Question
Epsilon Ltd. reports the following for its two production processes for February: Particulars Process X () Process Y () Materials 55,000 -- Labour 50,000 85,000
Epsilon Ltd. reports the following for its two production processes for February:
Particulars | Process X (₹) | Process Y (₹) |
Materials | 55,000 | -- |
Labour | 50,000 | 85,000 |
Overheads | 40,000 | 75,000 |
The transfer from Process X to Process Y includes a 15% profit. The output from Process Y is transferred to the finished goods with a 30% profit. The finished goods are sold for ₹10,00,000.
Requirements:
- Prepare accounts for Process X and Process Y.
- Determine the total profit.
- Assume no opening or closing work-in-progress.
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Accounting Volume 1
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
9th Canadian edition
978-013309863, 9780133128338, 013309863X, 133128334, 978-0132690096
