The following figures are extracted from the trial balance of Gogetter Co. on 30th September, 2007: Inventories:
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The following figures are extracted from the trial balance of Gogetter Co. on 30th September, 2007:
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Inventories: Finished Stock Raw Materials Work-in-Process Office appliances Plant and machinery Buildings Sales Sales return and rebates Materials purchases Freight incurred on materials Purchases returns Direct labour Indirect labour Factory supervision Repairs and upkeep factory Heat, light and power Rates and taxes Miscellaneous factory expenses Sales commission Sales travelling Sales promotion Distribution deptt. sales and expenses Office salaries and expenses Interest on borrowed funds Further details are abailable as follows: (1) Closing Inventories: Finished goods Raw materials Work-in-process Rs. 80,000 1,40,000 2,00,000 17,400 4,60,500 2,00,000 14,000 3,20,000 16,000 1,60,000 18,000 10,000 14,000 65,000 6,300 18,700 33,600 11,000 22,500 18,000 8,600 2,000 1,15,000 1,80,000 1,92,000 8,000 1,200 2,000 Rs. 5% 10% 4% 7,68,000 (ii) Accrued Expenses on: Direct labour Indirect labour Interest on borrowed funds (iii) Depreciation to be provided on: Office appliance Plant and machinery Buildings (iv) Distribution of the Following Costs: Heat, light and power to factory, office and selling in the ratio 8:1:1. Rates and taxes two-thirds to factory and one-third to office. Depreciation on buildings to factory, office and selling in the ratio 8:1:1. With the help of the above information, you are required to prepare a condensed profit and loss statement of Gogetter Co. for the year ended 30th September, 2007 along with supporting schedules: (a) Cost of sales. (b) Selling and distribution expenses. (c) Administration expense. 4,800
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