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
Cost Benefit Approach - Terms Used in Cost Accounting Is the primary criterion for selecting with alternative accounting approaches? There is a direct relationship in a co

Zero Based Budgeting It is referred to also like priority based budgeting. It is a cost advantage approach budgeting where it is assumed that the cost allowance is Zero for a

The Butchering Department of the Santa Fe Meat Packing Corporation (a process costing corporation, FIFO costing) had 1,500 units, 1/3 completed at the beginning of the period and 1

Find Out Overhead Application Rate The given is the budget of Superb Engineering Works for the 2002 year Factory overheads Kshs 62,000

entries to be entered into a ledger account for the month of July 2009 & prepare an incoem statement. balances at 1/7/2009 Materials control $6150 Labour control (accrued wages)

cost accounting exam

creating a decision treeplan.

PrivateJets (PJ) is considering expanding its operations in the corporate travel market. Currently, PJ has a capital structure with a 25% debt-equity ratio. Their levered equity

Atkinson's Reliable Tools makes two products that use similar raw materials: #587Q and #253X. Estimated production needs for a unit of each product follows. #587Q #253X Steel (in p