The following balances were extracted from the books of Atlas Enterprises for the year ended 30 September, 2009:
|
N
|
|
N
|
|
Stock ... 1 October 2008
|
|
|
|
|
Raw materials
|
105,500
|
Factory expenses
|
50,000
|
|
Finished goods
|
347,000
|
Sales
|
1,800,000
|
|
Work-in-progress
|
76,000
|
Wages
|
254,500
|
|
Purchases: Raw materials
|
227,000
|
Rent & rates
|
40,000
|
|
Motor Vehicle expenses
|
11,000
|
Salaries
|
35,000
|
|
Depreciation:
|
|
Selling expenses
|
6,800
|
|
Plant & machinery
|
10,000
|
Market value of goods produced
|
700,000
|
|
Motor Van
|
8,000
|
Administrative expenses
|
65,000
|
Additional information:
25% of Rent and rates is for the office; 30% of Salaries is for the foreman in the factory.
Stocks as at 30 September, 2009: Raw materials N87,700; Finished goods N320,000; Work-in-Progress N65,000
Prepare the firm's Manufacturing, Trading, Profit and Loss Accounts for the year ended 30 September, 2009 in vertical form.