The following figures have been extracted from the cost records of a manufacturing unit: 

Finished products: Entire output is sold at a profit of 10% on actual cost from work-in-progress. Other wages incurred Rs. 70,000; overhead incurred Rs. 2,50,000. Items not included in Cost Records: Income from investments Rs. 10,000; Loss on sale of capital assets Rs. 20,000. 

Draw up Stores control account, Work-in-progress control account, Costing profit and loss A/c, Profit and loss account and Reconciliation statement.

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Stores: Opening balance Purchases Transfers from work-in-progress Issues to work-in-progress Issues to repairs and maintenance Deficiencies found in stock taking Work-in-progress: Opening balance Direct wages applied Overheads applied Closing balance Rs. 30,000 1,60,000 80,000 1,60,000 20,000 6,000 60,000 60,000 2,40,000 40,000