You are required to prepare a statement of cost to work out

Assignment Help Accounting Basics

Reference no: EM13576509

M/s Modern Comany Ltd furnishes the following summary of trading and profit and loss account for the current year ending March 31.

TO Raw material 140000 By sales(12000units)510000
to direct wages 72000 By finished stock(200units) 6000
to production overheads 45000 By work in process
to selling and distribution overheads 43500 material 26800
to administration overheads 41010 wages 11786
to Preliminary Expenses w/off 3250 production overheads8000 46586
to goodwill w/off 2541 by interest on securities(gross) 5000
To divident9net) 4000
To income tax 5870
To net profit 210415
567586 567586

The company manufactures a standard unit.the scrutiny of cost records for the same period shows that-
1.factory overheads have been allocated to production at 20 percent on prime cost
2.Administration overheads have been charged at Rs.3 percent on units produced
3.Selling and distribution expenses have been charged at Rs.4 per unit on unit sold

You are required to prepare a statement of cost, to work out profit as per cost accounts and to reconcile the same with that shown in the financial accounts.

Reference no: EM13576509

Questions Cloud

Using the following data prepare a classified balance sheet : using the following data prepare a classified balance sheet for blanchard company as of december 31 2015.cashnbspnbsp

High desert potteryworks makes a variety of pottery : high desert potteryworks makes a variety of pottery products that it sells to retailers such as home depot. the company

What was the required investment for goates companys : each of the following scenarios is independent. assume that all cash flows are after-tax cash flows. 1.southward

Hunter sobitson a waiter at the 20th hole restaurant worked : hunter sobitson a waiter at the 20th hole restaurant worked 43 12 hours this week and collected over 650 in tips. the

You are required to prepare a statement of cost to work out : ms modern comany ltd furnishes the following summary of trading and profit and loss account for the current year ending

Assume instead that cross uses the aging of accounts : the a.t. cross company is well known for its cross pens. the company recently reported the following amounts in its

Assuming no other transactions occurred between december 31 : at the end of 2012 extreme fitness has adjusted balances of 830000 in accounts receivable. on january 2 2013 the

Company a had a total deletable capitalized cost of 656000 : company a had a total deletable capitalized cost of 656000 for a mine acquired in early 2010. it was estimated that the

Prepare a statement of partnership liquidation indicating : prepare a statement of partnership liquidation indicating a the sale of assets and division of loss b the payment of

User Account

All Pages