28/08/2010
Illustration 14 : From the following information prepare a statement showing Cost
of Goods Sold.
Opening
Closing
₹
₹
Stock of Raw Materials
50,000
60,000
WIP
40,000
30,000
Finished Goods
70,000
77,000
₹
Purchase of Materials
4,00,000
Direct Wages
2,00,000
Factory Overhead 10% of Prime Cost
Office Overhead 5% of
Answers
Answer:
Calls-in-arrears and Calls-in-advance
0. Duttsons Ltd. registered with a nominal capital of 5,00,000 in shares of 100 each. 3,000
shares of which were issued payable as to 12.50 on application, 12.50 on allotment, 25
three months after allotment and the balance to be called-up as and when required. All
moneys upto allotment were duly recorded but as regards the call of 25, a shareholder
holding 100 shares did not pay the amount due. Another shareholder who was allotted 150
shares paid them in full. Show the necessary entries to record the above transactions
(including cash) and show how the capital should appear in the Balance Sheet.
[Ans. Calls-in-arrears 2,500; Calls-in-advance *
Answer:
Calls-in-arrears and Calls-in-advance
0. Duttsons Ltd. registered with a nominal capital of 5,00,000 in shares of 100 each. 3,000
shares of which were issued payable as to 12.50 on application, 12.50 on allotment, 25
three months after allotment and the balance to be called-up as and when required. All
moneys upto allotment were duly recorded but as regards the call of 25, a shareholder
holding 100 shares did not pay the amount due. Another shareholder who was allotted 150
shares paid them in full. Show the necessary entries to record the above transactions
(including cash) and show how the capital should appear in the Balance Sheet.
[Ans. Calls-in-arrears 2,500; Calls-in-advance *