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
Find the following values for a single cash flow: a. The future value of $500 invested at 8 percent for 1  year b. The future value of $500 invested at 8 percent for 5 years

A plant is considering the replacement of a piece of equipment in its materials handling system with a new piece. If the company's cost of capital is 10%. Should the present asset

creating a decision treeplan.

What will be the cost of Well Water after considering the financing surrounding the purchase (savings on the loan), Well Water's (net) working capital situation, and the additional

1. The table below gives data for Southland where there are three consumption goods: bananas, coconuts and grapes. Goods Quantity in base period basket

Q. Is it possible to execute fca in the deficiency of a general ledger accounting system ? Ans. Yes. FCA can be executed for whichever solid waste management system and whi

Baka Corporation applies manufacturing overhead on the basis of direct labor-hours. At the beginning of the most recent year, the company based its predetermined overhead rate on t

A. Bolero Industries Ltd. has been approached by a customer who would like a special job to be done for her, and is willing to pay $60,000 for it. The job would require the followi

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

Requirement for additional Funds A business would require additional capital for two purposes: 1. Financing additional fixed assets, and