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
Greta Grantor made $1 million of taxable gifts in 2009, the only taxable gifts she made prior to this year. Greta was married on January 2nd of this year to Gerard Gold digger. De
The following information is provided to you concerning Lydia Ltd as at 30 June 2012. Assume a company tax rate of 30%. (i) The balance of rent received in advance in the balan
metods of absorption of manufecturing overhead
priple of accounting
Cal Farms reported a supplies expense of $2,000,000 a year. The supplies amount decreased by 200,000 during the year to an ending balance of $400,000. What was the cost of supplies
Two firms compete in a homogenous product market where the inverse demand function is P = 10 - 2Q (quantity is measured in millions). Firm 1 has been in business for 1 year, while
Bedovin Company manufactures office tables and chairs using the job order cost system
Example of High - Low Method of Cost Estimation Based on the performance, such you have been provided along with the given information regarding ABC Ltd for the year ended on
A firm operates two plants with the marginal cost curves given by MC 1 = 50 + 2Q 1 , MC 2 = 90 + Q 2 . If the firm's total output must be 80 units, how much will it produce a
Physical Measure and Net Realizable Value Physical Measure/Unit Joint costs are assigned to the joint products according to the ratio of physical measurement of the outpu
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