The following is the condensed record of the transactions as on 31st D

1.	The following is the condensed record of the transactions as on 31st December 2018 relating to special contract completed during the year.Materials bought RS 1,500Materials issued from the stores RS 500Wages RS 2,440Direct expenses RS 294Works on cost 25% of direct wagesOffice on cost 10% of prime costContract price RS 6,000material returned amounted to RS 240.You are required to find: i) how much reserve is required? ii) How much is the prime cost?
Answer» Since the contract has been completed in the first year itself hence, no reserve is required. Prime cost=(1,500+500+2,440+294)-240=RS 4,494

The following is the condensed record of the transactions as on 31st December 2018 relating to special contract completed during the year.Materials bought RS 1,500Materials issued from the stores RS 500Wages RS 2,440Direct expenses RS 294Works on cost 25% of direct wagesOffice on cost 10% of prime costContract price RS 6,000material returned amounted to RS 240.You are required to find: i) how much reserve is required? ii) How much is the prime cost?

Answer»

Since the contract has been completed in the first year itself hence, no reserve is required.

Prime cost=(1,500+500+2,440+294)-240=RS 4,494

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