The following trial balance was extracted from Malaika Biscuits Manufacturing Enterprise as at 31/12/22. Royalty expense...

 

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The following trial balance was extracted from Malaika Biscuits Manufacturing Enterprise as at 31/12/22. Royalty expense Purchases -raw materials 3 yrs Loan Debtors Repairs expense - adm dept Insurance expense-factory dept Sales Opening stock(1/1/22) - Raw materials - W.I.P - Finished goods Direct labour Factory building Electricity expense Return outward -raw materials Water expense Telephone expense-selling & distribution dept Returns inward - finished good Indirect labour expense Carriage inward -raw materials Creditors Fuel expense - selling & distribution dept. Product design cost Capital Salary expense Factory Lorry Provision for depreciation -Factory Lorry 1/1/22 Additional information 1, ii. iii. iv. V. vi. vii. , ii. iii. Debit Shs Required 10,000 72,000 20,000 14,000 15,000 38,000 15,000 25,000 23,000 90,000 20,000 16,000 10,000 8,900 20,000 6,000 6,100 11,000 28,000 74,000 Credit Shs Value of the closing stock (31/12/22) -Raw materials - W.I.P. - Finished goods 33,000 290,000 15,500 59,000 112,500 12,000 522,000 522,000 Factory building to be depreciated at a rate of 10% p.a. on cost Unpaid direct labour cost shs.5,000. shs 10,000 shs 9,000 shs 22,000 Salary expense to be apportioned to Factory dept, Selling &distribution dept and Administration dept in the ratio 6:3:3 respectively. Water expenses to be apportioned as follows: 3/4 - to the Factory department and the rest to the administration dept. Electricity expense to be apportioned Factory dept-45%, Selling & distribution dept- 25% and administration dept 30%. Factory Lorry to be depreciated at a rate of 15% p.a. on net book value. Prepare the Manufacturing account for the year ended 31/12/22. Prepare the Trading & profit & loss account(Income statement) for the year ended 31/12/22. Prepare the statement of financial position (balance sheet) as at 31/12/22. (10 Marks) The following trial balance was extracted from Malaika Biscuits Manufacturing Enterprise as at 31/12/22. Royalty expense Purchases -raw materials 3 yrs Loan Debtors Repairs expense - adm dept Insurance expense-factory dept Sales Opening stock(1/1/22) - Raw materials - W.I.P - Finished goods Direct labour Factory building Electricity expense Return outward -raw materials Water expense Telephone expense-selling & distribution dept Returns inward - finished good Indirect labour expense Carriage inward -raw materials Creditors Fuel expense - selling & distribution dept. Product design cost Capital Salary expense Factory Lorry Provision for depreciation -Factory Lorry 1/1/22 Additional information 1, ii. iii. iv. V. vi. vii. , ii. iii. Debit Shs Required 10,000 72,000 20,000 14,000 15,000 38,000 15,000 25,000 23,000 90,000 20,000 16,000 10,000 8,900 20,000 6,000 6,100 11,000 28,000 74,000 Credit Shs Value of the closing stock (31/12/22) -Raw materials - W.I.P. - Finished goods 33,000 290,000 15,500 59,000 112,500 12,000 522,000 522,000 Factory building to be depreciated at a rate of 10% p.a. on cost Unpaid direct labour cost shs.5,000. shs 10,000 shs 9,000 shs 22,000 Salary expense to be apportioned to Factory dept, Selling &distribution dept and Administration dept in the ratio 6:3:3 respectively. Water expenses to be apportioned as follows: 3/4 - to the Factory department and the rest to the administration dept. Electricity expense to be apportioned Factory dept-45%, Selling & distribution dept- 25% and administration dept 30%. Factory Lorry to be depreciated at a rate of 15% p.a. on net book value. Prepare the Manufacturing account for the year ended 31/12/22. Prepare the Trading & profit & loss account(Income statement) for the year ended 31/12/22. Prepare the statement of financial position (balance sheet) as at 31/12/22. (10 Marks)

Answer rating: 100% (QA)

i Manufacturing Account for the Year Ended 311222 Particulars Debit Shs Credit Shs Opening Stock Raw ... View the full answer