Toys Namibia is a manufacturing company. The financial year of Toys Namibia ends on 30 September 2020.

The following information is provided:

N$

Stock at 1 October 2019

Raw materials 3 800

Finished goods 26 000

Work in progress 14 200

Machinery at cost: Factory 55 000

Office 31 000

Carriage on raw materials 600

Purchases of raw materials 69 400

Sales of finished goods 150 000

Factory wages: Direct 52 300

Indirect 15 200

Wages of Office staff 16 720

General expenses: Factory 910

Office 1 350

Rates and Insurance 9 600

Fuel and power 12 000

Additional information

1. Stock at 30 September 2020

Finished goods N$28 900

Raw materials N$4 100

Work in progress N$17 800

2. Rates and insurance and fuel and power are to be apportioned as follows: factory 2/3 and office 1/3.
3. Depreciation for the year ended 30 September 2020 is to be charged as follows:

On factory machinery 20% on cost.

On office machinery 15% on cost.

1. Prepare an extract from the Balance Sheet as at 30 September 2020 to show the stocks at that date.

Toys Namibia

Extract of Balance Sheet as at 30 September 2020

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