Urgent answers needed

Urgent answers needed

Urgent answers needed

Urgent answers needed please

QUESTION 1 The following data relates to Sephakor Ltd for the month of April 2020. Rates per hour (GHS) units of job Bonus (GHS) Names of Employees Adusel Poku 30 30 760 Kwame Bekog 25 40 430 Samuel Ato 40 45 440 Serwaa Akoto 45 35 550 450 James Obli 30 25 Additional information: NB - It takes thours to complete a unit job i) Income tax is 10% ii) Rent allowance is 15% of basic wages Risk allowance is at 5% of basic iv) The SSF contribution is 15% (vi)Provident fund contribution is 13% of basic v) SSF & Provident fund are non-taxable deductions i. You are required to prepare payroll for the month showing: Basic wages (3 marks) il Gross wages (3 marks) ini. Total deductions (4 marks) iv. Net wages (4 marks) V State the reasons why SSF & Provident Fund are non-taxable (2marks) Question 2 Blessings Limited uses material called zola which is measured in kilogram for its production. In the month of January, 2014, the following transactions in respect of the material occurred: Jan. 1 Opening inventory of 100 kg at GHS2 per kg Jan.2 Purchases 200kg@ GHS4/kg Jan.9 Issued 200kg @ GHS20/Kg Jan.15 Purchased 400kg @ GHS3/kg Jan. 19 Purchased 300kg @ GHS5/kg Jan 20 sale agents paid commission of GHS1.50 on each kg sold to date Jan.22 Issued 600kg @ GHS30 each Jan 31 returned to stores half of goods issued on Jan 9 Jan 31 any outstanding sales agents paid in full whereas rent and rates of GHS 2,000 is accrued. Required: i) Prepare a store ledger account using Weighted Average Method (WAM) to account for the month of January, 2020. (6marks) ii) Prepare the income statement of the company and show the profit for the month of January (6marks) iii) Explain two (2) advantages and disadvantages each of WAM in accounting for materials (4marks) Question 3 a)Explain the terms overhead allocation, overhead apportionment and overhead absorption (3marks) b)Azu Company Limited is divided into four (4) cost centers. That is A, B, as production departments and Human Resource & Repairs as service departments The actual cost of a period is as follows A B HR Repairs GHS GHS GHS GHS Indirect materials 35 150 25 Maintenance wages 160 250 300 325 Other owerheads as follows: Supervision Power GHS 1500 1800 Rent Repairs of plants Depreciation of plants Depreciation of building 300 1200 850 720 HR Repairs 500 The following information is available in respect of the departments: A B Area occupied in square feet 1500 1100 900 Number of employees 20 15 Value of plant 6000 3000 HZ Power 10000 9000 6000 10 5 4500 1500 5000 Required i) Prepare an overhead analysis sheet by the most reasonable approach and estimate the overhead cost incurred in each cost center (6marks) Department A & B are production departments whereas HR & Repairs are there to service these production departments. Assume these two service departments do not render any service to each other. Using equitable and fair as appropriate as possible re-apportion the HR & Repairs overheads to the production departments (4marks) Question 4 Asana company limited is into production of bricks. For the period jut ended 30 April the company initiated 2,500units of material ODA into production expecting 15% to go waste. However ,80% of the input mayerial came out as good. It cost Asana company 50,000GHS to obtain the material. Labour cost has be agreed at 60% of the material cost whilst overhead cost is always at % of the material cost. Normal loss can be sold at 1.50GHS per unit. Required: i) Estimate the cost of each finished good (2 marks) ii) What is the value of abnormal loss/ abnormal gain if any? (2 marks) iii) Show the process account (6 marks) iv)State three features of process costing system (3marks) (Total 13 marks) QUESTION 1 The following data relates to Sephakor Ltd for the month of April 2020. Rates per hour (GHS) units of job Bonus (GHS) Names of Employees Adusel Poku 30 30 760 Kwame Bekog 25 40 430 Samuel Ato 40 45 440 Serwaa Akoto 45 35 550 450 James Obli 30 25 Additional information: NB - It takes thours to complete a unit job i) Income tax is 10% ii) Rent allowance is 15% of basic wages Risk allowance is at 5% of basic iv) The SSF contribution is 15% (vi)Provident fund contribution is 13% of basic v) SSF & Provident fund are non-taxable deductions i. You are required to prepare payroll for the month showing: Basic wages (3 marks) il Gross wages (3 marks) ini. Total deductions (4 marks) iv. Net wages (4 marks) V State the reasons why SSF & Provident Fund are non-taxable (2marks) Question 2 Blessings Limited uses material called zola which is measured in kilogram for its production. In the month of January, 2014, the following transactions in respect of the material occurred: Jan. 1 Opening inventory of 100 kg at GHS2 per kg Jan.2 Purchases 200kg@ GHS4/kg Jan.9 Issued 200kg @ GHS20/Kg Jan.15 Purchased 400kg @ GHS3/kg Jan. 19 Purchased 300kg @ GHS5/kg Jan 20 sale agents paid commission of GHS1.50 on each kg sold to date Jan.22 Issued 600kg @ GHS30 each Jan 31 returned to stores half of goods issued on Jan 9 Jan 31 any outstanding sales agents paid in full whereas rent and rates of GHS 2,000 is accrued. Required: i) Prepare a store ledger account using Weighted Average Method (WAM) to account for the month of January, 2020. (6marks) ii) Prepare the income statement of the company and show the profit for the month of January (6marks) iii) Explain two (2) advantages and disadvantages each of WAM in accounting for materials (4marks) Question 3 a)Explain the terms overhead allocation, overhead apportionment and overhead absorption (3marks) b)Azu Company Limited is divided into four (4) cost centers. That is A, B, as production departments and Human Resource & Repairs as service departments The actual cost of a period is as follows A B HR Repairs GHS GHS GHS GHS Indirect materials 35 150 25 Maintenance wages 160 250 300 325 Other owerheads as follows: Supervision Power GHS 1500 1800 Rent Repairs of plants Depreciation of plants Depreciation of building 300 1200 850 720 HR Repairs 500 The following information is available in respect of the departments: A B Area occupied in square feet 1500 1100 900 Number of employees 20 15 Value of plant 6000 3000 HZ Power 10000 9000 6000 10 5 4500 1500 5000 Required i) Prepare an overhead analysis sheet by the most reasonable approach and estimate the overhead cost incurred in each cost center (6marks) Department A & B are production departments whereas HR & Repairs are there to service these production departments. Assume these two service departments do not render any service to each other. Using equitable and fair as appropriate as possible re-apportion the HR & Repairs overheads to the production departments (4marks) Question 4 Asana company limited is into production of bricks. For the period jut ended 30 April the company initiated 2,500units of material ODA into production expecting 15% to go waste. However ,80% of the input mayerial came out as good. It cost Asana company 50,000GHS to obtain the material. Labour cost has be agreed at 60% of the material cost whilst overhead cost is always at % of the material cost. Normal loss can be sold at 1.50GHS per unit. Required: i) Estimate the cost of each finished good (2 marks) ii) What is the value of abnormal loss/ abnormal gain if any? (2 marks) iii) Show the process account (6 marks) iv)State three features of process costing system (3marks) (Total 13 marks)