Question

The following information are obtained from the books of accounts of ABC Ltd. for the year ende 31.03.2012 Particulare Debit Credit 1,40,000 Raw Materlaln (1st Aprit, 2011) 2,00,000 Work in process (1st April, 2011) 80,000 Fihished stock (1at April, 2011) 17,400 Ofice appliancesn 4,60,500 Pant & machinery 2,00.000 Buildings 7,68,000 Sales 14,000 Sales retums rebates 3.20.000 Materials purchasod 16,000 Freight on matorialn Purchase retums 4,800 Direct labor 1,60.000 Direct expenses 50,000 Indirect Iabor 18,000 Factory supervision 10.000 Factory repairs and upkeep 14,000 Heat, light and power 65.000 Rates nd taxes 6,300 Miscellaneous expenses (factory) 18,700 Sales commission 33,600The following information are obtained from the books of accounts of ABC Ltd. for the year ende 31.03.2012 Particulare Debit Credit 1,40,000 Raw Materlaln (1st Aprit, 2011) 2,00,000 Work in process (1st April, 2011) 80,000 Fihished stock (1at April, 2011) 17,400 Ofice appliancesn 4,60,500 Pant & machinery 2,00.000 Buildings 7,68,000 Sales 14,000 Sales retums rebates 3.20.000 Materials purchasod 16,000 Freight on matorialn Purchase retums 4,800 Direct labor 1,60.000 Direct expenses 50,000 Indirect Iabor 18,000 Factory supervision 10.000 Factory repairs and upkeep 14,000 Heat, light and power 65.000 Rates nd taxes 6,300 Miscellaneous expenses (factory) 18,700 Sales commission 33,60011,000 Sales travelling 22,500 Sales promotion 18,000 Distribution department salaries and expenses 8,600 Office salaries and expenses 2,000 Interest on borrowed funds 20,000 Dividend income Additional information: 1. Closing inventories: Raw materials 1,80,000; Work in process 1,92,000; and Finished stock 2. Accrued expenses: Direct labor? 8,000; Indirect labor 1,200 and Interest on borrowed funds 2,000 1,15,000 3. Depreciation to be provided on Office appliances @ 5%, Plant and machinery @ 10%, and Buildings @ 4% 4. Distribution of common expenses would be as follows: (a ) Heat, light and power: in the ratio of 8: 1: 1 to factory, office and selling & distribution. (b) Rates and taxes: two third to factory and one third to office, (c) Depreciation on buildings: in the ration of 8: 1: 1 to factory, office and selling & distribution. (i) Prepare a cost sheet of ABC Ltd. for the year ended 31-3-2012 (ii) Also show profit or loss as per cost accounts for the above period. [C.A. (Inter) Adapted]​

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