Required ledgers in financial system, Cost Accounting

Required Ledgers in Financial System

In the financial Systems the Required ledgers are as:

  1. The General Ledger
  2. Debtors Ledger
  3. Creditors Ledger

In the cost book-maintaining system, the desired ledgers are as:

a) General Ledger Adjustment Account: It is occasionally called the cost ledger  account. The entire item extracted from the financial account is recorded in this account. The balance in this account represents the net of all the balances of the impersonal accounts extracted from the financial books.  It finishes the double entry in the cost accounts.

b) Stores Ledger Control Account: This account illustrates all the transaction of materials as an example of, issuance, purchases of materials, and returns to suppliers.  The balance of such account represents in entirety the detailed balance of the stores account.

c) Work in Progress Ledger Control Account: this shows the entire work in progress at any particular time.

d) Finished Goods Ledger Control Account: these receipts from production and transfer to distribution department are entered in this account and the balance of this account illustrates the total value of finished goods in stock.

e) Production Overheads Control Account

f) Distribution and Selling Overheads Control Accounts.

g) Wages Control Account

h) Administrative Overheads Control Accounts.

Posted Date: 2/5/2013 8:06:25 AM | Location : United States

Related Discussions:- Required ledgers in financial system, Assignment Help, Ask Question on Required ledgers in financial system, Get Answer, Expert's Help, Required ledgers in financial system Discussions

Write discussion on Required ledgers in financial system
Your posts are moderated
Related Questions
Definitions of manufacturing concepts  Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:  Materials and supplies used

We consider two regions A and B. Each market has the same size (i.e. number of consumers) but differs in the willingness to pay for one unit of the good proposed by the firm. On ma

Managerial ACCT 2 Ulrich Framing is well known for the quality of its picture framing. Lucinda Ulrich, CEO, believes that the number of linear feet or framing used is the best is t

1. A company is considering a project that requires an initial investment of $100 million and will pay $20 million of each of the next 10 years, and nothing thereafter. The company

how can a poorly controlled budget cause problesm for a business?

Variable Overhead Efficiency Variance Budget for December 2003; Shs. Fixed Overheads 11,480 Variable Over

A soft drink maker wants to expand into a neighboring country.  They want the product bottled in that country to avoid political issues and to enhance the local image of the produc

what are importance of cost classification

from the following particulars calculate the earning of worker . rate per hours $0.50 standard time 200 hours time taken 140 hours