ASSIGNMENT ON MANUFACTURING ACCOUNTS

 Assignment Won Wa Die is a manufacturer. The trial balance as at 31st December, 2020 is as follows:

	DR	CR
	N	N
Delivery van expenses	2,500
Lighting/ heating-Factory	2,859
Lighting/ heating-Office	1,110
Manufacturing wages	45,470
General Expenses	9,450
Sales men`s commission	7,860
Purchases of raw material	39,054
Rent	7,000
Machinery ( Cost N50,000)	32,500
Office Equipment (Cost N15,000)	11,000
Office Salary	6,285
Debtors	28,370
Creditors		19,450
Bank	13,337
Sales		136,500
Premises (Cost N50,000)	40,000
Stock at 31st December, 2019:
Raw Material	8,565
Finished goods	29,480
Work in progress	5,000
Drawings	8,560
Capital		142,450
	298,400	298,400
Additional information:
i.  Stock at 31st December, 2020 are valued at :
Raw Material
Finished goods
Work in progress
ii.  Depreciation:  Machinery  20%
Office Equipment 15%,  Premises 10% and all are on reducing balance method.
iii. Manufacturing wages due but paid at 31st December, 2020 amounted N305 and rent
prepaid N100.
iv.  General expenses and rent are to be allocated as follows:
General expenses 1/6 to factory and remaining are to be charged to office.
Rent 3/5 to factory and remaining are to be charged to office.
v.  Finished goods has to have 15% mark-up
You are required to:
(a)    Prepare for Assignment Won Wa Die Limited Account for the year ended 31st December, 2020
(b)   Statement of Financial Position as at that date.

 

Instruction:To be submitted 3pm prompt on or before Friday October 15, 2021.  

 

                                      ✍️🕋🇳🇬 Patriot Odunaro Babatunde Jimoh💙💚🖤💜