30000 Closing stock WIP 60000 Stores 84000 90000 WIP 40000 124000 Purchase

30000 closing stock wip 60000 stores 84000 90000 wip

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30,000 " Closing stock -WIP 60,000 - Stores 84,000 90,000 -WIP 40,000 1,24,000 " Purchase 1,60,000 " Income from investment 10,000 " Wages incurred 70,000 " Loss 16,000 " Overheads incurred 2,50,000 " Loss on sale of capital assets 20,000 ______ 5,90,000 5,90,000 Reconciliation Statement Profit as per costing records Rs. 34,000 Less: Under-absorbed wages 10,000 Under-absorbed Overheads 30,000 40,000 (-) 6,000 Items not included is cost accounts : Add: Income from investment 10,000 (+) 4,000 Less: Loss on sale of capital assets (-) 20,000 Loss on per financial accounts (-) 16,000 A~3 Share capital A/c To Balance c/d 3,00,000 By Balance b/d Rs.3,00,000 Reserve A/c To Balance c/d Rs. 5,15,000 By Balance b/d Rs. 2,00,000 ________ By Costing P & L A/c 3,15.000 5,15,000 By Balance b/d 5,15,000 Sundry Creditors A/c To Bank A/c To Balance c/d Rs. 11,00,000 4,00,000 By Balance b/d By stock control A/c By Balance b/d Rs. 5.00,000 10,00,000 15,00,000 15,00,000 - 95 -
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a rihant institute COST ACCOUNTING Plant and Machinery To Balance b/d Rs. 5,75,000 By balance c/d 5,75,000 Sundry Debtors A/c To Balance b/d To Sales 2,00,000 22,00,000 24,00,000 By Bank A/c By Balance c/d 21,00,000 3,00,000 24.00,000 To Balance b/c 3,00,000 Stock Control A/c To balance b/f To Sundry Creditors A/c Rs. 1,50,000 10,00,000 By W.I.P. A/c By Mfg. Ohd. Control A/c By Balance c/d Rs. 10,50,000 5,000 95,000 11,50,000 11,50,000 To Balance b/d 95,000 Bank A/c To Balance b/f To Sundry Debtors Rs. 75,000 21,00,000 By Wages Control A/c By Production Ohd. Control A/c By Selling Expenses By Sundry Creditors By Balance c/f Rs. 6,50,000 3,00,000 1,00,000 11,00,000 25,000 21,75,000 21,75,000 By Balance c/d 25,000 W.I.P.A/c To Stores control A/c To Wages control A/c To Prod. Ohd. control A/c Rs. 10,50,000 6,00,000 2,75,000 By Finished stock A/c By Balance c/d Rs. 18,00,000 1,25,000 To Balance b/f 19,25,000 1,25,000 19,25,000 Wages Control A/c To Bank A/c Rs. 6,50,000 By W.I.P. A/c By Prod. Ohd. A/c Rs. 6,00,000 Rs. 50,00 6,50,000 6,50,000 Production Overhead Control A/c To Stores Control A/c To Bank A/c To Wages Control A/c Rs. 5,000 3,00,000 50,000 By W.I.P. A/c By P & L A/c (under- absorption) 2,75,000 80,000 3,55,000 3,55,000 Selling and Distribution Overhead Control A/c To Bank A/c Rs. 1,00,000 By Cost of Sales Rs. 1,00,000 - 96 -
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a rihant institute COST ACCOUNTING Cost of Sales A/c To Finished Stock Control A/c To S & D Overhead Control A/c Rs. 17,05,000 1,00,000 By Costing P & L A/c 18,05,000 18,05,000 18,05,000 Finished Stock Control A/c To W.I.P A/c 18,00,000 _______ By Cost of Sales A/c By Balance c/d 17,05,000 95,000 18,00,000 95,000 18,00,000 Sales A/c To Costing P & L A/c Rs. 22,00,000 By S. Debtors Rs. 22,00,000 Costing P & L A/c To Cost of Sales A/c To Prod. Ohd. Control A/c (under absorption) To Net Profit (transferred to Reverse) Rs. 18,05,000 80,000 3,15,000 By Sales A/c 22,00,000 22,00,000 22,00,00 Trial Balance Particulars Dr. C Share Capital Reserve S. Creditors Plant and Machinery S. Debtors Stock in hand Stock of Finished Goods Bank A/c W.I.P. A/c Rs. 5,75,000 3,00,000 95,000 95,000 25,000 1,25,000 12,15,000 Rs. 3,00,000 5,15,000 4,00,000 _______ 12,15,000 A~4 (a) Cost Ledger: Dr. General Adjustment A/c Cr. To Closing P & L A/c (Sales) " Balance c/d Rs. 50,000 32,000 By Balance b/d (Note 1) " Store Ledger Adj. A/c “ Wages Control A/c " Overhead A/c " Costing P & L A/c Rs. 23,000 25,000 10,000 8,000 16,000 82,000 82,000 - 97 -
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a rihant institute COST ACCOUNTING Stock ledger Control Account Dr. Cr. To Balance b/d " Gen. Ledger Adj. A/c Rs. 8,000 25,000 33,000 By W.I.P. A/c (balancing figure) By Balance c/d Rs. 22,000 11,000 33,000 Work-in-Progress Account Dr. Cr. To Balance b/d " Store Ledger Control A/c " Wages Control A/c " Overhead A/c Rs.5,000 22,000 8,000 9,000 By Finished Stock A/c (balancing figure) Balance c/d Rs. 35,000 9,000 44,000 44,000 Finished Stock Account Dr. Cr.
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