From the information given below, prepare (i). A statement showing costing profit and loss. (ii). Another statement
Question:
From the information given below, prepare
(i). A statement showing costing profit and loss.
(ii). Another statement reconciling the costing profits with those shown by financial accounts:
The normal output of the factory is 1,00,000 units. Factory expenses of a fixed nature are Rs. 18,000. Office expenses are for all practical purposes constant. Selling and distribution expenses are constant to the extent of Rs. 3,000 and the balance varies with sales.
Transcribed Image Text:
Profit and Loss A/c for the Year Ending 31st March, 2007 To Materials consumed To Direct wages To Indirect factory expenses To Office expenses To Selling and distribution expenses To Net profit Rs. 1,05,000 45,000 30,000 9,000 6,000 5,000 2,00,000 By Sales (1,50,000 units) Rs. 2,00,000 2,00,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (4 reviews)
i Costing Profit and Loss Statement Particulars Amount Rs Sales 150000 units 150000 Cost of Goods Sold Materials Consumed 105000 Direct Wages 45000 In...View the full answer
Answered By
Aketch Cindy Sunday
I am a certified tutor with over two years of experience tutoring . I have a passion for helping students learn and grow, and I firmly believe that every student has the potential to be successful. I have a wide range of experience working with students of all ages and abilities, and I am confident that I can help students succeed in school.
I have experience working with students who have a wide range of abilities. I have also worked with gifted and talented students, and I am familiar with a variety of enrichment and acceleration strategies.
I am a patient and supportive tutor who is dedicated to helping my students reach their full potential. Thank you for your time and consideration.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
From the information given below you are required to: (a) Prepare a standard cost sheet for one unit and enter on the standard cost sheet the costs to show sub-totals for: (i) Prime cost; (ii)...
-
From the information given below you are required to: (a) Prepare a standard cost sheet for one unit and enter on the standard cost sheet the costs to show sub-totals for: (i) Prime cost; (ii)...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following data represent the prices in dollars of general admission tickets for the last 18 concerts at one venue. Use the given data to determine the stems for this stem-and-leaf plot. $50 $61...
-
Tyler Jones, a management accountant for Pegstone Cosmetics Company, has lunch every day with his friend Joe Blaik, who is a management accountant for Shepherd Cosmetics, Inc., a competitor of...
-
Speedy Swift is a package delivery service that serves the greater Atlanta, Georgia, metropolitan area. To maintain customer loyalty, one of Speedy Swifts performance objectives is on-time delivery....
-
In the binomial model obtain the values of \(u, d\), and \(p\) given the volatility \(\sigma\) and the risk-free interest rate \(r\) for the following cases: (a) \(p=\frac{1}{2}\). (b)...
-
On July 1, 2012, Ryhn Co. pays $12,400 to Craig Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ryhn Co., journalize and post the entry on July...
-
Consider the following implementation of an iterative method: from numpy import cos, sin, log. x = 0.5 err = abs (cos(x)+log(x)) while err > 1e-6: dx = (cos(x)+log(x))/(-sin(x) +1/x) x += - dx err =...
-
Erica and Bob participate in a friendly Hackathon that allows each to solve one question a day out of the three offered. There will be one easy, one medium and one hard question, with points awarded...
-
From the following figure, prepare a reconciliation statement: Profit Marketing overheads Provision for bad debts Factory overheads Director's fees Income Tax paid Rent of owned Premises Depreciation...
-
From the following information, reconcile the profit as per cost accounts with financial accounts: Dividend and interest received Rs. 600. Loss on sale of investments Rs. 1,000. Interest charged by...
-
In the quark model, is it possible to have a baryon with strangeness -1 and electric charge +2? Explain.
-
describe your personal level of career adaptability.Also describe one domain of career adaptability you think you need to further explore
-
Dazzle Fashion is a clothing retailer. During August, the company completed a series of transactions. For each of the following items, give an example of a transaction that has the described effect...
-
(a) Interest on notes payable of $307 is accrued. (b) Services performed but unbilled total $1,468. (c) Salaries and wages earned by employees of $754 have not been recorded. (d) Bad debt expense for...
-
George Forbes, a Chartered Accountant, operates an accounting office under the name George Forbes, Chartered Accountant. On June 3 0 , 2 0 0 3 , the balance sheet showed Cash $ 3 , 0 0 0 , Accounts...
-
What specific HRM practices are likely to be associated with an organization being characterized as having a resilient and adaptable culture (and having resilient and adaptable employees)? Discuss
-
Refer to Data Set 1 in Appendix B and use the pulse rates (beats per minute) of females. Begin with a lower class limit of 50 and use a class width of 10. Compare the frequency distribution to the...
-
6 (a) Briefly develop a mathematical model of the behaviour of a copper-twisted pair cable (b) Derive the magnetic energy from: w given that: K + w, where the - - k symbols have their usual meaning...
-
Absorption costing and production-volume variance-alternative capacity bases. Earth Light First (ELF), a producer of energy-efficient light bulbs, expects that demand will increase markedly over the...
-
Operating income effects of denominator-level choice and disposal of production-volume variance 1. If ELF sells all 220,000 bulbs produced, what would be the effect on operating income of using each...
-
Operating income effects of denominator-level choice and disposal of production-volume variance 1. If ELF sells all 220,000 bulbs produced, what would be the effect on operating income of using each...
-
Sonya is selling her jet ski and has the following offers to choose fre 1. $3.500 today OR 2. $1.700 today and $1,900 in 5 months If money carns 6.3% simple interest a. What is the current economic...
-
Laker Incorporated's fiscal year-end is December 31, 2024. The following is an adjusted trial balance as of December 31. Accounts Debit Credit Cash Supplies $10,500 31,500 Prepaid Rent 22,500...
-
Use the Gauss-Seidel method to solve the following system of equations. 10x12x2 x3 = 27 - - -3x1 6x2 + 2x3 = -61.5 x1 + x2 +5x3 = -21.5 Compute the approximate relative percent error for each...
Study smarter with the SolutionInn App