Fashion Forward
Cost of Raw Materials Consumed Statement for the year ended December 31, 2012
Opening Inventory Raw Material (300 x 19)
Purchases (4500 x 19) + (2150 x 24)
Add: Carriage Inwards
5 700
137 100
3 400
140 500
(2 400)
Less: Returns Outwards
Net Purchases of Raw Materials
Cost of Raw Materials Available for Use
Closing Stock of Raw Materials (340 x 24)
Cost of raw Materials Consumed
138 100
143 800
(8 160)
135 640
Cost of Direct Labour Statement for the year ended December 31, 2012
$
$
$
Cutters (4500 x 15)
Stitchers (4120 x 12)
Pressers (4000 x 5)
Cost of Direct Labour
67 500
49 440
20 000
136 940
Manufacturing a/c for the year ended December 31, 2012
$
Cost of Raw Materials Consumed
Direct Labour
Direct Expenses
Prime Cost
Factory Overheads
Factory power
Factory manager’s salary
General Factory Expenses
Depreciation
Total Factory Overheads
Production Cost
Add Opening WIP
Less: Closing WIP
Cost of goods manufactured
$
$
135 640
136 940
8 900
281 480
8 400
38 050
18 050
16 000
80 500
361 980
2 010
363 990
(3 790)
360 200
Storecraft Cooperative
Income and Expenditure a/c for the year ended March 31, 2016
$
Income:
Gross profit
Interest from investment
Less: Expenses
Bank Fees
Training Fees
Honoraria
Surplus of income over expenditure
$
40 000
6 910
1 100
2 800
5 500
46 910
(9 400)
37 510
Income Appropriation a/c for the year ended March 31, 2016
$
Surplus of income over expenditure
Add: Retained earnings b/f
$
37 510
12 500
50 010
Less: Distributions
Reserve Funds (37 510 x 25%)
Dividends
Retained Earnings (20% X (37 510 – 9 378))
9 378
35 006
44 384
5 626
Freight Express Company Ltd
Statement of Changes in Equity for the year ended December 31, 2018
$
Retained profit for the year after taxation
Add: Retained profits from the previous year
Total profits for distribution
Less: Appropriations
Transfer to general reserve
Dividends:
Ordinary Shares (20% x 150,000)
Preference Shares (8% x 100,000)
Total Appropriations
Retained profit (c/d)
$
186 000
124 000
310 000
50 000
30 000
8 000
(88 000)
222 000
Statement of Financial Position (extract) as at December 31, 2018
Financed by:
Authorized Share Capital
Ordinary Share Capital (250,000 x 1)
Preference Share Capital (100000 x 2)
Issued Capital
Ordinary Share Capital
Preference Share Capital
General Reserve
Retained profit
Total Share Capital and Reserves
$
$
250 000
200 000
450 000
150 000
100 000
145 000
222 000
617 000