Example- 20.1: Three joint products are produced by passing chemicals through two processes. Output from process 1 is transferred to process 2 from which the three joint products are produced and immediately sold. The data regarding the process for April, 2000 is given below: Particulars Process 1 Process 2 Direct material 2500 kgs@Rs.4 per kg. Rs.10,000 Direct labor Rs.6,250 Rs.6,900 Overheads Rs. 4,500 Rs.6,900 Normal Loss 10% of input Nil Scrap value of loss Rs.2 per kgs Output 2300 kgs Joint products: A B There were no opening or closing stocks in either process or the selling prices of the output from process 2 900 Kgs 800 Kgs 600 Kgs were: Joint product A Rs.24 per kg Joint product B Rs.18 per kg Joint product C Rs.12 per kg Required: a) Prepare an account for process 1 together with any loss or gain account you consider necessary to record the month's activities. b) Calculate the profit attributable to each of the joint products by apportioning the total cost from process 2: (i) according to weight of output. (ii) By the market value of production