Peepa Limited has the following trial balance as at 31st
December, 20xp.
The following additional information is in respect to
Peepa Limited for its accounting year end 31st December, 20xp
1.
The
end-of-year stock taking revealed that closing stock of:
a)
Raw
materials is N164,230
b)
Work-in-Progress
is N24,652
c)
Finished
goods is N201,132
2.
Depreciation
is to be provided as follows: Plant & Machinery 10% on cost; Office
equipment 15% on cost
3.
It
is the policy of Peepa Limited to transfer manufactured goods to sales
department at a mark-up of 15% on cost.
4.
Insurance
premium outstanding is N7,506
You are required to prepare for Peepa Limited
a)
Manufacturing
account for the Year ended 31st December, 20xp
b)
Income
statement for the year ended 31st December, 20xp
c)
A
statement of financial position as at 31st December, 20xp
Suggested Solution
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