Karl Peter and M. Kadogo are in partnership as manufactures of Tick. Toys, Peter being responsible...

 

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Karl Peter and M. Kadogo are in partnership as manufactures of Tick. Toys, Peter being responsible for the factory and Kadogo for the sales. All completed toys are transferred from the factory to sales department at agreed price. Profits are shared on the following basis: Fackur Sales Depamen Peter Kadege 20 The following trial balance has been extracted from the books at 31 March 2021: Sh. LOS3,750 43.750 Frechold factory at cemt Factory plant, al co Provision for depreciation I April 2020 Delivery van, cot 1S1.250 401,25 Provinion for depreciation I April 20 Stocks at I April 2020 Raw muterialh Work-in-peogress Toys cempietod (30,000 at Sh40) Sales (45,500 oysi Purchases of raw materitla .20 100,700 85.000 1.200.000 2.775.500 716250 375 500 50.750 Factory wages Sales departmet wages Exponses Factory Sales Depurmene Provinion for doubtful debesI Apil 2020 Trade dettors and ereditors Benk oventraft po1,750 450,000 150,000 Kapial accout Peter Kaleye Drawings Peer Kadego 1,400,000 425.000 150,000 T23.000 6.204..204 Additional information: 38,000 toys at Sh.45 cach were manufactured and transferred to Sales Department during the year. Toys in stock at the end of the year were to be valued at Sh. 45 each. Stock of raw materials was Sh.79.50 and work-in-progress was valued at prime cost of Sh. 126, 250 at 31 March 2021. Accrued expenses outstanding at 31 March 2021: Sale Departima Sh Faters Zastry wae 70 Provision for depreciation is to be made as follows: •Factory plant •Delivery van 10% p.a. on cost 20% pa. on cost The general provision for bad debts is to be maintained at 10% of the trade debtors. Required: o Manufacturing account, statement of profit or loss and appropriation accounts for the year ended 31 March 2021 (14 marks) Statement of financial nosition as at that date (6 marksi Karl Peter and M. Kadogo are in partnership as manufactures of Tick. Toys, Peter being responsible for the factory and Kadogo for the sales. All completed toys are transferred from the factory to sales department at agreed price. Profits are shared on the following basis: Fackur Sales Depamen Peter Kadege 20 The following trial balance has been extracted from the books at 31 March 2021: Sh. LOS3,750 43.750 Frechold factory at cemt Factory plant, al co Provision for depreciation I April 2020 Delivery van, cot 1S1.250 401,25 Provinion for depreciation I April 20 Stocks at I April 2020 Raw muterialh Work-in-peogress Toys cempietod (30,000 at Sh40) Sales (45,500 oysi Purchases of raw materitla .20 100,700 85.000 1.200.000 2.775.500 716250 375 500 50.750 Factory wages Sales departmet wages Exponses Factory Sales Depurmene Provinion for doubtful debesI Apil 2020 Trade dettors and ereditors Benk oventraft po1,750 450,000 150,000 Kapial accout Peter Kaleye Drawings Peer Kadego 1,400,000 425.000 150,000 T23.000 6.204..204 Additional information: 38,000 toys at Sh.45 cach were manufactured and transferred to Sales Department during the year. Toys in stock at the end of the year were to be valued at Sh. 45 each. Stock of raw materials was Sh.79.50 and work-in-progress was valued at prime cost of Sh. 126, 250 at 31 March 2021. Accrued expenses outstanding at 31 March 2021: Sale Departima Sh Faters Zastry wae 70 Provision for depreciation is to be made as follows: •Factory plant •Delivery van 10% p.a. on cost 20% pa. on cost The general provision for bad debts is to be maintained at 10% of the trade debtors. Required: o Manufacturing account, statement of profit or loss and appropriation accounts for the year ended 31 March 2021 (14 marks) Statement of financial nosition as at that date (6 marksi

Answer rating: 100% (QA)

1 2 Tick Toys Manuf TradingPL and PL Appr For the Year Ended 31st March2021 Manufacturing AC D... View the full answer