Question:
The following particulars rebate to the year ended 31 March 2010:
|
Completed Jobs Rs.
|
Work-in-Progress. Rs.
|
|
Materials issued
|
1,50,000
|
30,000
|
|
Wages
|
1,05,000
|
21,000
|
|
Chargeable expenses
|
22,500
|
1,500
|
|
Materials returned to stores
|
1,500
|
-
|
Works expenses were 60% of prime cost. Administration overheads were 30% of works cost. The value of jobs completed during the year was Rs. 7,50,000.
Prepare:
1. Consolidated completed jobs account to ascertain profit or loss during the year
2. Consolidated work-in-progress account.