Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. q # 8 the following accounting information have be

Q # 8 The following accounting information have been obtained from XYZ Corporation at June...

60.1K

Verified Solution

Question

Accounting

Q # 8

The following accounting information have been obtained from XYZ Corporation at June 30th, 2018

  1. Material was purchased on credit from supplier for Rs. 100,000.
  2. Defective material returned to supplier worth Rs. 5,000

  1. Material and Labour used on jobs were as under:

Direct Materials

Direct Labour

Job No. 1

Rs. 12,000

Rs. 17,000

Job No. 2

7,000

8,000

Job No. 3

Rs. 10,000

Rs. 9,000

Job No. 4

5,000

4,000

Job No. 5

11,000

14,000

Indirect Material/Labour

2,000

3,000

  1. Other FOH cost incurred Rs. 5,000
  2. FOH is applied at 90% of Direct Labour.
  3. Depreciation on Machinery Rs. 4000
  4. Jobs no. 1, 3 and 4 were completed and Job no. 3 and 4 were sold to customer at Rs. 70,000 and Rs. 90,000 respectively.

Required

Prepare the necessary entries to record the above transactions.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

25 Maximum number of electrons in a subshell of an atom is determined by the...

Statistics
1.2K views

A clinical trial is run to evaluate the efficacy of a new medication to relieve pain...

Accounting
1.2K views

home / study / business / accounting / accounting questions and answers / the cfo of...

Accounting
1.2K views

Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement...

Physics
1.2K views

2 A conducting circular loop is placed in a uniform magnetic field B 0 025...

Physics
1.2K views

35 A certain body weighs 22 42 g and has a measured volume of 4...

Physics
1.2K views

2 In Young s double slit experiment the separation d between the slits is 2...

Basic Math
1.2K views

Graph the linear function by finding x- and y-intercepts. Then write the equation using function...

Accounting
1.2K views

Skysong Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company...

Accounting
1.2K views

Exercise 16.18 The product mix decision ABC Company produces product X. product Y, and LO...

Accounting
1.2K views

in the context of estate taxation what is portability

Finance
1.2K views

An investor writes an XYZ December 75 call for $8. XYZ increases to 86 just...