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Chapterwise Test
Topic : Final Account (Sole Trader & manufacturing Account)
Time :1.30 hours Total Marks : 50 1. Adonnis Boxos makes televisions. Figures, except for sales, are available for the year ended 31 March 2006. | | ₤ | Sales | | ? | Stocks at 1 April 2005: | Raw materials | 500 | | Finished goods | 2400 | | Work in progress | 800 | Office equipment | | 4000 | Vehicle running expenses | | 6520 | Selling and administration expenses | | 12100 | Manufacturing wages | | 80000 | Indirect factory expenses | | 6000 | Purchase of raw materials | | 200000 | Plant and machinery | | 60000 | Vehicles (used only to deliver finished goods) | | 10000 | Returns outward | | 100 | Carriage on sales | | 600 |
Additional information : * Stocks at 31 March 2006 were: raw materials ₤ 400; finished goods ₤ 3500; work in progress ₤ 200. * Depreciation for the year to 31 March 2006 has not been entered in the firm’s books. It is to be calculated, on the book values given above, as follows:
Office equipment 10%
Plant and machinery 20%
Vehicles 30% * The mark up on the cost of sales was 100%.
For Adonnis Boxos, prepare the following accounts for the year to 31 March 2006. (a) Manufacturing account, showing:
Cost of raw materials consumed
Prime cost (9)
Factory cost of the year’s output. (b) Trading account, showing:
Cost of goods sold
Sales
Gross profit or loss for the year. (6)
Note: in preparing your answer to (a) and (b) you must select relevant items. Not all of the items in the list of figures above are required.

Define the following terms (10)
Prime Cost ,Work in Progress, Fixed Cost, Variable Cost, Semi –fixed cost.

2. Curly Kale owns and runs a greengrocer’s shop. On 31 March 2009,...

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