Q.From the following particulars, prepare a combined manufacturing & trading account of M/s Jain for the year ended 31.12.14 Particular AMOUNT Particular AMOUNT () Works managers salary Import Duty Purchase of finished Opening stocks A/c 5,000 12,500 Raw material A/c Work in Progress A/c Finished Goods 35,000 15,000 60,000 goods Raw material returned 40,000 10,000 Purchase of raw materials 2,00,000 Closing Stock 25,000 12,500 1,00,000 1,15,000 4,50,000 5,000 1,000 7,500 13,000 30,000 1,500 Raw Materials Work- in progress Finished Goods Wages Sales Return Inward Carriage inward Depreciation on plant Fuels and Power Factory Rent Factory Lighting

Q.From the following particulars, prepare a combined manufacturing & trading account of M/s Jain for the year ended 31.12.14 Particular AMOUNT Particular AMOUNT () Works managers salary Import Duty Purchase of finished Opening stocks A/c 5,000 12,500 Raw material A/c Work in Progress A/c Finished Goods 35,000 15,000 60,000 goods Raw material returned 40,000 10,000 Purchase of raw materials 2,00,000 Closing Stock 25,000 12,500 1,00,000 1,15,000 4,50,000 5,000 1,000 7,500 13,000 30,000 1,500 Raw Materials Work- in progress Finished Goods Wages Sales Return Inward Carriage inward Depreciation on plant Fuels and Power Factory Rent Factory Lighting

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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Prepare Statements for a Manufacturing CompanyThe following balances are from the accounts of Hill Components:January 1 (Beginning) December 31 (Ending)Direct materials inventory ............... $48,100 $44,200Work-in-process inventory .............. 67,730 71,500Finished goods inventory ................ 15,600 18,200Direct materials used during the year amount to $59,800, and the cost of goods sold for the year was $68,900.RequiredFind the following by completing a cost of goods sold statement:a. Cost of direct materials purchased during the year.b. Cost of goods manufactured during the year.c. Total manufacturing costs incurred during the year.
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Question 1.2 Following are the account balances for the DC Company in 2018: Beginning of 2018 26,500 Ending of 2018 Direct materials inventory Work-in-process inventory Finished-goods inventory 27,000 28,400 22,100 79,000 30,500 16,500 Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor 24,500 18,600 Plant insurance 7,900 Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs 11,800 3,500 87,900 General and administrative costs 26,500 Required: 1. Prepare a schedule for the cost of goods manufactured for 2018. 2. Revenues for 2018 was $425,000. Prepare the income statement for 2018.
<please see attatched file>
Required: 1. Post January transactions to the general ledger, and subsidiary ledgers for materials and work in process.
Subject: Cost management & accounting QUESTION – 6**Following information relates to commodity ‘ A ‘ of a manufacturing concern for their one month operations:Stock of Materials- Ending Rs. 31,400 Stock of Materials- Beg. Rs. 24,000Material purchases 92,500 Carriage and Cartage Outward 2,150Carriage and Cartage Inward 3,575 Drawing office Salaries 3,250Counting House Salaries 6,300 Cash Discount Allowed 1,450Bad Debts written off 3,250 Repair of Plant 2,225Rent, Rates & Maintenance-Factory 4,250 Sales 230,500Rent, Rates, & Maintenance-Office 1,000 Travelling Expenses 1,050Traveller Salaries & Commission 3,850 Production Wages 63,000Depreciation- Machinery 3,250 Depreciation- Office Furniture 150Director’s Fee 3,000 Energy and Gas – Factory 600Managers Salary (¾ Factory- ¼ Office) 5,000 Energy and Gas – Office 200General Expenses –…
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