Assignment Won Wa Die is a manufacturer. The trial balance as at 31st December, 2020 is as follows:
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DR |
CR |
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N |
N |
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Delivery van expenses |
2,500 |
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Lighting/ heating-Factory |
2,859 |
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Lighting/ heating-Office |
1,110 |
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Manufacturing wages |
45,470 |
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General Expenses |
9,450 |
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Sales men`s commission |
7,860 |
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Purchases of raw material |
39,054 |
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Rent |
7,000 |
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Machinery ( Cost N50,000) |
32,500 |
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Office Equipment (Cost N15,000) |
11,000 |
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Office Salary |
6,285 |
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Debtors |
28,370 |
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Creditors |
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19,450 |
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Bank |
13,337 |
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Sales |
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136,500 |
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Premises (Cost N50,000) |
40,000 |
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Stock at 31st December, 2019: |
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Raw Material |
8,565 |
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Finished goods |
29,480 |
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Work in progress |
5,000 |
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Drawings |
8,560 |
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Capital |
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142,450 |
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298,400 |
298,400 |
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Additional information: |
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i. Stock at 31st December, 2020 are valued at : |
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Raw Material |
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Finished goods |
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Work in progress |
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ii. Depreciation: Machinery 20% |
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Office Equipment 15%, Premises 10% and all are on reducing balance method. |
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iii. Manufacturing wages due but paid at 31st December, 2020 amounted N305 and rent |
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prepaid N100. |
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iv. General expenses and rent are to be allocated as follows: |
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General expenses 1/6 to factory and remaining are to be charged to office. |
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Rent 3/5 to factory and remaining are to be charged to office. |
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v. Finished goods has to have 15% mark-up |
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You are required to: |
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(a) Prepare for Assignment Won Wa Die Limited Account for the year ended 31st December, 2020 |
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(b) Statement of Financial Position as at that date. |
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Instruction:To be submitted 3pm prompt on or before Friday October 15, 2021.
✍️🕋🇳🇬 Patriot Odunaro Babatunde Jimoh💙💚🖤💜
