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

Prepare the journal entries to record depreciation, Moore Corporation follo...

Moore Corporation follows a policy of a 10% depreciation charge per year on all machinery and a 5% depreciation charge per year on buildings (the corporation uses the nearest full

Calculate the nominal interest rate, A 1- year Canadian bond with a face va...

A 1- year Canadian bond with a face value of 5000 can be purchased at 4800. a) Calculate the nominal interest rate in Canada. b) If the Canadian dollar is expected to depreci

Goods and services tax, William Potter is a plumber currently operating as ...

William Potter is a plumber currently operating as a Sole Trader in Levin. William has approached you, a tax accountant, for your advice on certain tax matters. William's brothe

Even applications, in process beg and ending

in process beg and ending

Explain the respective roles of the securities, Explain the respective role...

Explain the respective roles of the Securities and Exchange Commission (SEC) and the Internal Revenue Service (IRS) in the setting of accounting standards?

Cost accounting, diff between cost estimation and cost accounting

diff between cost estimation and cost accounting

Variable costs, Variable Costs Are costs such raise or fall proportio...

Variable Costs Are costs such raise or fall proportionately along with the level of activity that is such portion of the cost of an activity which changes along with the leve

Incentive Wage Plans, Compute

Compute

Flexible Budget, Flexible budgeting is a reporting system wherin the

Flexible budgeting is a reporting system wherin the

Calculate the retained profit, Harriet Ltd is a trading company set up a nu...

Harriet Ltd is a trading company set up a number of years ago with 5,000 £1ordinary shares issued at par. In order to expand the production facilities it needs to raise a further £

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages