This document outlines 30 journal entries for a non-integrated accounting system, where cost and financial books are maintained separately. Key entries include recording receipts and issues of materials and expenses in the cost books, and corresponding entries in the financial books for payments and collections. Manufacturing costs like wages, overhead and production costs are allocated to jobs/products in the cost books, while sales and profits are recorded in the financial books. The document provides details to ensure proper recording and reconciliation between the cost and financial books under a non-integrated accounting system.
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
Capital expenditure & Revenue expenditureMudassir Raza
Capital expenditures are typically one-time large purchases of fixed assets that will be used for revenue generation over a longer period. Revenue expenditures are the ongoing operating expenses, which are short-term expenses used to run the daily business operations.
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
Capital expenditure & Revenue expenditureMudassir Raza
Capital expenditures are typically one-time large purchases of fixed assets that will be used for revenue generation over a longer period. Revenue expenditures are the ongoing operating expenses, which are short-term expenses used to run the daily business operations.
In order to increase the sales, business houses are required to market their products over a larger territory and may generally split their business into certain divisions or parts, if the various certain divisions or parts, if the various parts or divisions are located in different parts of the same city as Chandni chowk, Karol bagh, Connaught place, Nehru place (in delhi) or in different cities of the same country as Calcutta, Chennai, Mumbai, Kanpur and Delhi (in india) or in different countries (in the world) as Canada, USA, England, Japan, U.S.S.R and Germany, these are known as branches, head office contracts the activities of various branches
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
This is one of the hardest topic in Accounting. To make it easier I have prepared this one. It is according to AS 7. These are some of the basics of Contract Accounting. How to account Contact?
Like if it proves to be useful for you.
Fund flow statement is a statement that compares the two balance sheets by analyzing the sources of funds (debt and equity capital) and the application of funds (assets) and its reasons for any differences.
Preparation of financial statements for a business which has not maintained proper records(Double Entry records)
Profit Equation method or Converting incomplete records to complete records.
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
In order to increase the sales, business houses are required to market their products over a larger territory and may generally split their business into certain divisions or parts, if the various certain divisions or parts, if the various parts or divisions are located in different parts of the same city as Chandni chowk, Karol bagh, Connaught place, Nehru place (in delhi) or in different cities of the same country as Calcutta, Chennai, Mumbai, Kanpur and Delhi (in india) or in different countries (in the world) as Canada, USA, England, Japan, U.S.S.R and Germany, these are known as branches, head office contracts the activities of various branches
Helps the student to know about the Agricultural Income in Indian Income tax Act 1961 and also how the Tax Liability will be calculated when an Assessee have both Agricultural and Non Agricultural Income
This is one of the hardest topic in Accounting. To make it easier I have prepared this one. It is according to AS 7. These are some of the basics of Contract Accounting. How to account Contact?
Like if it proves to be useful for you.
Fund flow statement is a statement that compares the two balance sheets by analyzing the sources of funds (debt and equity capital) and the application of funds (assets) and its reasons for any differences.
Preparation of financial statements for a business which has not maintained proper records(Double Entry records)
Profit Equation method or Converting incomplete records to complete records.
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
These notes help you to get a summary of all the lessons covered throughout the textbook.
It took some time to find all of these, but they help you a lot while revising.
LO16-1 through LO16-5EXERCISE 16.1Accounting TerminologyLi.docxSHIVA101531
LO16-1 through LO16-5
EXERCISE 16.1
Accounting Terminology
Listed below are eight technical accounting terms introduced or emphasized in this chapter: Listed below are eight technical accounting terms introduced or emphasized in this chapter:
1) Work in Process
2) Inventory
3) Cost of finished goods manufactured
4) Conversion costs
5) Cost of Goods Sold
6) Period costs
7) Management accounting
8) Product costs
9) Manufacturing overhead
Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not correctly
describe any of the terms.
a. The preparation and use of accounting information designed to assist managers in planning and controlling the operations of a business.
b. All manufacturing costs other than direct materials used and direct labor.
c. Direct materials and direct labor used in manufacturing a product.
d. A manufacturing cost that can be traced conveniently and directly to manufactured units of product.
e. The account debited at the time that the Manufacturing Overhead account is credited.
f. The amount transferred from the Work in Process Inventory account to the Finished Goods Inventory account.
g. Costs that are debited directly to expense accounts when the costs are incurred.
EXERCISE 16.2 (LO16-2)
Basic Types of
Manufacturing Costs
Into which of the three elements of manufacturing cost would each of the following be classified?
a. Tubing used in manufacturing bicycles.
b. Wages paid by an automobile manufacturer to employees who test-drive completed automobiles.
c. Property taxes on machinery.
d. Gold bullion used by a jewelry manufacturer.
e. Wages of assembly-line workers who package frozen food.
f. Salary of plant superintendent.
g. Electricity used in factory operations.
h. Salary of a nurse in a factory first-aid station.
