UNIVERSITY OF CENTRAL PUNJAB

SPRING 2024
Course Title: Managerial Accounting
Course Code: BAAC2213

Assignment No. 1
Course Instructor: Mr. Aideed Bashir

Section: A Program: BBA Date: 28th March, 2024

Submission Date: 1th April,2024 Maximum Marks: 20 Marks

Program Objective: Course Objective: Course Learning Objective:

PLO-1, PLO-2, PLO-3 CO1 & CO2 CLO1 & CLO2

TO BE FILLED IN BY THE STUDENT

Student Name: Registration No: Sr. No:

Question 1
Baxton corporation is in the business of producing furniture. The following data was taken from the general ledger
and other records of Norman Co. at December 31 2023, the end of the second year of operations in the fiscal year:

Revenue $990,124
Inventories at January 1:
Materials inventory 25,632
Work in process inventory 29,632
Finished goods inventory 48,632
Materials purchased 154,136
Labor Costs:
Finishing workers’ wages 185,312
Assembly workers’ wages 20,123
Supervisors’ salaries 30,423
Sales personnel salaries 52,153
Depreciation:
Factory building 73,852
Sales office 28,525
Indirect materials used 3,521
Marketing Expense 4131
Factory utilities 67,173
Employee Fringe Benefits 45,312

Page 1 of 2 Assignment
Insurance (40% Admin & 60 % Factory) 3,516
Workers Compensation Insurance 4,513
Overtime Premium 5,512
Defective Work 3,241
Lubricants 5,134
Rent (50% Factory & 50 % Admin) 67,482
Property Tax 1,235
Spoilage 45,123
Heating & Lighting (50% Admin and 50% Factory) 62,213
Carriage Inwards 3,612
Carriage Outwards 3,600
Trade Debts 194,842
Cash & Cash Equivalents 293,251
Trade Payable 182,512
Loan (3 Year Maturity) 300,132
Fixtures & Fittings 31,123
Motor Vehicle 223,124
Equity 1,213,121
Drawings 940,323
Stationary 5,182
Discount Allowed 7,131
Rent Received 4,131
General Office Expenses 5,132
Factory Building 410,000
Provision for Depreciation of Factory Building 312,321

Additional Information.
 Inventories at January 31:
Materials inventory 20,352
Work in process inventory 32,831
Finished goods inventory 54,645
 The provision for doubtful debts to be charged on trade debts is at 7%.

Prepare a Statement of cost of goods manufactured for Norman Company for the year ended 31 st
a.
Dec 2023. (10 Marks)
st
b. Prepare the Income Statement for the year ended 31 Dec 2023. (5 Marks)
st
C. Prepare the statement of financial position for Norman Co as at 31 Dec 2023. (5 Marks)

Page 2 of 2 Assignment