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By S. Hall, N. Skene Smith

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Wages of employees, machinery depreciation and other factory expenses are all part of the cost of making the goods that are to be sold. After this example a more satisfactory presentation is considered. But very frequently, the given data is inadequate for the preferred presentation and we have to do the best we can. It becomes a matter of compromise. Usually, we record factory wages in the Trading Account and leave other expenses in the Profit & Loss Account. " EXAMPLE 14 The following Trial Balance was extracted from the books of A.

A/c Cr, £ 40 By Α. Booth ,. Salt Cr. £ 15 50 Discount Account £ 1962 10 Feb. 6 25 Mar. 26 30 £65 £65 Dr. 1962 Mar. 31 Cr. Stock Account £ To Trading Account 640 Trading and Profit & Loss Account for the 3 months ending 31st March, 1962 £ £ 1,650 By Sales To Purchases 40 Less Returns 1,610 „ Gross Profit carried „ Stock, down 590 31st March, 1962 Dr, £2,200 To „ „ „ „ Rent Wages Bad Debts Depreciation Net Profit 150 164 30 40 236 £620 Cr, £ 1,560 640 £2,200 By Gross Profit brought down „ Discount 590 30 £620 For every item except stock, the Double Entry is complete within the Nominal Accounts and the Trading and Profit & Loss Account.

But there is a complication. e. the "cost" value of the commencing Work in Progress. Just as this figure must be included in the "Factory Costs of Goods Produced," so we must exclude the "cost" value of the Work in Progress at the end of the accounting period. With the Factory Cost of Goods Produced, the Trading Account is able to perform its true function and to give a FINAL ACCOUNTS 49 meaningful Gross Profit figure. ) will not appear in it. EXAMPLE 1 5 Prepare the Manufacturing, Trading and Profit & Loss Accounts for the Year ending 31st December, 1962 and a Balance Sheet as at that date from the following information: £ Trial Balance Capital Plant & Machinery Motor Vehicles Creditors Debtors Stock: Finished Goods Work in Progress Raw Materials Sales Purchases Wages Salaries Drawings Rent and Rates Insurance: Factory Office General Factory Expenses Sundry Office Expenses Motor Expenses Salesmen's Commissions Provision for Bad Debts Bad Debts Cash at Bank Cash in Hand £ 93,074 84,100 6,600 16,216 18,400 7,160 6,120 3,100 131,210 29,460 41,400 16,200 10,400 2,500 1,610 140 840 680 2,194 2,400 700 695 7,130 71 £241,200 £241,200 50 A C C O U N T I N G P R I N C I P L E S AND P R A C T I C E Notes: 1.

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