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Question 3 The following trial balance was extracted from the hooks of Rock Limited, a candy manufacturer, on 30 April 1999:

(iii) Analysis of the wages figure revealed: $ Direct manufacturing 48,632 Factory maintenance 12,158 (iv) Accruals at 30 Apr

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Answer #1

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Manufacturing , Trading , Profit and Loss A/c
To Raw Materials
Opening Stock 165300 By Trading account Trfd to Trading a/c 1161530
Purchases 936440
1101740
Closing stock 97200 1004540
Direct Wages Adjustment 48632
Prime Cost 1053172
Wages Adjustment 12158
Rent (243620+4380)*2/5 99200
1164530
Opening WIP 27200
1191730
Closing WIP 30200
1161530 1161530
Opening Finished Goods 72910 By Sales 2186400-1150000 2071400
Manufacturing a/c Trfd from manufacturing a/c 1161530 Closing finished goods 88400-25000 63400
Gross Profit 900360
2134800 2134800
Salaries 240680 Gross Profit 900360
Rent (243620+4380)*3/5 148800 Commission on consigment 115000*10/100 11500
Depreciation
-> Machinery 873800*20/100 174760
-> Motor vehicle (134240-74280)*25/100 14990
Selling expenses 97163-26500 70663
o/s Debenture Interest 200000*8/100 16000
Net Profit 245967
Total 911860 Total 911860
Profit and Loss Appropriation Account
General Reserve Trfd. 20000 Net Profit From Profit and Loss a/c 245967
Final Dividend (proposed) 240000*30/100 72000
Retained earnings Bal Fig. 153967
Total 245967 Total 245967
Balance Sheet
Assets Liabilities
Machinery 873800 Liabilities
Less: accum depreciation 341940 531860 Creditors 83920
O/s Rent 4380
Motor Vehicles 134240 O/s Interest 16000 104300
Less: accum depreciation 89270 44970 Mountain Sweet Ltd Note 77000
Proposed dividend 72000
Debtors 127500
Bank 70560 8% debentures 200000
Stock: Total Liability (A) 453300
Finished goods 63400
WIP 30200 Equity
Raw materials 97200 190800 Ordinary Share Capital 240000
General reserve 50000+20000 70000
Retained earnings 48423+153967 202390
Total equity (B) 512390
Total 965690 Total (A+B) 965690

Note:

Mountain Sweet Ltd
Bank a/c Sales made 115000 Bank a/c Selling exp 26500
Commission on consigment 10%*115000 11500
Balance c/d Bal Fig 77000
115000 115000

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