Question 1 Report
Idayah Limited is a manufacturing company. The following balances were extracted from its records on 31st December 2014.
Stock on 01/01/2014 Le
Raw materials-------------------56,000
Work-in-progress---------------60,000
Finished goods-----------------80,000
Purchases of raw materials-150,000
Carriage of raw materials------7500
Manufacturing wages paid---16,500
Factory wages accrued--------4,000
Direct factory expenses------11,000
Fuel for factory expenses---15,400
Depreciation of factory equipment---12,000
Sales of finished goods------500,000
Carriage expenses-------------7,600
General office goods----------3,800
Office Salaries------------------19,200
Stock: 31/12/2014
Raw materials-----------------40,000
Work-in-progress -------------64,000
Finished goods----------------72,000
You are required to prepare manufacturing, Trading, and Profit and Account for the year ended 31st December 2014