Question { 9268 }

What do you mean by trial balance?

Answer

Trail balance is a statment of ledger account balance with
in a ledger , at a particular instance.

Question { 3502 }

Choose the correct answer:
In case of assesses other than companies, the following is
advance tax rate to be payable on or before of 15th
September on the current fringe benefits. (1) 15 per cent;
(2) 30 per cent;
(3) 45 per cent;
(4) 60 per cent.

Answer

(2) 30 PERCENT

Question { 5326 }

1. During the current period, ABC Ltd sold 60,000 units of
product at Rs. 30 per unit. At the
beginning for the period, there were 10,000 units in
inventory and ABC Ltd manufactured
50,000 units during the period. The manufacturing costs and
selling and administrative
expenses were as follows:
Total cost Number of units Unit cost
Rs. Rs.
Beginning inventory:
Direct materials 67,000 10,000 6.70
Direct labour 1,55,000 10,000 15.50
Variable factory overhead 18,000 10,000 1.80
Fixed factory overhead 20,000 10,000 2.00
Total 2,60,000 26.00
Current period costs:
Direct materials 3,50,000 50,000 7.00
Direct labour 8,10,000 50,000 16.20
Variable factory overhead 90,000 50,000 1.80
Fixed factory overhead 1,00,000 50,000 2.00
Total 13,50,000 27.00
Selling and administrative expenses:
Variable 65,000
Fixed 45,000
Total 1,10,000
Instructions:
1. Prepare an income statement based on the variable
costing concept.
2. Prepare an income statement based on the absorption
costing concept.
3. Give the reason for the difference in the amount of
income from operations in 1 and
2.

Answer

please wait i send early

Question { 5326 }

1. During the current period, ABC Ltd sold 60,000 units of
product at Rs. 30 per unit. At the
beginning for the period, there were 10,000 units in
inventory and ABC Ltd manufactured
50,000 units during the period. The manufacturing costs and
selling and administrative
expenses were as follows:
Total cost Number of units Unit cost
Rs. Rs.
Beginning inventory:
Direct materials 67,000 10,000 6.70
Direct labour 1,55,000 10,000 15.50
Variable factory overhead 18,000 10,000 1.80
Fixed factory overhead 20,000 10,000 2.00
Total 2,60,000 26.00
Current period costs:
Direct materials 3,50,000 50,000 7.00
Direct labour 8,10,000 50,000 16.20
Variable factory overhead 90,000 50,000 1.80
Fixed factory overhead 1,00,000 50,000 2.00
Total 13,50,000 27.00
Selling and administrative expenses:
Variable 65,000
Fixed 45,000
Total 1,10,000
Instructions:
1. Prepare an income statement based on the variable
costing concept.
2. Prepare an income statement based on the absorption
costing concept.
3. Give the reason for the difference in the amount of
income from operations in 1 and
2.

Answer

variable costing income statment :

sale (60000x30) 18,00,000
less variable cost of good sold :
begning inventory (1000x24) 2,40,000
variable good manufacting(5000x25)12,50,000

variable good sold : 14,90,000


manufacturing gain 3,10,0000

less: variable selling and adm, exp 65000

contribution margin 2,45,000


less fixed cost
fixed manufacturing cost 100000
fixed selling and adm ,exp 45000
total f cost 145000

income on variable concept 100000

part(2)statment of absorption costing concept:

sale(6000x30) 18,00,000

cost of good sold :

begning inventry(1000x26) 2,60,000
cost of good uses(5000x27)13,50,000

less cost of good sold 16,10,000

gross profit 1,90,000
selling and adm exp 1,10,000

total income 80,000




give me answer of third questions

ok byee dear