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What do you mean of centralized store?
Required:
Multi-step Income Statement
Inventories position of a company of last month are given below:
Chaitra 1: Opening inventory – 650 units @ Rs. 8
Chaitra 6: Purchase – 500 units @ Rs. 9
Chaitra 15: Purchase – 800 units @ Rs. 10
The physical inventory count at the end of the month shows 550 units on hand. The company uses periodic inventory system.
Required:
Cost of goods sold and cost of closing stock under FIFO method.
Required:
Statement of Financial Position
What is cost? Explain the classification of cost on the basis of element.
Trial balance of a company is as under:
Particulars (Dr.) | Rs. | Particulars (Cr.) | Rs. |
|---|---|---|---|
Purchase | 17,000 | Sales | 30,500 |
Wages | 4,000 | Share Capital | 20,000 |
Machinery | 30,000 | Loan | 2,000 |
Debtors | 8,000 | Creditors | 3,500 |
Rent | 4,500 | Profit & Loss A/C | 7,500 |
Total | 63,500 | Total | 63,500 |
Additional Information:
i) Outstanding wages: Rs. 1,000
ii) Depreciation on machinery: @10%
iii) Proposed dividend: @10%
Required:
Work sheet
What do you mean by material codification?
What is piece rate system of wages payment?
Give the meaning of material control.
Write the meaning of semi-variable overhead.
-Multi-step income statement
-Statement of financial position
Mention any two advantages of centralized purchasing.
Define process costing.
Write the meaning of current liabilities.
State the meaning of calls in advance.
State any two contents includes in memorandum of association.
From the following information calculate cash flow from operating activities under indirect method.
Net Income: Rs. 140,000
Increase in current Assets: Rs. 80,000
Non-operating expenses: Rs. 40,000
If annual requirement are 600,000 units and economic order quantity 30,000 units then find out the number of order.
XYZ company issued 10,000 shares of Rs. 100 each at Rs. 10 premium payable as under.
On application: Rs. 30
On allotment: Rs. 40 (with premium)
On first and final call: Rs. 40
Applications were received for 16,000 shares. No allotment was made to the applicants for 4,000 shares. Rest was allotted on pro-rata basis. All calls were duly made and received except one share holder holding 400 shares paid the full value of shares on allotment.
Required:
a) Share application
b) Share allotment
c) Share first and final call
A bank issued 5,000, 7% debentures of Rs. 100 each at par. These debentures were redeemed after 5 years at 5% discount.
Required:
Entries for issue and redemption of debentures