Question: V. A product passes through two processes following information is obtained for the month March 2021 (In Rupees) P-I P- II Finished Stock Opening stock

V. A product passes through two processes following information is obtained

V. A product passes through two processes following information is obtained for the month March 2021 (In Rupees) P-I P- II Finished Stock Opening stock 7500 9000 22500 Direct material 15000 15750 Direct wages 11200 11250 4500 10500 Production Overheads Closing stock 3700 4500 11250 Profit % on transfer price 25% 20% Inter process profit for opening stock 1500 8250 Stock in process are valued at prime cost. Sale during the period were Rs. 1,40,000. Prepare (a) Process cost account showing the profit element at each stage, (b) Actual realized profit (C) Stock valuation (15)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

6. SR Ltd. produces Product Z through two distinct processes - Process I and Process II. On completion, it is transferred to finished stock. Following information is given for a particular month:...

SR Ltd. produces Product 'Z' through two distinct processes Process I and Process II. On completion, it is transferred to finished stock. Following information is given for a particular month:...

Question 3: Partnership Accounts Betty and Veronica are partners in a comic book store, sharing their profits and losses in the ratio of the capital contributed. They have provided the following...

INTRODUCTION TO FINANCIAL ACCOUNTING (ACC2001) SUMMER SEMESTER AY 2020/21 GROUP ASSIGNMENT INSTRUCTIONS: Groups must consist of a minimum of four (4) and a maximum of five (5) students. The...

(a) Zico Ltd. has its factory at two locations viz Nasik and Satara. Rowan plan is used at Nasik factory and Halsey plan at Satara factory. Standard time and basic rate of wages are same for a job...

18. Product AB passes through two processes A and B before it is transferred to finished stock. The following information is obtained for the month of January Process A Process B Finished (Rs.) (Rs.)...

Waverly Welding Manufacturing Ltd. is a company that manufactures and sells a single product. For planning and control purposes they utilize a monthly master budget, which is usually developed at...

HI I need help to with my assessment. Anyone can help me? T-1.8.1 Details of Assessment Term and Year T2 2017 Time allowed Week 2, 3, 4, 5, 6, 7, 8 Assessment No 1 Assessment Weighting 60% Assessment...

Write a short paper on Increasing technological advancement in the market.

You have recently been hired as the controller for a small manufacturing firm that makes high-definition televisions. One of your first tasks is to develop a report measuring throughput. Required...

Manaperial accounting is different from financlal accounting in that Mumple Choice Manageral acoburting includes mayy propections and ensmates wheress frevelas accounting has a minimum of...

Let S = $40, K = $40, r = 8% (continuously compounded), o = 30%, 8 = 0, T =0.5 years, and n = 2. a. Construct the binomial tree for the stock. Show that the fair call price is $4.11. b. Compute the...

(Appendices) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2 a) Purchased...

(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Bradford ~Plumbing had the following data for a recent year. LO8 REQUIRED: 1. Compute uncollectible account expense for the year. 2....

(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: AGING METHOD. Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year: LO6