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
The activity driver for the shipping activity is the number of orders shipped. Product A uses 20 orders and Product B uses 60 orders. Calculate the consumption ratios for each prod

distinguish between bin card and store ledgre

what would your answer be to the following problem, please show detailed calculations: The XYZ Company manufacturers Part 123 for use in its production line. The manufacturering co

How relevant to the decision are the $800(000) initial cost of the project and the operating losses of $300(000)? Calculate the incremental liquidation cash flows for the abando

What are 'potential' ordinary shares?  In your answer provide three examples to support your explanation.  Briefly outline the process (steps) to determine whether 'potential' ordi

Q. Given the below information, what is the dollar amount that the LIFO liquidation added to gross margin?   Number of Units Price per Unit

on june 2005 20 units of the product in stock the following is extracted from the companys books direct material-200 per unit,direct labour 150 per unit, variable production overhe


Cost Book-Keeping In cost account accounts, extensive employ is made of control accounts that are based in the similar principles as those utilized in financial accounts.  Two

Automotive Products  (AP)  designs, manufactures,  and  sells  automotive  parts.  It  has  3 main operating departments: design, engineering, and production.  1.Design  ñ  the