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Ezekielcassese
17.06.2020 •
Business
How would you show the following two items in a company‘s Balance Sheet as at
31st March, 2020 as per the requirement of Schedule III: General Reserve (Since
31st March, 2019) Rs. 5,00,000.
Statement of Profit and Loss (Debit Balance) for
2019-20 Rs. 3,00,000.
Solved
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Ответ:
WIP inventory 68,000 debit
Factory Overhead 8000 debit
Raw Materials Inventory 76,000 credit
WIP inventory 55.000 debit
Factory Overhead 12,400 debit
Factory Payroll payable 77,400 credit
WIP inventory 31,250 debit
Factory overhead 31,250 credit
Finished Goods Inventory 73,750 debit
WIP inventory 73,750 credit
Explanation:
Direct Materials used:
10,000 + 20,000 + 24,000 + 14,000 = 68,000
Direct Labor used:
8,000 + 17,000 + 18,000 + 12,000 = 55,000
Overhead Applied:
6,000 + 12,750 + 13,500 + 9,000 = 31,250
Overhead rate:
6,000 / 8,000 = 0.75
12,750 / 17,000 = 0.75
Finished goods:
24,000 + 49,750 = 73,750