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Topic : Final Accounts( of Manufacturing organisation), Problem No 3, Following is the Trial balance of Mr Aditya for the year ended 31st March 2018, Particulars, Opening stock of, Raw material, Work in progress, Finished goods, Purchases of Raw material, Carriage on Raw material, Direct wages, Factory Rent, Factory power and fuel, Machinery, Sales, Office expenses, Cash at bank, Creditors, Bad debts, provision for bad debts, Debtors, Capitals, Drawings, , Rs, , Rs, , 12000, 7000, 20000, 105000, 4000, 56000, 8000, 11000, 80000, 325000, 50000, 11000, 21000, 1000, 2000, 53000, 82000, 12000, 430000, , 430000, Additional information:1) Stock on 31 March 2018 was as under, Raw material, Rs 15000, Work in progress, Rs 8000, Finished goods, Rs 25000, 2) Provide depreciation on machinery @ 10% p.a., 3) During the year Finished goods worth Rs 5000 were distributed as a free sample which, were not recorded., 4) Provision for reserve for doubtful debts was made at 5% on debtors, From the above details prepare Manufacuting account,Trading account,Profit and Loss account, for the year ended 31 March 2018 and Balance sheet as on same date.
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In the books of Mr Adtya, Manufacturing Account for the year ended 31 march 2018, Particulars, Rs, Rs, Particulars, Rs, Rs, To Opening stock, 7000 By Closing stock of, of WIP, WIP, 8000, To materials consumed, To opening stock, By Trading account, 188000, of RM, 12000, ( Cost of production), Add: purchases of RM, 105000, Add: Carriage on RM, 4000, less : Closing stock, of RM, -15000, 106000, To Direct wages, 56000, To Factory rent, 8000, To Factory power and, fuel, 11000, To Depreciation of, Machinery, 8000, 196000, 196000, , Particulars, To Manufacturing a/c, ( Cost of production), To opening stock of, finished goods, To Gross profit c/d, , Particulars, To office exp, To bad debts, Add: New provision, less: old RDD, To Advertisement, To Net profit tranfer, to Balance sheet, , Trading Account for the year 31 March 2018, Rs, Rs, Particulars, By sales, 188000 By goods distributed, as free sample, 20000 By closing stock of, 147000, finished goods, 355000, , Rs, , Profit & Loss Account for the year 31 March 2018, Rs, Rs, Particulars, Rs, 50000 By Gross profit b/d, 1000, 2650, 3650, -2000, 1650, 5000, 90350, 147000, , Rs, 325000, 5000, 25000, 355000, , Rs, 147000, , 147000
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Liabilities, Capital, Add: Net profit, less:Drawing, Creditors, , Balance sheet as on 31 March 2018, Rs, Rs, Assets, 82000, Machinery, 90350, Less: Depreciation, 172350, 12000 160350 Sundry debtors, Less: RDD 5%, 21000, Closing stock of, Raw material, Work in progress, Finished goods, Cash at bank, 181350, , Rs, 80000, 8000, , Rs, 72000, , 53000, 2650, , 50350, , 15000, 8000, 25000, 11000, 181350
