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Work in progress Finished goods • Adjustments are to be made to the following items of expenses and revenue: . Electricity Commission 15,500 41,000 Prepaid by 8,000 Owing by 7,200 . Fixed assets are to be depreciated as follows: Building Factory machinery 10% straight line 8% reducing balance Expenses are to be apportioned as follows: Electricity Depreciation - building Factory 65% 80% Office 35% 20% • The goods produced are to be marked up by 15% before transfer Round all decimals (if any) to the nearest whole number REQUIRED: Prepare the entity's manufacturing account and statement of profit or loss.

Work in progress Finished goods • Adjustments are to be made to the following items of expenses and revenue: . Electricity Commission 15,500 41,000 Prepaid by 8,000 Owing by 7,200 . Fixed assets are to be depreciated as follows: Building Factory machinery 10% straight line 8% reducing balance Expenses are to be apportioned as follows: Electricity Depreciation - building Factory 65% 80% Office 35% 20% • The goods produced are to be marked up by 15% before transfer Round all decimals (if any) to the nearest whole number REQUIRED: Prepare the entity's manufacturing account and statement of profit or loss.

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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Direct expenses Commission received Return inwards Additional information: . . C Stock on hand at the end of the year was as follows: Work in progress 15,500 Finished goods 41,000 Building Factory machinery Electricity Depreciation - building Expenses are to be apportioned as follows: 13,500 1,879,080 Adjustments are to be made to the following items of expenses and revenue: Electricity Prepaid by 8,000 Commission Owing by 7,200 Fixed assets are to be depreciated as follows: 10% straight line 8% reducing balance TIC TOILU.J.JJ Factory 65% 80% Office 35% 20% 39,700 1,879,080 • The goods produced are to be marked up by 15% before transfer • Round all decimals (if any) to the nearest whole number REQUIRED: Prepare the entity's manufacturing account and statement of profit or loss. (
Transcribed Image Text:Direct expenses Commission received Return inwards Additional information: . . C Stock on hand at the end of the year was as follows: Work in progress 15,500 Finished goods 41,000 Building Factory machinery Electricity Depreciation - building Expenses are to be apportioned as follows: 13,500 1,879,080 Adjustments are to be made to the following items of expenses and revenue: Electricity Prepaid by 8,000 Commission Owing by 7,200 Fixed assets are to be depreciated as follows: 10% straight line 8% reducing balance TIC TOILU.J.JJ Factory 65% 80% Office 35% 20% 39,700 1,879,080 • The goods produced are to be marked up by 15% before transfer • Round all decimals (if any) to the nearest whole number REQUIRED: Prepare the entity's manufacturing account and statement of profit or loss. (
IntraTech, a phone accessories manufacturer, presented you with the following financial information for the year ending March 31, 2023: Office salaries Provision for unrealised profits Debtors Purchases of other finished goods Creditors Building Factory machinery Provision for depreciation: Building Factory machinery Loan Bank Opening stock of work in progress Opening stock of finished goods Capital Drawings Electricity Sales Direct materials Direct expenses Commission received Return inwards . 54,300 Electricity Commission 107,150 82,450 936,000 218,000 Building 10% straight line Factory machinery 8% reducing balance Expenses are to be apportioned as follows: 54,200 33,300 33,400 22,600 Additional information: • Stock on hand at the end of the year was as follows: Work in progress 15,500 Finished goods 41,000 236,680 87,500 13,500 1,879,080 mas 8,100 89,900 225,000 106,000 134,800 22,380 198,000 1,055,200 Adjustments are to be made to the following items of expenses and revenue: Prepaid by 8,000 Owing by 7,200 • Fixed assets are to be depreciated as follows: 39,700 1,879,080 (
Transcribed Image Text:IntraTech, a phone accessories manufacturer, presented you with the following financial information for the year ending March 31, 2023: Office salaries Provision for unrealised profits Debtors Purchases of other finished goods Creditors Building Factory machinery Provision for depreciation: Building Factory machinery Loan Bank Opening stock of work in progress Opening stock of finished goods Capital Drawings Electricity Sales Direct materials Direct expenses Commission received Return inwards . 54,300 Electricity Commission 107,150 82,450 936,000 218,000 Building 10% straight line Factory machinery 8% reducing balance Expenses are to be apportioned as follows: 54,200 33,300 33,400 22,600 Additional information: • Stock on hand at the end of the year was as follows: Work in progress 15,500 Finished goods 41,000 236,680 87,500 13,500 1,879,080 mas 8,100 89,900 225,000 106,000 134,800 22,380 198,000 1,055,200 Adjustments are to be made to the following items of expenses and revenue: Prepaid by 8,000 Owing by 7,200 • Fixed assets are to be depreciated as follows: 39,700 1,879,080 (
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