I am not able to balance can you tell me where I went wrong ?

The following Trial Balance was extracted from the books of General Production Company Ltd on December 31, 2011 and presented to you the Financial Accountant:

Trial Balance

Details/Accounts	Dr $	Cr $
Purchases of direct raw materials	25,200,000
Stock of direct raw materials January 1,2011	5,500,000
Wages paid to manufacture goods	12,000,000
Insurance	2,000,000
Electricity	1,450,000
Cash at bank	28,000,000
Accounts payable		3,500,000
Discounts	450,000	500,000
Return of direct raw materials		200,000
Cash in hand	600,000
Work-in-progress January 1,2011	3,000,000
Salaries	3,500,000
Returns inward of finished goods	300,000
Carriage inwards of direct raw materials	1,000,000
Indirect raw materials January 1,2011	2,500,000
Accounts receivable	7,500,000
Provision for bad and doubtful debts		75,000
Machinery	10,000,000
Accumulated depreciation machinery		4,000,000
Office furniture	2,000,000
Purchase of indirect raw materials	2,500,000
Motor vehicles	14,000,000
Accumulated depreciation motor vehicles		2,800,000
Finished goods January 1, 2011	6,000,000
Provision for unrealized profit		1,000,000
Indirect wages	3,000,000
Rent payable	2,400,000
Capital		58,175,000
Stationery	250,000
Bad debts	200,000
Direct expenses	4,000,000
Sales		70,300,000
Carriage outwards	2,200,000
Rent receivable		500,000
Salesmen commission	1,500,000
	141,050,000	141,050,000

Notes:

(i)The company adds 20% mark-up to its cost of production.

(ii)The provision for bad and doubtful debts is to be increased to 1.5% of debtors.

(iii)$200,000 of the insurance relates to 2012.

(iv)Rent payable is to be apportioned 75% factory; 25% office.

(v)Depreciation is to be charged as follows: Machinery 10% Reducing balance; Motor vehicles 10% Straight line; Office furniture 10% on cost.

(vi)On December 31, 2011, $50,000 was outstanding for stationery.

(vii)Stocks as at December 31, 2011 were as follows: Direct raw materials, $4,500,000; Work-in-progress, $4,000,000; Finished goods, $4,500,000; Indirect raw materials, $2,000,000

(viii)1/5 of the amount paid for insurance is to be allocated to the office, while 60% of the electricity relates to the factory.

(ix)The motor vehicles are used equally between the factory and the office.

Answer

General Production Company Limited Manufacturing, Trading, Profit and Loss Account for the period ending December 31, 2011

Details / Account	$	$
Opening Stock of Raw Materials	5,500,000
Purchases of Raw Materials less Return	25,000,000
Carriage Inwards of Raw Materials	1,000,000
	31,500,000
Less Closing Stock of Raw Materials	(4,500,000)
	27,000,000
Direct Wages	12,000,000
Direct Expenses	4,000,000
Prime Cost		43,000,000
Factory Overheads
Opening Stock of Indirect materials	2,500,000
Purchases of indirect materials	2,500,000
Indirect wages	3,000,000
Depreciation on Machinery	4,600,000
Rent Payable	1,800,000
Depreciation on Motor vehicle	700,000
Insurance	1,440,000
Electricity	870,000
	17,410,000
Less Closing Stock of indirect materials	(2,000,000)	15,410,000
Opening WIP	3,000,000
Closing WIP	(4,000,000)	(1,000,000)
Cost of Production		57,410,000
20% Factory Mark Up		11,482,000
Market Value of Finished Goods		68,892,000
Sales Less Return Inwards		70,000,000
Less Cost of Sales
Opening stock of finished goods	6,000,000
Add market value of finished goods	68,892,000
	74,892,000
Less Closing Stock of finished goods	(4,500,000)	(70,392,000)
Gross Profit/Loss		(392,000)
Add Factory Profit		11,482,000
Discount received		500,000
Rent receivable		500,000
Decrease in Provision for unrealized profit		250,000
Total Gross Profit		12,340,000
Less Expenses
Depreciation on Office Furniture	200,000
Rent	600,000
Depreciation on Motor Vehicle	700,000
Salaries	3,500,000
Electricity	580,000
Discount Allowed	450,000
Insurance	360,000
Salesman Commission	1,500,000
Carriage Outwards	2,200,000
Increase in provision for bad debt	37,500
Bad Debt	200,000
Stationery	300,000	10,627,500
Net Profit		1,712,500

General Production Company Limited Balance Sheet for the period ending December 31, 2011

Details/Accounts	Cost	Acc. Dep	NBV
Fixed Assets	$	$	$
Machinery	10,000,000	4,600,000	5,400,000
Office Furniture	2,000,000	200,000	1,800,000
Motor Vehicle	14,000,000	3,920,000	10,080,000
	26,000,000	8,720,000	17,280,000
Current Assets
Stock : WIP	4,000,000
Raw material	4,500,000
Finished Goods less PFUP	3,750,000
Indirect Materials	2,000,000	14,250,000
Accounts Receivable less pbd		7,387,500
Cash at Bank		28,000,000
Cash in hand		600,000
Prepaid insurance		200,000	50,437,500
Total Assets			67,717,500
Financed By:
Capital		58,175,000
Add Net Profit		1,712,500	59,887,500
Current Liability
Accounts Payable		3,500,000
Accrued Stationery		50,000	3,550,000
			63,437,500
		Off 4,280,000