Labor transactions, Cost Accounting

Labor Transactions

(i) Wages Paid in cash

(ii) Wages incurred like

a) Direct labor or else

b) Indirect labor

 In the Financial Books

 In the Costing Books

  i. Wages Paid in Cash

 

                               Dr Wages a/c

 Dr Wages Control a/c

                              Cr Cash a/c

 Cr General Ledger Adjustment a/c

 ii. Wages Incurred as direct labour

 

     Not recorded in Financial Books

 Dr. W.I.P a/c

 

 Cr. Wages Control

 

 Dr. Production Overheads Control a/c

 

Posted Date: 2/5/2013 8:14:47 AM | Location : United States







Related Discussions:- Labor transactions, Assignment Help, Ask Question on Labor transactions, Get Answer, Expert's Help, Labor transactions Discussions

Write discussion on Labor transactions
Your posts are moderated
Related Questions

what is marginal costing and explain concept of marginal costing

what are the advantages and disadvantages of marginal costs plus a fixed lump-sum fee?

Behavioral Classification of Costs Definition Cost behavior refers to the change in costs as increase or may decrease like the output level changes that are like we risin

The next year's budget for Benny, Inc., is given below: Product 1-2 Sales $945,000-688500 Variable costs 459,900-297,000 Fixed costs 300,000-3

Glaser Health Products of Ranier Falls, Georgia, is organized functionally into three divisions: Operations, Sales, and Administrative. Purchasing, receiving, materials and product


Factory Overhead Budget This budget represents the forecasts of each the production variable and fixed and semi-variable overheads to be incurred throughout the budget period.

Absorption Costing and Marginal Costing Product costs are costs identified along with goods produced or purchased for resale. That costs are initially identified like part of

The following are three independent situations where the reporting entity for which financial statements are being prepared are underlined. Every company has a December 31, 2012 ye