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Q # 8 The following accounting information have been obtained from XYZ Corporation at June...

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Accounting

Q # 8

The following accounting information have been obtained from XYZ Corporation at June 30th, 2018

  1. Material was purchased on credit from supplier for Rs. 100,000.
  2. Defective material returned to supplier worth Rs. 5,000

  1. Material and Labour used on jobs were as under:

Direct Materials

Direct Labour

Job No. 1

Rs. 12,000

Rs. 17,000

Job No. 2

7,000

8,000

Job No. 3

Rs. 10,000

Rs. 9,000

Job No. 4

5,000

4,000

Job No. 5

11,000

14,000

Indirect Material/Labour

2,000

3,000

  1. Other FOH cost incurred Rs. 5,000
  2. FOH is applied at 90% of Direct Labour.
  3. Depreciation on Machinery Rs. 4000
  4. Jobs no. 1, 3 and 4 were completed and Job no. 3 and 4 were sold to customer at Rs. 70,000 and Rs. 90,000 respectively.

Required

Prepare the necessary entries to record the above transactions.

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