Question

A product passes through three processes, viz., A, B and C and then is transferred to Finished Stock.
The output of Process A is transferred to Process B at a profit of 25% on transfer price and the output of
Process B and C is transferred at a profit of 20% each on the transfer price.
366,790
000
200
200
The following information was obtained as on 31st December:
Process A Process B
sing
edit
Process C
00
00
Finished
Stock
₹
₹
Opening Stock
5,000
₹
6,000 4,000
Direct Materials
15,000
10,000 10,500
15,000
Direct Wages
7,500 7,500 8,000
Works Overhead
000 7,000
3,000 20,000
Closing Stock
2,500 3,000 2,000 7,500
Inter-process Profit for Opening Stock
1,000
1,000
5,500
Stocks in the process are valued at Prime Cost. The finished stock has been valued at the price at
which it was received from Process C. Sales of the finished stock amounted to 1,75,000.
You are required to (a) prepare the Process Accounts and Finished Stock A/c showing profit element
at each stage, (b) compute the actual realised profit, and (c) show stock valuation for B/S purpose.
00

Answer 1

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