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Labor Transactions
(i) Wages Paid in cash
(ii) Wages incurred like
a) Direct labor or else
b) Indirect labor
In the Financial Books
In the Costing Books
i. Wages Paid in Cash
Dr Wages a/c
Dr Wages Control a/c
Cr Cash a/c
Cr General Ledger Adjustment a/c
ii. Wages Incurred as direct labour
Not recorded in Financial Books
Dr. W.I.P a/c
Cr. Wages Control
Dr. Production Overheads Control a/c
Determine the Joint Cost A company produces three products, Y1, Y2, and Y3 in the similar process. The data below reflects average monthly results as:
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2012 2011 Cash 12200 17700 Acct receivable 25200 22300 Investments
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