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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
Computation of mark up and Target selling price in cost-minus pricin
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7.14
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