The following balances as at 28 February 2017 have been extracted from the accounting records of Tomas
Question:
The following balances as at 28 February 2017 have been extracted from the accounting records of Tomas Neale Ltd:
Raw material in stock at 010316 $ 20,000
Raw material purchases 130,000
Carriage inwards 8,000
Direct labour 80,000
Indirect factory labour 80,000
Factory power (indirect) 45,000
Insurance of production equipment 40,000
Depreciation of production equipment 50,000
Other production overheads 35,000
Work in progress at 010316 30,000
Finished goods stock at 010316 45,000
Sales 880,000
Distribution costs 150,000
Administration expenses 110,000
Raw material in stock at 280217 12,000
Work in progress at 280217 45,000
Finished goods stock at 280213 50,000
Required
a) Prepare the manufacturing account for the year ended 28 February 2017.
b) Prepare the trading and profit and loss account for the year ended 28 February 2017.
Accounting For Non-Accounting Students
ISBN: 9781292128979
9th Edition
Authors: John R. Dyson, Ellie Franklin