In a factory, a product is produced through two distinct processes; Process-A and Process-B. On completion, the product is transferred to finished stock account. During the month of June, 2013, the following information

In a factory, a product is produced through two distinct processes; Process-A and Process-B. On completion, the product is transferred to finished stock account. During the month of June, 2013, the following information was obtained: Particulars Process-A Process-B Units introduced 3,000 Units transferred to next process 2,800 Units transferred to finished stock 2,750 Cost of units introduced (₹) 21,000 Materials (₹) 3,000 Labour cost (₹) 10,600 5,500 Overheads (₹) 3,350 3,820 The normal loss in each process was 5% which was sold at ₹5 per unit. There was no stock of raw material or work-in-progress in the beginning or at the end of the month. You are required to prepare the process accounts and finished stock account.