In the absence of the Chief Accountant, you have been asked to prepare a months cost accounts
Question:
In the absence of the Chief Accountant, you have been asked to prepare a months cost accounts for a company which operate a batch costing system fully integrated with the financial accounts. The following relevant information is provided to you:
Required:
Prepare the following accounts for the month:
(a). Stores Ledger Control Account.
(b). Work-in-Progress Control Account.
(c). Finished Goods Control Account
(d). Production Overhead Control Account.
(e). Profit and Loss Account.
Transcribed Image Text:
Balances at the beginning of the month: Stores Ledger Control Account Work-in-Progress Control Account Finished Goods Control Account Prepaid production Overheads brought forward from previous month Transactions during the month: Materials purchased Materials issued: To production To Factory maintenance Materials transferred between batches Total wages paid: To Direct workers To Indirect workers Direct wages charged to batches Recorded non-productive time of direct worker Selling and distribution overheads incurred Other production overheads incurred Sales Cost of finished goods sold Cost of goods completed and transferred into Finished goods during the month Physical value of work-in-progress at the end of the month The production overhead absorption rate is 150% of direct wages charged to work-in-progress. 30,000 4,000 25,000 5,000 Rs. 25,000 20,000 35,000 3,000 75,000 Rs. 34,000 5,000 30,000 20,000 5,000 6,000 12,000 1,00,000 80,000 65,000 40,000
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a Stores Ledger Control Account Stores Ledger Control Account Particulars Debit Rs Credit Rs Balance ...View the full answer
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