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

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