Kostas, a manufacturer, provided the following information for the year ended 30 June 2020. Inventory -...
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Kostas, a manufacturer, provided the following information for the year ended 30 June 2020. Inventory - Raw material - Work in progress - Finished goods Loose tools at valuation Production machinery -Cost - Accumulated depreciation Other payables-production staff wages Other receivables-factory rent Carriage inwards Carriage outwards Factory rent paid General expenses Purchases -Raw materials -Loose tools Royalties Supervisor salary Wages paid-production staff 1 July 2019 30 June 2020 S S 10,310.0 11,310.0 27,100.0 3,730.0 15,540.0 12,900.0 28,300.0 3,610.0 104,200.0 104,200.0 To be 36,200.0 calculated 1,060.0 6,000.0 940.0 7,200.0 3,970.0 2,380.0 81,000.0 44,000.0 141,240.0 250.0 11,200.0 34,000.0 171,900.0 • General expenses are apportioned 70% to the factory and 30% to administration. • The supervisor's salary is apportioned 65% to the factory and 35% to administration. • Production machinery is depreciated at 15% per annum using the straight line method. • Loose tools are depreciated using the revaluation method. Calculate the charge to the manufacturing account for the: Factory rent (9 marks) ii) Wages-production staff iii) Depreciation - Loose tools b) Prepare the manufacturing account for the year ended 30 June 2020. (13 marks) Kostas, a manufacturer, provided the following information for the year ended 30 June 2020. Inventory - Raw material - Work in progress - Finished goods Loose tools at valuation Production machinery -Cost - Accumulated depreciation Other payables-production staff wages Other receivables-factory rent Carriage inwards Carriage outwards Factory rent paid General expenses Purchases -Raw materials -Loose tools Royalties Supervisor salary Wages paid-production staff 1 July 2019 30 June 2020 S S 10,310.0 11,310.0 27,100.0 3,730.0 15,540.0 12,900.0 28,300.0 3,610.0 104,200.0 104,200.0 To be 36,200.0 calculated 1,060.0 6,000.0 940.0 7,200.0 3,970.0 2,380.0 81,000.0 44,000.0 141,240.0 250.0 11,200.0 34,000.0 171,900.0 • General expenses are apportioned 70% to the factory and 30% to administration. • The supervisor's salary is apportioned 65% to the factory and 35% to administration. • Production machinery is depreciated at 15% per annum using the straight line method. • Loose tools are depreciated using the revaluation method. Calculate the charge to the manufacturing account for the: Factory rent (9 marks) ii) Wages-production staff iii) Depreciation - Loose tools b) Prepare the manufacturing account for the year ended 30 June 2020. (13 marks)
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1 Factory rent Given Factory rent paid for the year Rs 81000 Since 70 of general expenses ar... View the full answer
Related Book For
Introduction To Financial Accounting
ISBN: 978-0077138448
7th edition
Authors: Anne Marie Ward, Andrew Thomas
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