Manufacturing,profit/loss and balace sheet statements

1 Answer

+1 vote
Please post the adjustments to this question, they got deleted by mistake.
answered May 13, 2016 by jbsclasses (3,971 points)
Additional Information;

-Inventories at the end

Finished goods 30 000

Work in progress 15 000

Direct materials 14 000

-Depreciation-Machinery & equipment 10% on cost

-Direct wages owing 5 000

-Income tax 20 000 and dividend 30 000 to be provided

Required: Prepare a Manufacturing, profit/loss and Balance sheet statements
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Dear Toemanil, I will answer it today.  I am having a very hectic schedule of late.

Note: The above financial statements are not according to Schedule III of the Companies Act, 2013.  Reason for this is that there is no provision in Schedule III for preparation of Manufacturing A/c and Profit and Loss Appropriation A/c.