The financial year end of Diary Manufacturing Limited is 31 December. On 31 December 2020,...
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Accounting
The financial year end of Diary Manufacturing Limited is 31 December. On 31 December 2020, the following balances are available:
Item
Land and building at cost
286000
Plant and machinery at cost
210000
Accumulated depreciation on plant and machinery
46000
Purchase of raw material
260200
Sales
635000
Factory rates expenses
6000
Factory heats and light
13000
Account receivables
74400
Account payable
61800
Wages
126000
Direct expenses
18200
Selling expenses
22000
Administration and general expenses
46000
Bank
49000
General reserve
60000
Retained profit
36000
Inventory 1st January 2020:Raw material
Finished goods
40000
76000
Dividends paid: Preference shares
Ordinary shares
1680
40000
Notes
a)The inventory on 31 December 2020: Raw Material 44000, finished goods 35000.
b)Salaries include 13400 for director fees.
c)The wages include 31400 for supervision.
d)Depreciation is to be charged at 10% on cost of plant and machinery.
Required: Prepare the manufacturing accounts of the Diary Limited
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