Contract accounts - contract costing, Cost Accounting

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

x

Materials purchased

x

Materials c/d

x

Direct wages

x

Machinery c/d

x

Indirect wages

x

Balance c/d:  Cost of work done

x

Subcontractors fees

x

 

 

Cost of special plant

x

 

 

Machinery/Plant b/f

x

 

 

 

 

 

 

 

 

 

 

Cost of work done b/d

x

Value of work certified

x

Notional Profit

x

Cost of work done but not certified

x

 

xx

 

xx

Posted Date: 2/7/2013 2:25:13 AM | Location : United States







Related Discussions:- Contract accounts - contract costing, Assignment Help, Ask Question on Contract accounts - contract costing, Get Answer, Expert's Help, Contract accounts - contract costing Discussions

Write discussion on Contract accounts - contract costing
Your posts are moderated
Related Questions
(i) In terms of cashflow, which month will be the most costly for your project? (ii) If the 3rd and 4th months are more expensive by 25% each because the outsourced labour took

This is difficult to perceive cash maintained in the vault as an investment. Fairly, you would be thinking that if we invest cash, then how can cash itself be an investment? Howeve


Determine the Single Limiting Factor A company manufactures and sells three products as A, B and C. The unit cost and revenue structure for every product and its maximum forec

Keira Knightley Company buys a piece of equipment for $36,442 that will last for 7 years. The equipment will generate cash flows of $7,000 per year and will have no salvage value a

From  the  following  data  write the  standard  cost  card  for  one  unit  of  the  sole  product manufactured.                                    Standard Cost card for One U

Students will prepare a Comprehensive Master Budget and Budgeted Financial Statements for Earrings Unlimited for the three-month period ending June 30. This includes: Sales Budg

Gustav Ltd commenced operations on 1 July 2011 and presents its first statement of comprehensive income for the year ending 30 June 2012 and first statement of financial position a

The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm’s output is $25. The cost of other va

Outdoor Travel Inc. needs to estimate the cost of capital for the evaluation of capital expenditures. A typical project is financed with 25% debt-to-value ratio (i.e., D/(D+E) =