Reference no: EM133161855
Question - The following Trial Balance was extracted from the books of Neville English on December 31, 2018:
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Details/Accounts
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Dr $
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Cr $
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|
Accounts payable
|
|
6,000,000
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|
Finished goods Inventory, January 1, 2018
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15,000,000
|
|
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Motor vehicles
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5,500,000
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|
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Provision for depreciation of motor vehicles
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|
2,500,000
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Production workers salary
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12,000,000
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|
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Furniture, etc.
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3,000,000
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|
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Cash
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10,000,000
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|
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Direct expenses
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2,600,000
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|
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Net sales
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98,000,000
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|
Capital
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|
19,100,000
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|
Indirect factory expenses
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6,000,000
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|
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Work in progress, January 1, 2018
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4,000,000
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|
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Purchases of direct raw materials
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30,000,000
|
|
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Administrative expenses
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8,000,000
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|
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Drawings
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1,000,000
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|
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Provision for doubtful debt
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|
1,000,000
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Direct raw materials, January 1, 2018
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9,000,000
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|
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Accounts receivable
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8,500,000
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|
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Machinery
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18,000,000
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|
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Accumulated depreciation machinery
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-------------
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6,000,000
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Total
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132,600,000
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132,600,000
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Additional information:
On December 31, 2018, $150,000 was paid for rent relating to the first quarter of 2019, while $60,000 was owed for stationery received in December 2018 rent and stationery are both treated as administrative expenses.
Closing inventories on December 31, 2018, were: Direct raw materials $6,000,000; work-in-progress $3,000,000; and finished goods $12,000,000.
Depreciation is to be provided for as follows: furniture and fittings 10% straight line; plant and machinery 10% straight line; motor vehicles 20% reducing balance.
The motor vehicles are used equally between the office and the factory.
Provision for doubtful debt remains at $1,000,000 as of the balance sheet date.
Required - A Manufacturing, Trading, Profit, and Loss Account for December 31, 2018. List TWO items that would appear under current assets, non-current assets, and current liabilities in the balance sheet that was prepared in part (a). Show the amounts for each item.
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