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Accounting for Job Order Costing - Direct Materials
Direct materials
(i) Dr Stores ledger control Account Cr Cash Account - for cash purchasers X
(ii) Dr Stores ledger control Account Cr Creditors Account - for credit purchasers X
(b) Return of materials to suppliers
Dr Cash Account or creditors control Account X
Cr Stores ledger control Account X
(c) Issue of materials from the store
Dr - W.I.P. Control Account X
Cr stores ledger control Account for direct materials. X
Indirect materials: Dr Factory overheads control Account X
What are the journal entries to recognize each of the below events. a. The firm records bad debt expense of 5% of credit sales, which were $300. The firm uses the Percentage
WORKED EXAMPLES OF EXPECTED CASH COLLECTIONS PATTERNS
Prepare answers to each of the following questions. Assume a tax rate of 30%. (i) Harry Ltd has a balance of prepaid rent in the balance sheet amounting to $100 000 as at 30 Ju
explain advantages of marginal costing
Valuation of Inventory or Closing and Issues Stocks Valuation of inventory aims on attaching a monetary value in the issued or stores for production. It is useful in producing
according to a factory cost ledger, job no 51 has incurred the following costs: direct material - 30
It takes about two to three years to fully execute FCA and get all employees comfortable with it. Even then, the process will still develop. In Greensboro, North Carolina, it took
Organization of Budgetary Control Budgetary control ideally includes the given steps as: 1. The creation of budget centres. 2. The introduction of sufficient
a local government autority owns and operates a leisure center with numerous sporting facilities , residential accomodation , a cafeterial and a sports shop. the summer season last
USES O F CVP ANALYSIS 1. .It allows preparation of flexible budgets. 2. It provides help in forecasting accurate profit. 3. It aids in formulating price policy. 4
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