Академический Документы
Профессиональный Документы
Культура Документы
Cost Cycle
Purchase of material from supplier (Direct or indirect material) Material control Factory ledger Materials control Voucher payable Vouchers payable General ledger Return to materials to suppliers Vouchers payable Vouchers payable Material control Factory ledger
Use of materials in production/material requisitioned/material issued from store Work in process control Marketing overhead control Work in process control Factory overhead control Factory ledger Factory overhead control Marketing overhead control General ledger Material control Material control Return of unused materials from factory Materials control Work in process control No entry Factory overhead control
When material is purchased from supplier and immediately sent to production for use Work in process Factory ledger Work in process Factory overhead control Voucher payable Factory overhead control Voucher payable General ledger When there is normal loss of material/shortage of material Factory overhead control Material control No Entry
Cost Concepts
No.2 USE OF LABOUR Recording gross payroll, deductions and net pay Payroll Payroll Income tax withheld Income tax withheld Provident fund payable Provident fund payable Any other deduction Any other deduction Accrued payroll Accrued payroll Preparing payroll voucher and payment Accrued payroll Accrued payroll Vouchers payable Vouchers payable Payment of voucher Vouchers payable Cash Distribution of payroll Work in process control Factory overhead control Selling overhead control Admn. overhead control Payroll control Vouchers payable Cash Factory ledger Marketing overhead control Admn. Overhead control Payroll control
Cost Cycle
No Entry
No entry
No entry
Recording employers liability for contribution Factory overhead control Selling overhead control Admn. Overhead control Provident fund payable Social security payable Factory ledger Marketing overhead control Admn. Overhead control Provident fund payable Social security payable Factory overhead control General ledger
No.3 INSURANCE AND CHARGE OF FACTORY OVERHEAD Recording actual factory overhead Factory overhead actual Factory overhead actual Utilities payable Utilities payable Prepaid insurance Prepaid insurance Allowance for dep. Allowance for dep. OR OR Voucher payable Voucher payable Charged of FOH applied to production Work in process Factory overhead applied No entry Factory overhead control General ledger
Cost Concepts
Close FOH applied to FOH control A/c FOH applied FOH control To record FOH Under-applied Cost of goods sold Under applied FOH OR WIP-Material WIP-Labour WIP-FOH Finished goods Cost of goods sold Under applied FOH Cost of goods sold Factory ledger
Cost Cycle
No entry
General ledger Under applied FOH OR WIP-Material WIP-Labour WIP-FOH Finished goods General ledger Under applied FOH
To close under applied FOH to FOH control a/c Under applied FOH No entry FOH control
No.4 TRANSFER OF COST TO FINISHED GOODS When one WIP a/c is issued Finished goods control Work in process When three WIP a/c are used Finished goods control WIP-Material WIP-Labour WIP-FOH No entry Finished goods control Work in process
No entry
No. 5 SALE OF FINISHED GOODS To record cost of goods sold Cost of goods sold control Finished goods control Cost of goods sold control Factory ledger General ledger Finished goods control
To Record Return of Goods at Cost Finished goods control Cost of goods sold control Factory ledger Cost of goods sold control Finished goods control General ledger
Cost Concepts
To Record Sale Price Cash Account receivable Sale control To Record Sale Return Sale return Accounts receivable
Cost Cycle
No entry
No entry