Page 44 - Cost Accounting - Ready Reckoner

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(v) Materials returned Creditors A/c Dr Gen. Ledger Control A/c. Dr Creditors A/c Dr
to suppliers To, Purchases A/c To Material control A/c To, Material Control A/c

(vi) Payments to creditors Creditors A/c Dr No Entry Creditors A/c Dr
for supplies made To, Cash A/c To, Cash A/c
(vii) Issue of direct No Entry WIP Control A/c Dr WIP Control A/c Dr
materials to To, Materials Control A/c To, Materials Control A/c
production shops

(viii) Issue of indirect No Entry Factory OH Control A/c Dr Factory OH control A/c Dr
materials to To, Material Control A/c To, Material Control A/c
production shops
(ix) Return of direct No Entry Material Control A/c Dr Material Control A/c Dr
materials to stores To, WIP Control A/c To, WIP Control A/c
(x) Return of indirect No Entry Material Control A/c Dr Material Control A/c Dr
materials to stores To, Factory Overheads A/c To, Factory Overheads A/c
(xi) Materials No Entry No Entry No Entry
transferred from one
Job to another
(xii) Adjustment of No Entry Factory O.H Control A/c Dr Factory O.H Control A/c Dr
normal depreciation To, Material Control A/c To, Material Control A/c
in material stocks
(xiii) Adjustment of No Entry Material Control a/c Dr Material Control A/c Dr
normal surplus in To, Factory OH Control A/c To, Factory OH Control A/c
material stocks

(xiv) Payment of wages Wages & Sal. A/c Dr Wages Control A/c Dr Wages & Salaries A/c Dr
& Salaries To Cash / Bank A/c To, General Ledger A/c To, Cash / Bank A/c

(xv) Analysis of No Entry WIP Control A/c Dr WIP Control A/c Dr
distribution of wages POH Control A/c Dr POH Control A/c Dr
Admin OH Control A/c Dr Admin OH Control A/c Dr
S & D OH Control A/c Dr S & D OH Control A/c Dr
To, Wages Control A/c. To, Wages Control A/c.
(xvi) Payment of Expenses A/c Dr POH Control A/c Dr POH Control A/c Dr
Expenses To, Cash A/c Admin OH Control A/c Dr Admin OH Control A/c Dr
S & D OH Control A/c Dr S & D OH Control A/c Dr
To, General Ledger Adj A/c To, Cash A/c

(xvii) Recording of Depreciation A/c Dr POH Control A/c Dr POH Control A/c Dr
Depreciation To, Asset A/c Admin OH Control A/c Dr Admin OH Control A/c Dr
S & D OH Control A/c Dr S & D OH Control A/c Dr
To, General Ledger Adj A/c To, Asset A/c
(xviii Absorption of No Entry WIP Control A/c Dr WIP Control A/c Dr
) Factory Overheads To, Factory Overheads A/c To, Factory Overheads A/c
(xix) Spoiled / Defective No Entry Costing Profit & Loss A/c Dr Costing Profit & Loss A/c Dr
Work To, WIP Control A/c To, WIP Control A/c
n
i
s
(xx) Recording of Cost No Entry F.G Control A/c Dr hed Goods Control A/c Dr
F
i
of Jobs completed To, WIP Control A/c To, WIP Control A/c