Rehman Company completed the following transactions in the month of June 2006. (i) Purchased raw material...

 

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Rehman Company completed the following transactions in the month of June 2006. (i) Purchased raw material on account Rs. 150,000 (ii) Raw material returned to supplier Rs. 3,000 (iii) Total labour incurred Rs. 120,000. . (iv) Depreciation expense of factory estimated Rs. 10,000. (v) Factory overhead payable (other than indirect material and indirect labour) Rs. 60,000. (vi) Raw material, direct labour and F.O.H applied on jobs as follow. F.O.H applied 40,000 32,000 16,000 Raw Material Direct Labour Job No. 611 Job No. 612 Job No. 613 50,000 40,000 20,000 Rs. Rs. 50,000 60,000 20,000 Rs. (vii) Indirect material used R. 5,000. (viii) Indirect Labour used Rs. 10,000. (ix) Job Nos. 611 and 612 completed and transferred to finished goods store. (x) Completed jobs sold on account with 20% above cost. (xi) Over or under applied F.OH closed with cost of goods sold. Required:- Record the above transactions in General Journal. Rehman Company completed the following transactions in the month of June 2006. (i) Purchased raw material on account Rs. 150,000 (ii) Raw material returned to supplier Rs. 3,000 (iii) Total labour incurred Rs. 120,000. . (iv) Depreciation expense of factory estimated Rs. 10,000. (v) Factory overhead payable (other than indirect material and indirect labour) Rs. 60,000. (vi) Raw material, direct labour and F.O.H applied on jobs as follow. F.O.H applied 40,000 32,000 16,000 Raw Material Direct Labour Job No. 611 Job No. 612 Job No. 613 50,000 40,000 20,000 Rs. Rs. 50,000 60,000 20,000 Rs. (vii) Indirect material used R. 5,000. (viii) Indirect Labour used Rs. 10,000. (ix) Job Nos. 611 and 612 completed and transferred to finished goods store. (x) Completed jobs sold on account with 20% above cost. (xi) Over or under applied F.OH closed with cost of goods sold. Required:- Record the above transactions in General Journal.

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Journal entries No General Journal Debit Credit i Raw material 150000 Account payable 150000 TO pu... View the full answer