4,20,00% 23,10,000 2,20,000 23,10,000 Question-6 MJ Pvt. Ltd. produces a product "SKY" which passes through two processes, viz. Process-A and Process-B. The details for the year ending 31st March, 2014 are as follows: Process A Process B 40,000 Units introduced at a cost of 3,60,000 Material Consumed 2,42,000 2,25,000 Direct Wages *2,58,000 1,90,000 Manufacturing Expenses 1,96,000 1,23,720 Output in Units 37,000 27,000 Normal Wastage of Input 5% 10% Scrap Value (per unit) *15 20 Selling Price (per unit) 37 61 Additional Information: (a) 80% of the output of Process-A, was passed on to the next process and the balance was solet. The entire output of Process-B was sold. (b) Indirect expenses for the year was * 4,48,080. (c )It is assumed that Process-A and Process-B are not responsibility centre. Required: (1) Prepare Process-A and Process-B Account. (ii) Prepare Profit & Loss Account showing the net profit I net loss for the year