the month: $ 1,08.000 91.600 74.000 Raw Materials Purchased Production Overhead Incurred Production Overhead Absorbed (185% of Direct Wages) Factory Cost of Goods Produced Cost of Goods Sold (Excluding Selling and Administration Overhead) Selling and Administration Overhead Incurred and Absorbed Sales Loss of Material Damaged by Flood You are required to : (i) Prepare the following control accounts in the cost ledger : (a) Raw Material (b) Work-in-Progress (c) Finished Goods (d) Production Overhead 2,22.000 2,00,000 30.000 3,00,000 2,400 (ii) Ascertain Profit as per Cost Accounts for the month of Jan. 2005 assuming that overo absorbed overhead is written off to Costing Profit and Loss A/c

R.K. Ltd. operates separate cost accounting and financial accounting systems. The following information has been extracted from the cost records of the company for the month of Jan 2005. Jan. 31, 2005 Jan. 1, 2005 $ 49,500 60,100 1,15,400 (A) Control account balances : Raw Material Work-in-progress Finished Goods 50,000 56,900 1,37.400 (B) Additional information for the month: $ 1,08.000 91.600 74.000 Raw Materials Purchased Production Overhead Incurred Production Overhead Absorbed (185% of Direct Wages) Factory Cost of Goods Produced Cost of Goods Sold (Excluding Selling and Administration Overhead) Selling and Administration Overhead Incurred and Absorbed Sales Loss of Material Damaged by Flood You are required to : (i) Prepare the following control accounts in the cost ledger : (a) Raw Material (b) Work-in-Progress (c) Finished Goods (d) Production Overhead 2,22.000 2,00,000 30.000 3,00,000 2,400 (ii) Ascertain Profit as per Cost Accounts for the month of Jan. 2005 assuming that overo absorbed overhead is written off to Costing Profit and Loss A/c

Name: R.K. Ltd. operates separate cost accounting and financial accounting
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Description: R.K. Ltd. operates separate cost accounting and financial accounting systems. Thefollowing information has been extracted from the cost records of the company for the month of Jan2005.Jan. 1, 2005Jan. 31, 2005(A) Control account balances :Raw Materi

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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