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of lomme Producers La of the company for Crs Drs 2000.000 57.000.000 12.650.000 25.220,000 8,400,000 7.500.000 15.000.000 5.000.000 4.000.000 6.000.000 2.400.000 4.000.000 300.000 1,400,000 1.000.000
of lomme Producers La of the company for Crs Drs 2000.000 57.000.000 12.650.000 25.220,000 8,400,000 7.500.000 15.000.000 5.000.000 4.000.000 6.000.000 2.400.000 4.000.000 300.000 1,400,000 1.000.000 1,400,000 80.000 So shed pods Aprill 2013 Accounts payable Accumulated depreciation on motor vehicles Work-in-progress, April 1, 2013 Onice salaries Ron Bank Provision for unrealized profit Insurance Motor vehicle repairs Provision for bad and doubtful debts Electricity Drawings Cash in hand Bad debts Cost of labour used to produce goods Stationery Indirect factory wages Accounts receivable Office furniture and fittings Provision for depreciation on office furniture, etc. Stock of direct raw materials, April 1, 2013 Machinery Provision for depreciation on machinery Carriage inwards on direct raw materials Direct raw materials returned to suppliers Total 1.500.000 500.000 200,000 200.000 8.000.000 400.000 2,500,000 9,500,000 2,000,000 500.000 5,000,000 12,000,000 3,000,000 1,500,000 150,000 100.150.000 100.150.000 otes: (1) Apportion rent 0.80 factory, 0.20 office. Motor vehicles are used 30% of the time by the office Electricity bill was pre-paid to the extent of $50,000 as at March 31, 2014 while S100,000 was still unpaid on that date for insurance Apportion insurance 60% factory: 40% offices, and electricity factory, offices Adjust the provision for bad and doubtful debts to 1% of debtors. (vi) 20% factory profit is to be added to the company's cost of production (vii) Depreciation is to be charged as follows: Motor vehicles, 10% on cost Office Furniture, 10% Straight Line Method; and Machinery 20% Reducing Balance Method (viii) Stocks on March 31, 2014 were as follows: Finished goods, $7.200,000; Work-in-progress, $3,600,000; Direct raw materials, $4,000,000. Required: (a) Homemade Producers Ltd Manufacturing, Trading and Profit and Loss Account for the year ending March 31, 2014. (26 marks) (b) Homemade Producers Ltd Balance Sheet as at March 31, 2014. (14 marks) sbrought line defne Homemade Producers (the company for crs 5.000.000 25.220.000 100.000 7.500.000 15.000.000 non motor vehicles 5.000.000 4.000.000 6.000.000 2.400.000 4,000,000 300.000 Provision for unrealized profit 1.400.000 1.000.000 1.400.000 80,000 Motor vehicle repairs Provision for bad and doubtful debts Electricity Drawings Cash in hand Bad debts Cost of labour used to produce goods Stationery Indirect factory wages Accounts receivable Office furniture and fittings Provision for depreciation on office furniture, etc. Stock of direct raw materials, April 1, 2013 Machinery Provision for depreciation on machinery Carriage inwards on direct raw materials Direct raw materials returned to suppliers Cotal 1,500,000 500.000 200,000 200,000 8,000,000 400.000 2.500,000 9,500,000 2,000,000 500,000 5,000,000 12,000,000 3,000,000 1,500,000 100.150.000 150,000 100,150,00 otes: Apportion rent 0.80 factory; 0.20 office. Motor vehicles are used 30% of the time by the office. Page 2 of lomme Producers La of the company for Crs Drs 2000.000 57.000.000 12.650.000 25.220,000 8,400,000 7.500.000 15.000.000 5.000.000 4.000.000 6.000.000 2.400.000 4.000.000 300.000 1,400,000 1.000.000 1,400,000 80.000 So shed pods Aprill 2013 Accounts payable Accumulated depreciation on motor vehicles Work-in-progress, April 1, 2013 Onice salaries Ron Bank Provision for unrealized profit Insurance Motor vehicle repairs Provision for bad and doubtful debts Electricity Drawings Cash in hand Bad debts Cost of labour used to produce goods Stationery Indirect factory wages Accounts receivable Office furniture and fittings Provision for depreciation on office furniture, etc. Stock of direct raw materials, April 1, 2013 Machinery Provision for depreciation on machinery Carriage inwards on direct raw materials Direct raw materials returned to suppliers Total 1.500.000 500.000 200,000 200.000 8.000.000 400.000 2,500,000 9,500,000 2,000,000 500.000 5,000,000 12,000,000 3,000,000 1,500,000 150,000 100.150.000 100.150.000 otes: (1) Apportion rent 0.80 factory, 0.20 office. Motor vehicles are used 30% of the time by the office Electricity bill was pre-paid to the extent of $50,000 as at March 31, 2014 while S100,000 was still unpaid on that date for insurance Apportion insurance 60% factory: 40% offices, and electricity factory, offices Adjust the provision for bad and doubtful debts to 1% of debtors. (vi) 20% factory profit is to be added to the company's cost of production (vii) Depreciation is to be charged as follows: Motor vehicles, 10% on cost Office Furniture, 10% Straight Line Method; and Machinery 20% Reducing Balance Method (viii) Stocks on March 31, 2014 were as follows: Finished goods, $7.200,000; Work-in-progress, $3,600,000; Direct raw materials, $4,000,000. Required: (a) Homemade Producers Ltd Manufacturing, Trading and Profit and Loss Account for the year ending March 31, 2014. (26 marks) (b) Homemade Producers Ltd Balance Sheet as at March 31, 2014. (14 marks) sbrought line defne Homemade Producers (the company for crs 5.000.000 25.220.000 100.000 7.500.000 15.000.000 non motor vehicles 5.000.000 4.000.000 6.000.000 2.400.000 4,000,000 300.000 Provision for unrealized profit 1.400.000 1.000.000 1.400.000 80,000 Motor vehicle repairs Provision for bad and doubtful debts Electricity Drawings Cash in hand Bad debts Cost of labour used to produce goods Stationery Indirect factory wages Accounts receivable Office furniture and fittings Provision for depreciation on office furniture, etc. Stock of direct raw materials, April 1, 2013 Machinery Provision for depreciation on machinery Carriage inwards on direct raw materials Direct raw materials returned to suppliers Cotal 1,500,000 500.000 200,000 200,000 8,000,000 400.000 2.500,000 9,500,000 2,000,000 500,000 5,000,000 12,000,000 3,000,000 1,500,000 100.150.000 150,000 100,150,00 otes: Apportion rent 0.80 factory; 0.20 office. Motor vehicles are used 30% of the time by the office. 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