Contract accounts - contract costing, Cost Accounting

Assignment Help:

Contract Accounts

It is a separate account such is maintained and opened for every contract undertaken for the reasons of accumulating cots.  Every contract is given a number and all costs connecting to such particular contract are recorded in this account. A typical contract account is like displayed below as:

Contract No. XYZ Account

Materials b/f

x

Materials returned to store

x

Materials purchased

x

Materials c/d

x

Direct wages

x

Machinery c/d

x

Indirect wages

x

Balance c/d:  Cost of work done

x

Subcontractors fees

x

 

 

Cost of special plant

x

 

 

Machinery/Plant b/f

x

 

 

 

 

 

 

 

 

 

 

Cost of work done b/d

x

Value of work certified

x

Notional Profit

x

Cost of work done but not certified

x

 

xx

 

xx


Related Discussions:- Contract accounts - contract costing

Calculate the equal monthly payments and cost of financing, Calculate the e...

Calculate the equal monthly payments and the cost of financing on a 25-year mortgage. The cash value of the house today is $500,000. You are paying monthly at a fixed rate of 6% pe

Labour Costs and Overhead Costs, Labour Costs and Overhead costs Labo...

Labour Costs and Overhead costs Labour Costs Labour costs can be indirect or direct labour costs. Direct labour cost refers to wages paid to workers who such are directly

Identify the income statement and balance sheet, In January 2012, the manag...

In January 2012, the management of Stefan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the fol

Calculate the contribution margin ratios, Problem 4-12 Multiproduct CVP [LO...

Problem 4-12 Multiproduct CVP [LO 4] Fidelity Multimedia sells audio and video equipment and car stereo products. After performing a study of fixed and variable costs in the prior

Mr., behabioural aspect of standard costing on budget

behabioural aspect of standard costing on budget

You should be willing to pay the worker , You are the manager of a firm tha...

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.

Calculate the re-negotiate the part-time trainers cost, a.    If you could ...

a.    If you could pick a single source of cash for your business, what would it be? Why? b.    How can a business earn large profits but have a small balance in Retained Earnin

Idle capacity, How does idel capacity effect cost behavior patterns and fac...

How does idel capacity effect cost behavior patterns and factory overhead application methods

Allocation of joint costs, Allocation of Joint Costs Whereas two or mo...

Allocation of Joint Costs Whereas two or more products of relatively high value emerge simultaneously from a single process, they are named as joint products.  The processes s

Relevant costs, What are investment appraisal methods when opening a new pr...

What are investment appraisal methods when opening a new project?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd