Q # 1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Descriptions Debit Descriptions Debit Rs. Rs. Cash 28,200 Notes Payable 3,200 Accounts Receivable 41,000 Accounts Payable 12,350 Notes Receivable 23,000 Taxes Payable 1,500 Material (1-1-2018) 31,800 Rent Payable 1,020

Work in Process (1-1-2018) 4,000 Dividend Payable 500 Finished Goods (1-1--2018) 11,700 Sales 135,000 Prepaid Insurance 200 Common Stock 110,000 Machinery & Equipment 93,500 Retained Earnings 34,570 Purchased of Material 16,000 Accumulated Depreciation 20,000 Carriage inward 520 Direct Labor 33,000 Indirect Material 8,520 Indirect Labor 5,580 Depreciation - Factory 5,400 Utility - Factory 6,500 Carriage outward 460 Advertising 175 Salesmen Salary 565 Foreman Salary 7,000 Administrative Cost 1,020 318,140 318,140 During the year 70,000 units have been produced. The Following Further information are also available: Inventories at December 31st, 2018 Rs. Material 3,520 Work in Process 2,500 Finished Goods 10,000 Note: The factory overhead cost applied at the rate of 100% of direct labor cost. The actual FOH cost incurred during the period Rs. 31,480. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. (Marks 5) b) Statement of Profit or Loss for the year ended December 31st, 2018. (Marks 5)

O # 1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. Cash Accounts Receivable Notes Receivable Material (1-1-2018) Work in Process (1-1-2018) Finished Goods (1-1--2015) Prepaid Insurance Machinery & Equipment Purchased of Material Carriage inward Direct Labor Indirect Material Indirect Labor Depreciation - Factory Utility - Factory Carriage outward Advertising Salesmen Salary Foreman Salary Administrative Cost 28.200 Notes Payable 41,000 Accounts Payable 23.000 Taxes Payable 31.800 Rent Payable 4.000 Dividend Payable 11.700 Sales 200 Common Stock 93.500 Retained Earnings 16,000 Accumulated Depreciation 520 33,000 8,520 5,580 5,400 6,500 460 175 3.200 12.350 1.500 1.020 500 135,000 110,000 34.570 20.000 565 7,000 1,020 318.140 318,140 During the year 10,000 units have been produced. The Following Further information are also available: Inventories at December 31st, 2018 Material Work in Process Finished Goods Rs. 3,520 2.500 10,000 Note: The factory overhead cost applied at the rate of 100% of direct labor cost. The actual FOH cost incurred during the period Rs. 31,480. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. (Marks 5) b) Statement of Profit or Loss for the year ended December 31st, 2018. (Marks 5) O # 1 The Following Trail Balance has been extracted from the books of ABC Company on December 31st, 2018: Debit Debit Descriptions Descriptions Rs. Rs. Cash Accounts Receivable Notes Receivable Material (1-1-2018) Work in Process (1-1-2018) Finished Goods (1-1--2015) Prepaid Insurance Machinery & Equipment Purchased of Material Carriage inward Direct Labor Indirect Material Indirect Labor Depreciation - Factory Utility - Factory Carriage outward Advertising Salesmen Salary Foreman Salary Administrative Cost 28.200 Notes Payable 41,000 Accounts Payable 23.000 Taxes Payable 31.800 Rent Payable 4.000 Dividend Payable 11.700 Sales 200 Common Stock 93.500 Retained Earnings 16,000 Accumulated Depreciation 520 33,000 8,520 5,580 5,400 6,500 460 175 3.200 12.350 1.500 1.020 500 135,000 110,000 34.570 20.000 565 7,000 1,020 318.140 318,140 During the year 10,000 units have been produced. The Following Further information are also available: Inventories at December 31st, 2018 Material Work in Process Finished Goods Rs. 3,520 2.500 10,000 Note: The factory overhead cost applied at the rate of 100% of direct labor cost. The actual FOH cost incurred during the period Rs. 31,480. Required a) Statement of Cost of Goods Manufactured at December 31st, 2018. (Marks 5) b) Statement of Profit or Loss for the year ended December 31st, 2018. (Marks 5)