EXERCISE 16.3 (LO16-3 & LO16-5)
Product Costs
and Period Costs
Indicate whether each of the following should be considered a product cost or a period cost. If you identify the item as a product cost, also indicate whether it is a direct or an indirect cost. For example, the answer to item 0 is “indirect product cost.” Begin with item a.
0. Property taxes on factory building.
a. Cost of disposal of hazardous waste materials to a chemical plant.
b. Amounts paid by a mobile home manufacturer to a subcontractor who installs plumbing in each mobile home.
c. Depreciation on sales showroom fixtures.
d. Salaries of security guards in an administrative office building.
EXERCISE 16.6 (LO16-3 & LO16-5)
Flow of Costs through
Manufacturing Accounts
The Ryde and Rowe Inc. had the following account balances as of January 1:
Direct Materials Inventory . . . .. . . . . . . . . . . . . . . . . . . . . . . . . $ 89,200
Work in Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . 178,400
Fin ...
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
introduction of cost accounting , classification, cost sheet , tender sheet, etc. this ppt is prepared for all commerce and management students of all universities specifically for RTM Nagpur University. this ppt will gives basic insight about costing , cost acoun ting, cost accountancy, cost control, cost reduction.
For more course tutorials visit
www.newtonhelp.com
ACC 492 Final Exam (All Possible Questions) (2019 Syllabus)
ACC 492 Week 1 Current Issue Summary
ACC 492 Week 1 Current Issue Summary Behind the Numbers Insights into Large Audit Firm Sampling Policies
(2019 Syllabus)
ACC 492 Week 2 Team Assignment
| Managerial Accounting | Chapter 1 | An Overview to Managerial Accounting | ...Ahmad Hassan
Chapter 1: an overview of managerial accounting -- managerial accounting and financial accounting, work of management, planning and control cycle, differences b/w managerial accounting and financial accounting, comparing merchandising and manufacturing activities, Chapter 2: managerial accounting and cost concepts -- classifications of costs, manufacturing and non-manufacturing costs, product costs versus period costs, cost classifications for predicting cost behavior, fixed costs and variable costs, direct and indirect costs, differential costs and revenues, opportunity and sunk costs.
After the preparation of Trial Balance, in the final stage of summarizing, Final accounts of the business are prepared which includes Trading, Profit & Loss A/c & Balance Sheet. Preparation of these statements & the various adjustments therein have been discussed here.
Introduction and Accounting for Buy-back of Shares in India as per the Companies Act 2013 and other rules.
It will be useful for the students of B. Com., B.Com.(H), CA, CS and other professional courses, studying Corporate Accounting.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
1. Integrated and Non-integrated
Accounts – II
(Journal Entries under Non-integrated System)
Mahesh Chandra Sharma
Associate Professor, Department of Commerce
Shaheed Bhagat Singh Evening College
(University of Delhi)
2. Journal Entries
Cost Books Financial Books
1. Receipts of materials into store (cash and Credit Purchases)
Stores Ledger Control A/c Dr. Purchases A/c Dr.
To General Ledger Adjustment A/c Cost Ledger Control A/c (Memo.) Dr.
To Cash A/c or Creditors A/c
In Stores Ledger: Individual stores Accounts shall be debited.
2. Receipts of materials for direct issue – went to production department directly
Cost Ledger: For Cash /Credit Purchases:
Work-in-progress Ledger Control A/c Dr. Purchases A/c Dr.
To General Ledger Adjustment A/c Cost Ledger Control A/c (Memorandum) Dr.
To Cash A/c or Creditors A/c
Job Ledger: Debit individual Job or Product A/c for which materials have been received
3. Journal Entries
Cost Books Financial Books
3. For issue of direct materials
Work-in-progress Ledger Control A/c Dr. No Entry
To Stores Ledger Control A/c
In Job Ledger: Individual Jobs account shall be debited for which materials have been issued
In Stores Ledger: Individual Store accounts shall be credited.
4.
For issue of indirect materials to factory, office and selling and distribution departments
Cost Ledger:
Works Overheads Control A/c Dr. No Entry
Office Overheads Control A/c Dr.
Selling & Distr. Overheads Control A/c Dr.
To Stores Ledger Control A/c
In Stores Ledger: Individual Store accounts shall be credited.
4. Journal Entries
Cost Books Financial Books
5. For issue of materials for capital work – for creating assets
Capital WIP Control A/c Dr. Asset A/c Dr.
To Stores Ledger Control A/c To Purchases A/c
6. For return of materials/store items to suppliers
Cost Ledger:
General Ledger Adjustment A/c Dr. Creditors A/c Dr.
To Stores Ledger Adjustment A/c To Purchase Returns A/c
To Cost Ledger Control A/c (Memo.)
In Stores Ledger: Individual stores Accounts shall be credited.
5. Journal Entries
Cost Books Financial Books
7. For return of direct materials from production to store
In Cost Ledger
Stores Ledger Control A/c Dr. No Entry
To WIP Ledger Control A/c
In Stores Ledger: Individual Store accounts shall be debited.
