The following trial balance was extracted from the books of G & E Production Company Ltd on 31 December 2018 and presented to you the Financial Accountant:
Trial Balance
Details/Accounts |
Dr $ |
Cr $ |
Purchases of direct raw materials |
24,200,000 |
|
Stock of direct raw materials 1 January 2018 |
5,500,000 |
|
Wages paid to manufacture goods |
12,000,000 |
|
Insurance |
2,000,000 |
|
Electricity |
1,450,000 |
|
Cash at bank |
28,000,000 |
|
Accounts payable |
3,500,000 |
|
Discounts |
450,000 |
500,000 |
Return of direct raw materials |
200,000 |
|
Cash in hand |
600,000 |
|
Work-in-progress 1 January 2018 |
3,000,000 |
|
Salaries |
3,500,000 |
|
Returns inward of finished goods |
300,000 |
|
Carriage inwards of direct raw materials |
1,000,000 |
|
Indirect raw materials 1 January 2018 |
2,500,000 |
|
Accounts receivable |
7,500,000 |
|
Provision for bad and doubtful debts |
75,000 |
|
Machinery |
10,000,000 |
|
Accumulated depreciation machinery |
4,000,000 |
|
Office furniture |
2,000,000 |
|
Purchase of indirect raw materials |
2,500,000 |
|
Motor vehicles |
14,000,000 |
|
Accumulated depreciation motor vehicles |
2,800,000 |
|
Finished goods 1 January 2018 |
6,000,000 |
|
Provision for unrealized profit |
1,000,000 |
|
Indirect wages |
3,000,000 |
|
Bank loan |
2,550,000 |
|
Rent |
2,400,000 |
500,000 |
Capital |
55,625,000 |
|
Stationery |
250,000 |
|
Bad debts |
200,000 |
|
Licence fee |
4,000,000 |
|
Sales |
69,300,000 |
|
Carriage outwards |
2,200,000 |
|
Salesmen commission |
1,500,000 |
|
140,050,000 |
140,050,000 |
Notes:
REQUIRED:
Industry Average
Solution:
The following trial balance was extracted from the books of G & E Production Company Ltd...
The following trial balance was extracted from the books of G & E Production Company Ltd on 31 December 2018 and presented to you the Financial Accountant: Trial Balance Details/Accounts Dr $ Cr $ Purchases of direct raw materials 24,200,000 Stock of direct raw materials 1 January 2018 5,500,000 Wages paid to manufacture goods 12,000,000 Insurance 2,000,000 Electricity 1,450,000 Cash at bank 28,000,000 Accounts payable 3,500,000 Discounts 450,000 500,000 Return of direct raw materials 200,000 Cash in hand 600,000 Work-in-progress...
The following trial balance was extracted from the books of G & E Production Company Ltd on 31 December 2018 and presented to you the Financial Accountant: Trial Balance Details/Accounts Dr $ Cr $ Purchases of direct raw materials 24,200,000 Stock of direct raw materials 1 January 2018 5,500,000 Wages paid to manufacture goods 12,000,000 Insurance 2,000,000 Electricity 1,450,000 Cash at bank 28,000,000 Accounts payable 3,500,000 Discounts 450,000 500,000 Return of direct raw materials 200,000 Cash in hand 600,000 Work-in-progress...
The following trial balance was extracted from the books of G & E Production Company Ltd on 31 December 2018 and presented to you the Financial Accountant: Trial Balance Details/Accounts Dr $ Cr $ Purchases of direct raw materials 24,200,000 Stock of direct raw materials 1 January 2018 5,500,000 Wages paid to manufacture goods 12,000,000 Insurance 2,000,000 Electricity 1,450,000 Cash at bank 28,000,000 Accounts payable 3,500,000 Discounts 450,000 500,000 Return of direct raw materials 200,000 Cash in hand 600,000 Work-in-progress...
The following trial balance was extracted from the books of G & E Production Company Ltd on 31 December 2018 and presented to you the Financial Accountant:Trial BalanceDetails/AccountsDr $Cr $Purchases of direct raw materials24,200,000Stock of direct raw materials 1 January 20185,500,000Wages paid to manufacture goods12,000,000Insurance2,000,000Electricity1,450,000Cash at bank28,000,000Accounts payable3,500,000Discounts450,000500,000Return of direct raw materials200,000Cash in hand600,000Work-in-progress 1 January 20183,000,000Salaries3,500,000Returns inward of finished goods300,000Carriage inwards of direct raw materials1,000,000Indirect raw materials 1 January 20182,500,000Accounts receivable7,500,000Provision for bad and doubtful debts75,000Machinery10,000,000Accumulated depreciation machinery4,000,000Office furniture2,000,000Purchase...
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