Question

) RAJASTHIALI Ltd. manufactures a product "OM' using a nw material MI.The company took Bank Overdrft at an interest
rate of 15% p.1. specifically for the purpose of purchasing 10,000 kg. of material MI at 3 100 per kg. The purchase price include
GST 10 per kg., in respect of which full credit is admissible. Freight, loading and unloading charges incurred amounted to
40,800. Interest on such Bank Ovendraft amounted to { 35.000. Normal Transit Loss is 2. The company actually received 9,760
kg, and consumed 9.500 kg. One unit of Finished product requires five units of Raw Material. Direct Labour Cost amounted to
2.28.000. Direct Overheads Cost amounted to 57,000. Total Fixed Overheads for the year were : 1.20.000 on normal capacity of
20,000 units of Finished Goods. During the year Sales of product "OM were 3 7.50,000 750. There were no opening
inventories. With reference to AS 2 *Valuation of Inventory". Calculate the amount of Abnormal Loss (if any).Closing Inventory
of Finished Goods and Raw Material if
(i) Finished units can be sold @ 800 subjeci to payment of 10 brokerage on selling price., Replacement Cost of Raw Matenal
is 90 per kg
() Finished uniis can be sold a 3 700 subject te payment of 10% brokerage on selling price, Replacement Cost of Raw Material
is 90 per kg
13 x 26 Marks]​

Answer 1

Answer:

An overdraft is an extension of credit from a lending institution that is granted when an account reaches zero. The overdraft allows the account holder to continue withdrawing money even when the account has no funds in it or has insufficient funds to cover the amount of the withdrawal.

Basically, an overdraft means that the bank allows customers to borrow a set amount of money. There is interest on the loan, and there is typically a fee per overdraft. At many banks, an overdraft fee can run upwards of $35.

Step-by-step explanation:

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