The following are the extracts of balances of X Co Ltd. in its integrated ledgers as on 1st January 2007.
|
Particulars |
Debit – Rs. |
Credit – Rs. |
|
Stores Control A/c |
36,000 |
|
|
Work in progress A/c |
34,000 |
|
|
Finished goods A/c |
26,000 |
|
|
Cash at bank |
20,000 |
|
|
Creditors Control A/c |
|
16,000 |
|
Fixed Assets A/c |
1,10,000 |
|
|
Debtors Control A/c |
24,000 |
|
|
Share Capital A/c |
|
1,60,000 |
|
Depreciation Provision A/c |
|
10,000 |
|
Profit & Loss A/c |
|
64,000 |
|
Total |
2,50,000 |
2,50,000 |
Transactions for the twelve months ended on 31st December 2007 were as follows:
v Direct wages: Rs.1, 74, 000
v Indirect wages: Rs.10, 000
v Stores purchased on credit: Rs.2, 00, 000
v Stores issued to repair order: Rs.4, 000
v Stores issued to production: Rs.2, 20, 000
v Goods finished during the period at cost: Rs.4, 30, 000
v Goods sold at sales value [on credit]: Rs.6, 00, 000
v Goods sold at cost: Rs.4, 40, 000
v Production overhead recovered: Rs.96, 000 #
v Production overheads: Rs.80, 000 #
v Administration overheads: Rs.24, 000 #
v Selling and Distribution overheads: Rs.28, 000 #
v Depreciation [works]: Rs.2, 600
v Payment to suppliers: Rs.2, 02, 000 paid by cheque
v Payments by customers: Rs.5, 80, 000 paid by cheque
v Rates prepaid included in production overheads incurred: Rs.600
v Purchases of fixed assets: Rs.4, 000 #
v Charitable donation: Rs.2, 000 #
v Fines paid: Rs.1, 000 #
v Interest on bank loan: Rs.200 #
v Income Tax: Rs.40, 000 # [Note # indicates paid by cheque]
You are required to write up the accounts in the integral ledger and make out a trial balance. The administration overhead is written off to the Profit and Loss A/c