In Jobs Ledger: Individual Jobs accounts shall be credited.
8. For return of indirect materials from production to store
In Cost Ledger
Stores Ledger Control A/c Dr. No Entry
To Works Overheads Control A/c
To Office Overheads Control A/c
To S & D Overheads Control A/c
6. Journal Entries
Cost Books Financial Books
9. For transfer of materials from one job (Job No.1) to another job (Job No.2)
In Job or Work-in-Progress Ledger:
Job No. 2 A/c Dr. No Entry
To Job No. 1 A/c
Note: No entry is required in Work-in-Progress Control A/c or Stores Ledger Control A/c.
10. For normal loss of materials
No entry will be required
11. For abnormal loss of materials
Costing P & L A/c Dr. P & L A/c Dr.
To Stores Ledger Control A/c To Purchases or Trading A/c
12. For payment to creditors
No Entry Creditors A/c Dr.
To cash/Bank A/c
7. Journal Entries
Cost Books Financial Books
13. For Wages/Salaries Paid
Wages Control A/c Dr. Wages A/c Dr.
To Gen. Ledger Adjustment A/c Cost Ledger Control A/c (Memo.) Dr.
To Cash or Bank A/c
14. For allocation of direct wages to production
Work-in-progress Ledger Control A/c Dr. No Entry
To Wages Control A/c
15. For apportionment of indirect wages to factory, office and selling and distribution departments
Works Overheads Control A/c Dr. No Entry
Office Overheads Control A/c Dr.
Selling & Distr. Overheads Control A/c Dr.
To Wages Control A/c
8. Journal Entries
Cost Books Financial Books
16. For payment of direct expenses
Work-in-progress Ledger Control A/c Dr. Direct Expenses A/c Dr.
To General Ledger Adjustment A/c Cost Ledger Control A/c (Memo.) Dr.
To Cash or Bank A/c
17. For payment of Factory, Office and Selling & Distribution Expenses
Cost Ledger:
Works Overheads Control A/c Dr. Works Expenses A/c Dr.
Office Overheads Control A/c Dr. Office Expenses A/c Dr.
Selling & Distr. Overheads Control A/c Dr. Selling & Distribution Expenses A/c Dr.
To General Ledger Adjustment A/c Cost Ledger Control A/c (Memorandum) Dr.
To Cash A/c
9. Journal Entries
Cost Books Financial Books
18. For absorption of works overheads to Jobs/Products
In Cost Ledger
Work-in-Progress Ledger Control A/c Dr. No Entry
To Works Overheads A/c
In Job or Work-in-Progress Ledger:
Individual Jobs/Product accounts will be debited.
19. For absorption of office overheads to Jobs/Products
In Cost Ledger
Finished Goods Ledger Control A/c Dr. No Entry
To Office Overheads A/c
In Finished Goods Ledger: Individual Jobs/Product accounts will be debited.
10. Journal Entries
Cost Books Financial Books
20. For absorption of S & D overheads to Jobs/Products
In Cost Ledger
Cost of Sales A/c Dr. No Entry
To S & D Overheads A/c
21. For over-absorption of overheads
Respective Overheads Control A/c Dr.
To Overheads Adjustment A/c OR No Entry
To Costing P & L A/c
22. For under-absorption of overheads
Overheads Adjustment A/c OR Dr. No Entry
Costing P & L A/c
To Respective Overheads Control A/c
11. Journal Entries
Cost Books Financial Books
23. Transfer of Finished Goods completed
Finished Goods Ledger Control A/c Dr. NO ENTRY
To WIP Ledger Control A/c
24. Transfer of Finished Goods sold
Cost of Sales A/c Dr. NO ENTRY
To Finished Goods Ledger Control A/c
25. Transfer of Cost of Sales (of Goods sold)
Costing P & L A/c Dr. NO ENTRY
To Cost of Sales A/c
12. Journal Entries
Cost Books Financial Books
26. For sales
Gen. Ledger Adjustment A/c Dr. Cash/Bank/Debtors A/c Dr.
To Costing P & L A/c To Sales A/c
To Cost Ledger Control A/c (Memo.)
27. For collection of credit sales
No Entry Cash/Bank A/c Dr.
To Debtors A/c
28. For abnormal loss of goods in production process
Costing P & L A/c Dr. P & L A/c Dr.
To WIP Ledger Control A/c To Purchase/Trading A/c
13. Journal Entries
Cost Books Financial Books
29. For abnormal loss of finished goods
Costing P & L A/c Dr. P & L A/c Dr.
To Finished Goods Ledger Control A/c To Purchase/Trading A/c
30. For Net Profit
Costing P & L A/c Dr. P & L A/c Dr.
To Gen. Ledger Adjustment A/c Cost Ledger Control A/c (Memo.) Dr.
To Capital A/c
For Net Loss Capital A/c Dr.
Gen. Ledger Adjustment A/c Dr. To P & L A/c
To Costing P & L A/c To Cost Ledger Control A/c (Memo.)