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  3. 1. given the data for the 1st month of novko ltd.:

1. Given the data for the 1st month of NovKo ltd.: 2nd month: The salaries...

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Accounting

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1. Given the data for the 1st month of NovKo ltd.: 2nd month: The salaries 25000 ( 40% relate to admin personnel). Rental expenses 4000 for production area, 2000 for the sales area. Utilities -400 for sales area, 800 for production. The company paid back 10000 of previous payables, received back 20% of previous receivables. The depreciation for computers is 200 per month, for production equipment -400 per month. Bought raw materials by the price 60000 . During the week 80000 of raw materials were used in production. When the ready-made production was ready, the company incurred packaging expenses -1000 , and transportation expenses -2000 on them. The goods were transported to sales area and sold with 60% mark-up. Profit tax20%. Required: a) Prepare journal entries (7 points) b) Prepare Income statement from the results of transactions (5 points) c) Prepare Balance sheet (5 points)

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