The following data have been taken from the book of Ghani Manufacturing Company Ltd. for the...

 

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The following data have been taken from the book of Ghani Manufacturing Company Ltd. for the year 2003-04. Inventories Raw Materials Goods In Process Finished Goods Data for the Year Sales Rs. Rs. 900,000 10,000 25,000 July 1 65,000 80,000 50,000 Rs. 310,000 Purchases (Raw Materials) Rs. Direct Labour payment Discount received 250,000 Carriage Inward Purchases Return (Raw materials) 10,000 Factory Expenses excluding Indirect Material and Labour amounted to Rs. 150,000, Indirect Labour is 20% of total payment & Direct Material is 90% of Total Raw Material Consumption.Total Administrative and Selling Expenses amounted to 15% of Sales. REQUIRED: a) Statement of Cost of Goods sold b) Income Statement June 30 55,000 90,000 75,000 [S.M] The following data have been taken from the book of Ghani Manufacturing Company Ltd. for the year 2003-04. Inventories Raw Materials Goods In Process Finished Goods Data for the Year Sales Rs. Rs. 900,000 10,000 25,000 July 1 65,000 80,000 50,000 Rs. 310,000 Purchases (Raw Materials) Rs. Direct Labour payment Discount received 250,000 Carriage Inward Purchases Return (Raw materials) 10,000 Factory Expenses excluding Indirect Material and Labour amounted to Rs. 150,000, Indirect Labour is 20% of total payment & Direct Material is 90% of Total Raw Material Consumption.Total Administrative and Selling Expenses amounted to 15% of Sales. REQUIRED: a) Statement of Cost of Goods sold b) Income Statement June 30 55,000 90,000 75,000 [S.M]

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The question seems to be requiring the preparation of two financial statements a Statement of Cost of Goods Sold COGS and b Income Statement Ill guide ... View the full answer