Manufacturing, Trading and Profit and Loss Accounts for the Year ended 31

December 2002
To Opening Work-in- progress $5,000.00 By Closing
Trading Work-in- Progressof production)
Account (transfer
To Raw materials Comsumed:
Opening Raw materials $7,000.00
Add: Raw materials Purchased $38,000.00
Less: Closing Raw Materials ($9,000.00)
To Direct Wages (28000+3000) $32,000.00
To Direct Expenses $0.00
To Factory Expenses:
Fixed $9,000.00
Variable $16,000.00
To Manufacturing Profit (WN 2) $22,500.00

To Opening Finished Goods $6,900.00 By Manufacturing Profit

To Direct Expenses $0.00 By Sales
To Gross Profit (balancing Figure) $307,950.00 By Closing Finished Goods

To Administrative Expenses: By Gross profit b/d

Rent and Rates $19,000.00
lighting $6,000.00
Stationery and postage $2,000.00
staff salaries $19,380.00
motor vehicle running $4,500.00
Depreciation (WN 3) $7,000.00
To Net Profit (Balancing figure) $250,070.00
he Year ended 31

$8,000.00
$112,500.00

$112,500.00
$192,000.00
$10,350.00

$307,950.00