Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Materials Transaction
i. Purchase of Materials on Credit
ii. Return of Materials to Suppliers
iii. Purchase of Materials in Cash.
The above transactions affect both the cost accounts and financial accounts and the entries in the two sets of books will shows as given as:
In the Financial Books
In the Costing Books
Purchases on Credit:
Dr Purchases a/c
Dr Stores Ledger Control a/c
Cr Creditors a/c
Cr General Ledger Adjustment a/c
Return of Materials to Suppliers
Dr Creditors
Dr. General Ledger Adjustment a/c
Cr. Purchases a/c
Cr. Stores Ledger Control a/c
Purchases of Materials in Cash
Dr. Purchases a/c
Dr. Stores Ledger Control a/c
Cr. Cash a/c
Cr. General Ledger Adjustment a/c
The given entries of material transactions affect merely the cost books since they are simply transfers in the cost ledger.
Issue of Materials to Production
Dr. Work in Progress Ledger Control a/c
Freshly Ground Investments have just made an investment of $550 000 in a new Toyota Hilux (with trailer) delivery vehicle. This vehicle will be used for deliveries and generate rev
A normal job-order costing system is a system that uses : A. actual costs for direct materials and estimated costs for direct labor and overhead B. estimated costs
(a) (i) Conversion Value Conversion Value = Conversion Ratio * Stock Price = 22*$40 = $880 (ii) Market Conversion Price Market Conversion Price =
A company is investigating the effect on its cost of capital with respect to the tax rate. Suppose there is a capital structure of 20% debt, 10% preferred stock, and 70% common sto
what is the different between Financial accounting and management accounting?
Elements of Cost Nearly there are three elements of cost - labor, material, and expenses. These are additional divided into indirect and direct material, indirect and direct la
1. The Initial Borrowings required are determined by the amount required to start the project less the Cash Invested by the Corporation. The loans will always be principle & inte
Most of David's clients are local. However, a few of his clients require out of town travel. He incurred $2,500 of airfare, $1,570 in lodging and $1,313 in meals relating to the bu
Jones Company operates within a monopolistically competitive industry. The estimated demand for its products is given by the following inverse demand function P = 1760 - 12Q
Calculate Remuneration of Employee of an Organisation Based on the data underneath that you are necessary to calculate the remuneration of all employee like determined with ea
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd