Contract accounts - contract costing, Cost Accounting

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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

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