Page 156 - DCOM101_FINANCIAL_ACCOUNTING_I

Financial Accounting-I

Notes Interest on Bank Loan 1,80,000

Stock on 1st April, 2007:
Raw Material 1,20,000
Work-in-Progress 90,000
Finished Goods 1,23,000
Sales 58,50,000
Return Outwards 25,500

Carriage Inwards 31,500
Discount allowed 3,000
Sale of Scrap 6,000
Depreciation on Plant 1,50,000

Depreciation on Furniture 12,000
Solution:

Manufacturing Account
(for the year ending 31st March, 2008)
Particulars ` Particulars `
To Opening Stock
Materials 1,20,000 By Sale of Scrap 6,000
Work-in-Progress 90,000 By Closing Stock:
To Purchase less Returns Materials 3,63,000
(39,58,500- 25,500) 39,33,000 Work-in-Progress 3,00,000
To Productive Wages 6,00,000 By Cost of Production
To Factory Exps 5,52,000 (Transferred to Trading A/c) 50,76,000
To Purchase Exps. 1,80,000
To Import Duty 60,000
To Carriage Inwards 30,000
To Depreciation on Plant 1,50,000
To Repairs to Machines 30,000
57,45,000 57,45,000

Trading and Profit & Loss Account
(for the year ending 31st March, 2008)
Particulars ` Particulars `
To Opening Stock of Finished Goods By Sales less Returns
To Cost of Production 1,23,000 (58,50,000 – 21,000) 58,29,000
(Transfer from Manufacturing A/c) 50,76,000 By Closing Stock 4,11,000
To Gross Profi t c/d 10,41,000
62,40,000 62,40,000
Contd..

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