The following balances were extracted from the books of Atlas Enterprises for the year ended 30 September, 2009:
|
N |
N |
||
|
Stock … 1 October 2008 |
|||
|
Raw materials |
105,500 |
Factory expenses |
50,000 |
|
Finished goods |
347,000 |
Sales |
1,800,000 |
|
Work in progress |
76,000 |
Wages |
254,500 |
|
Purchases: Raw materials |
227,000 |
Rent & rates |
40,000 |
|
Motor Vehicle expenses |
11,000 |
Salaries |
35,000 |
|
Depreciation: |
Selling expenses |
6,800 |
|
|
Plant & machinery |
10,000 |
Market value of goods produced |
700,000 |
|
Motor Van |
8,000 |
Administrative expenses |
65,000 |
Additional information:
25% of Rent and rates is for the office; 30% of Salaries is for the foreman in the factory.
Stocks as at 30 September, 2009: Raw materials N87,700; Finished goods N320,000; Work in Progress N65,000
Prepare the firm’s Manufacturing, Trading, Profit and Loss Accounts for the year ended
30 September, 2009 in vertical form.