What types of reports and accounts should a partnership
company prepare?
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Answer Posted / prashanth
IN PARTNERSHIP COMPANY THEY WILL REPORT
REVALUATION/MEMORANDUM OF REVALUATION ACCOUNT, P/L
APPROPRIATION ACCOUNT, CAPITAL ACCOUNTS OF EACH PARTNERS
AND AT LAST BALANCE SHEET OF EACH PARTNERS.
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hdn Systems Pvt. Ltd., manufactures a consumer durable which passes through two processes M and N. From the following details prepare necessary process ledger accounts bringing out clearly the cost of the product at each stage. Process ‘M’ Process ‘N’ Materials (Rs.) 30,000 3,000 Labour (Rs.) 10,000 12,000 Overheads (Rs.) 7,000 8,600 Input (units) 20,000 17,500 Normal loss 10% 4% Scrap value of loss (per unit) Re. 1.00 Rs. 2.00 There is no opening or closing W-I-P or stock at processes. Final output from the process ‘N’ was 17,000 units
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