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Leaving Cert Accounting

  • 29-04-2007 03:30PM
    #1
    cson
    Registered Users, Registered Users 2 Posts: 14,596 ✭✭✭✭


    Hi, i'm doing accounting for the lc and I was hoping some of you could help with a couple of adjustments and other things here.

    1) In a manufacturing final accounts there is an adjustment: 1/1 590 filing cabinets in production, during the year work started on 9770 cabinets and 620 are still in production 31/12. Work halted on 290 cabinets which were sold as scrap. the remaining cabinets were transferred to finished goods stock.

    2) Any help with Incomplete accounts - net worth method, Interpretation of accounts layout (Ratios) and Suspense adjustments in the final accounts would be much appreciated

    Thanks.


Comments

  • #2
    cson
    Registered Users, Registered Users 2 Posts: 14,596 ✭✭✭✭cson


    Figured out no.1: 9770 + 590 - 620 - 290 = 9450 cabinets produced in the year to finished goods. Finished goods = 94,500, dividing 9450 into it gives a cost per cabinet of 10.

    10 x 590 = 5900 +work in progress at start
    10 x 620 = 6200 -work in progress at end
    10 x 290 = 2900 added to scrap material.

    *pats self on back


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