A firm maintains separate Cost and Financial Ledgers. The opening trial balance in the Cost Ledger was as follows:

Cost Ledger — Opening Trial Balance

During the period sales were £37,529 and purchases, wages and overheads totalled £29,286.
At the end of the period, by coincidence, the stores ledger and W-I-P Control accounts were the same values as in the opening trial balance and the balance on the Financial Ledger Control A/C was £21,242.
What was the profit for the period and the balance on the Finished Goods Control A/C?

Transcribed Image Text:

Financial Ledger Control A/c 24,952 Stores Ledger Control A/c 3,916 W-I-P Control A/c 12,521 Finished Goods Control A/c 8,515 24,952 24,952