Question
In: Accounting
Alsalam manufactures undertakes works against customers order. The following details relates to December 31st 2019 During...
Alsalam manufactures undertakes works against customers order. The following details relates to December 31st 2019
During the month December the company procured raw material worth OMR 150,000.During this period the company has undertaken different jobs. The factory overhead rate is estimated at 130% of direct labour cost but actual factory overhead incurred is OMR 68,000. The company purchased a machinery on 01.01.2019 at OMR 500,000 to be depreciated at 10% p.a. Other important information is given below:
- Jobs completed No:301,303,304,305 and 306
- Job no. 301,303,304 and 305were shipped and customers were billed for OMR 60,000, OMR 78,000,OMR 57,000 and OMR 85,000;
-
Material requisitioned and Factory labour used:
|
Job NO. |
Material (OMR) |
Factory Labour(OMR) |
|
301 |
10,000 |
11,000 |
|
302 |
7,000 |
14,520 |
|
303 |
12,500 |
11,080 |
|
304 |
28,500 |
18,700 |
|
305 |
12,000 |
16,200 |
|
306 |
16,000 |
13,500 |
|
307 |
12,000 |
13,000 |
|
General Factory use |
4,200 |
8,400 |
As a cost accountant , you are required to pass necessary journal entries for the month of December 2019.Also make work in process and finished goods account and finally arrive the gross profit or loss for the month.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
The following information relates to ABC Ltd., for the year ended 31st December, 2019.
The following information
relates to ABC Ltd., for the year ended 31st December,
2019.
Sales……………………………………………………………….. Rs.2,000,000.
EBID ………………………………………………………………. 40% of sales.
Ordinary Shares capital of par value Rs.10/each………………
Rs.800,000.
8% Preference shares Capital of par value Rs.100/ each……….
Rs.500,000.
10% Bonds payable of par value Rs.1000/each………………….
Rs.400,000.
Reserves and surplus………………………………………………Rs.250,000.
Current liabilities…………………………………………………..Rs.250,000.
Tax rate is 30%.
Market price of share is Rs.20 each.
Dividend payout ratio is 60%.
Required; Compute and comments
on each of the following ratios
a)Earning per...
R. Sedeno had the following assets and liabilities on 31st December, 2019. Items
R. Sedeno had the following assets and liabilities on
31st December, 2019.
Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
$20 stamps and $40...
R. Sedeno had the following assets and liabilities on 31st December, 2019. Items
R. Sedeno had the following assets and liabilities on
31st December, 2019.
Items
$
Items
$
Cash
100
Bank
2,180
Stock
5,900
Petty
Cash
120
Furniture and
Fittings
6,800
Equipment
3,200
Motor
Vehicle
17,500
Premises
40,000
Debtors:
Creditors:
L.
Robertson
1,900
T. Hosein 250
H.
Henry
520
N. Akua
1,200
Transactions during the month of January 2020 were as
follows:
1 Paid N.
Akua’s account less 5% discount by cheque.
2 Bought
$20 stamps and $40...
You are given the cost records for the quarter ending 31st March 2019 of Abby works...
You are given the cost records for the quarter ending
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job order cost system.
Details of cost transactions incurred during the quarter:
Material purchased on account OMR 98,500’
Factory overhead cost incurred on account OMR 78,000
Plant and machinery balance as on 01.01.2019 OMR 480,000
Depreciation on plant machinery@ 7% p.a
The factory overhead rate is 80% of direct labour cost
Jobs completed No:401 and 403.
Job no. 401.shipped and...
From the following data, prepare a cash budget for the three months ending 31st December,2019  
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three months ending 31st December,2019
(1)
Months
Sales (AED)
Materials (AED)
Wages (AED)
Overheads (AED)
September
10000
5000
1000
200
October
20000
4000
1000
200
November
25000
3000
2500
200
December
10000
4200
2000
300
(2) Credit terms are:
(a) sales/debtors-
50% sales are on cash basis, 50% of the credit sales are collected
next month.
(b)
Creditors
for materials- 1 months
for wages- Same months
for...
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PalEx a Palestinian listed company issued its financial
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The company acquired the year before (on January 1st 2019) a new
plant for 36,000,000
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PalEx a Palestinian listed company issued its financial statements on the 31st of December 2019. The...
PalEx a Palestinian listed company issued its financial
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The following trial balance relates to Rapcap plc at 31 December 2019: £000 £000 Land and...
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2019:
£000
£000
Land and Building – at cost 1/1/ 2019
350,000
Accumulated depreciation of building at 1/1/ 2019
50,000
Plant at cost
108,600
Accumulated depreciation of plant at 1/1/ 2019
24,600
Investment property – at valuation 1/1/2019
30,000
Investment income
1,200
Purchases
158,450
Distribution costs
26,400
Administrative expenses
27,200
Loan interest paid
3,400
Inventory at 1/1/ 2019
26,550
Corporation tax under-provided for 2018
250
Trade receivables/ trade payables...
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