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
You are the manager of a firm that sells output at a price of $40 per unit. You are interested in hiring a new worker who will increase your firm's output by 2,000 units per year.

Your client has asked you to provide guidance on the following potential accounting changes: (1) Change from straight-line method of depreciation to sum-of-the-years'-digits (2) Ch

What are the major features of JIT?

tHE FIRST SECTION ASSIGEMTN ANSWER FOR HAMPSHIR COMPANY DECISIONS

Material Costs Material refers to each physical input into the production procedure. They involve the giving as: Raw material refers to bought in material that is used

OVERHEAD VARIANCES Unlike labour and direct material, the manufacturing overhead is not completely variable with the level of production.   So, standard costs for factory overh

Current assets 180.00   232.00 Less: Current Liabilities 80.00   105.00 Working Capital

Definitions of manufacturing concepts  Interstate Manufacturing produces brass fasteners and incurred the following costs for the year just ended:  Materials and supplies used

Methods of Labour Remuneration There Labour remuneration methods can be broadly classified into two factors as: i. Time rate or on the basis of the time spend in the factor

Learning Objective: After completing the project, the student will have gained familiarity, understanding and mastery of programming a realistic but simple application in Assembly