a. Champs Ltd. has the following information as on. June 30, 2021- 07 i) Raw materials were
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Question:
a. Champs Ltd. has the following information as on. June 30, 2021- 07
i) Raw materials were purchased on $5,20,500
ii) For employee services indirect labor of $31,300, officer’s salaries of 19,000 & salesman’s commission of $25,000 were incurred.
iii) Office’s machine’s depreciation was recorded as $10,250.
iv) Advertising costs were $400. v) According to jobs cost sheet goods of $4,00,350 were packaged & delivered to 2 customer during the month. Company sold all those on cash which is 19.5% above cost.
Requirement: Prepare necessary ledger accounts & income statement for Champs company.
b. From your point of view explain the necessity of budgeting.
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