A firm had two departments, cloth and ready-made clothes. The clothes were made by the firm itself out of cloth supplied by the cloth department at its usual selling price. From the following figures prepare departmental Trading and Profit & Loss Account for the year 1998. Cloth ready-made Clothes Dept. Dept., $ $ Opening stock on January 1, 1998 3,00,000 50,000 Purchases 20,00,000 15,000 Sales 22,00,000 4,50,000 Transfer to ready-made clothes dept., 3,00,000 Expenses - Manufacturing 60,000 Selling 20,000 6,000 Stock on December 31, 1998 2,90,000 60,000 The stocks in the ready-made clothes department may be considered as consisting of 75% cloth and 25% other expenses. The Cloth Dept. earned gross profit at the rate of 18% in 1997. General expenses of the business as a whole came to $. 1,10,000.

A firm had two departments, cloth and ready-made clothes. The clothes were made by the firm itself out of cloth supplied by the cloth department at its usual selling price. From the following figures prepare departmental Trading and Profit & Loss Account for the year 1998. Cloth ready-made Clothes Dept. Dept., $ $ Opening stock on January 1, 1998 3,00,000 50,000 Purchases 20,00,000 15,000 Sales 22,00,000 4,50,000 Transfer to ready-made clothes dept., 3,00,000 Expenses - Manufacturing 60,000 Selling 20,000 6,000 Stock on December 31, 1998 2,90,000 60,000 The stocks in the ready-made clothes department may be considered as consisting of 75% cloth and 25% other expenses. The Cloth Dept. earned gross profit at the rate of 18% in 1997. General expenses of the business as a whole came to $. 1,10,000.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.7P

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