Cury Debit (Rs)

30. The manufacturing company is in the process preparing the income statement and balance
sheet Since you are the chief account officer of that company and you have given the
responsibility of preparing these statements from the unadjusted tnal balance given below
Particulars
Opening stock
47 000
Purchase
350 000
Plant and machinery
5,00,000
Carriage inwards
5,000
Wages
7.000
Salary
21.000
Cash and bank
1.80,000
Sundry debtors
80,000
Investment
1,00,000
Trade mark
10 000
Rent and rates
36,000
Prepaid Insurance
13,000
Furniture
25 000
Share capital
500 000
Sales
6.00.000
Sundry creditors
Bank overdraft
10% Bank loan
Commission
14.000
Total
1,374,000 1,374.000
Additional Information:
i Closing stock Rs 35,000
1 Depreciate plant and machinery by 10% p. a.
Salary paid in advance Rs 3000
iv. Provision for tax 25%
Required:
а. Income statement
b. Balance sheet
С. Current ratio, inventory turnover ratio and debt to total capital ratio
Ans: (a) NI Rs. 102,000 (b) Rs. 896,000 (c) 2.16-1:9.12 9 times: 24.92%
40.000
70,000
1.50 000
​

Required information problem 15-1a production costs computed and recorded; reports prepared lo c2, p1, p2, p3, p4 [the following information applies to the questions displayed below. marcelino co.'s march 31 inventory of raw materials is $84,000. raw materials purchases in april are $540,000, and factory payroll cost in april is $364,000. overhead costs incurred in april are: indirect materials, $59,000; indirect labor, $26,000; factory rent, $38,000; factory utilities, $19,000; and factory equipment depreciation, $58,000. the predetermined overhead rate is 50% of direct labor cost. job 306 is sold for $670,000 cash in april. costs of the three jobs worked on in april follow. job 306 job 307 job 308 balances on march 31 direct materials $30,000 $36,000 direct labor 25,000 14,000 applied overhead 12,500 7,000 costs during april direct materials 133,000 210,000 $100,000 direct labor 105,000 150,000 101,000 applied overhead ? ? ? status on april 30 finished (sold) finished in process (unsold) required: 1. determine the total of each production cost incurred for april (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from march 31). a-materials purchases (on credit). b-direct materials used in production. c-direct labor paid and assigned to work in process inventory. d-indirect labor paid and assigned to factory overhead. e-overhead costs applied to work in process inventory. f-actual overhead costs incurred, including indirect materials. (factory rent and utilities are paid in cash.) g-transfer of jobs 306 and 307 to finished goods inventory. h-cost of goods sold for job 306. i-revenue from the sale of job 306. j-assignment of any underapplied or overapplied overhead to the cost of goods sold account. (the amount is not material.) 2. prepare journal entries for the month of april to record the above transactions. 3. prepare a schedule of cost of goods manufactured. 4.1 compute gross profit for april. 4.2 show how to present the inventories on the april 30 balance sheet.