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By S. Hall and N. Skene Smith (Auth.)

ISBN-10: 0080103324

ISBN-13: 9780080103327

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1962 Sept. 30 To Balance 1 By Provision b/d Rent & Rates Account £ 1962 380 Sept. 30 „ Rent Accrued c/d 40 Cr. £ By PrepaymentRates c/d „ P. «& L. A/c £420 Oct. 1 To Prepayment b/d 60 200 60 360 £420 Oct. 1 By Rent Accrued b/d 40 More quickly the charges to Profit & Loss Account can be calculated: Bad Debts Amounts written off" less decrease in Provision. Rent & Rates. Balance on Account plus accrual less prepayment £380 + £40 - £60 = £360. £190 - £100 = £90. Dr. Trading and Profit & Loss Account for the year ending Cr.

16 Rent, 4 months to 31st August £ 60 200 £ 300 216 156 400 You are to make provision for the prepayments and accrual at 30th September, 1962 and to show the transfer to the Profit & Loss Account at that date. 11. From the following information relating to a manufacturing business, compile a statement from which to ascertain: (a) The cost of materials used, (b) The cost of goods produced, (c) The cost of goods sold and the gross profit theron, and (d) The net profit earned. £ 2,100 Raw Materials: Stock at Beginning 12,000 Purchases 3,100 Stock at End 1,750 Finished Goods: Stock at Beginning 980 Stock at End 1,870 Work in Progress: At Beginning 2,090 At End 34,646 Sales 7,960 Wages Carriage: Inwards 650 Outwards 482 520 Fuel, Light and Power: Factory 168 Office 142 General Expenses: Factory Administration 3,875 1,490 Selling FINAL ACCOUNTS 59 12.

This refinement reveals a profit or loss on the manufacturing with a consequent adjustment to the Trading Account Gross Profit. Thus in the foregoing example, the assumed market value of production might be £100,000 which will give a Gain on Manu­ facturing of £14,460. , 1962 7,160 Market Value of Production 100,000 By Sales £ 131,210 £107,160 Less Stock of Finished Goods, 31st. D e c , 1962 Gross Profit on Trading 8,190 98,970 32,240 £131,210 The credit side of the Profit & Loss Account will be By Gross Profit on Manufacturing Gross Profit on Trading £131,210 14,460 32,240 £46,700 This gives the same total for the account and therefore the same Net Profit.

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Accounting Principles and Practice by S. Hall and N. Skene Smith (Auth.)


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