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Contract Accounts
It is a separate account such is maintained and opened for every contract undertaken for the reasons of accumulating cots. Every contract is given a number and all costs connecting to such particular contract are recorded in this account. A typical contract account is like displayed below as:
Contract No. XYZ Account
Materials b/f
x
Materials returned to store
Materials purchased
Materials c/d
Direct wages
Machinery c/d
Indirect wages
Balance c/d: Cost of work done
Subcontractors fees
Cost of special plant
Machinery/Plant b/f
Cost of work done b/d
Value of work certified
Notional Profit
Cost of work done but not certified
xx
NSC Ltd. has a 31 May fiscal year-end. NSC disposed of its Information Systems Group (ISG) on 31 January 20X3. ISG had a net loss (after taxes) of $37,700,000 in 20X3, to the date
The following standard costs were developed for one of the products of Ferrars Company: Standard Cost Card Per Unit Materials: 4 feet x $14.25 per foot $ 57.00 Direct labor: 8 hour
i want to understand everything about contract account
Mission Foods produces two flavors of tacos, chicken and fish, with the following characteristics: Chicken Fish Selling price per taco $3.00 $4.50 Variable cost p
Find Out the Cost per Unit Material A is added at the start of a production process. Overheads and Labor are added continuously throughout the production process. At the endi
The following information has been prepared for XYZ Ltd by their assistant accountant. The risk free rate of interest on government securities in 2008 is 7.3% Required:
explain the different methods of costing
Morrow Company applies overhead based on direct labor hours. At the beginning of the year, Morrow estimates overhead to be $620,000, machine hours to be 180,000, and direct labor h
The Clash Company uses Normal Job-Order Costing in its individual production department. Overhead is applied to jobs by a predetermined rate, which is depend on machine hours. Th
how to prepare contract account
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