Answer / ravishankar

for Expenses: Profit and loss a/c Dr
TO Expenses
for Incomes: Incomes a/c Dr
To profit and loss a/c
for assets&: Liabilities transferred to Balance sheet

what is the entry to be made for vat when any purchase is made in that bill vat amount is included ?

2 Answers  

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The Tabula Manufacturing Company has been in business for one month. At the end of month the company had the following accounts: Materials used K 5 000.00 Direct labour 10 000.00 Indirect labour 3 000.00 Indirect materials 2 000.00 Labour fringe benefits 1 000.00 Supervisor’s salary 1 000.00 Depreciation Machinery 2 000.00 Miscellaneous factory overhead 1 000.00 Heat and light 500.00 Insurance on plant 1 500.00 The company processed two jobs during the month with costs as follows: Job 101 Job 102 Materials cost K3 000.00 K2 000.00 Direct labour cost K6 000.00 K4 000.00 Direct labour hours 4 000.00 3 000.00 Machine hours 2 000.00 1 000.00 The company does not use a predetermined rate for factory overhead. The rate is computed at the end of each month. Required Use both the direct labour hours and machine hours to compute: 1) The overhead rates for the month (5 pts) 2) The overhead cost for each job (5pts) 3) The total cost for each job (10 pts) 4) Briefly describe the difference between Job order and process costing, citing relevant examples (5 pts).

0 Answers  

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what is capital employed?

3 Answers   Capital IQ,

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what is cenvat

2 Answers  

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Explain me the basic accounting equation?

0 Answers  

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what is a register when referring to accounting or bookkeeping?

0 Answers  

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What is meant by Centeral Excise tax waht percentage its calculated

3 Answers  

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Loan & Advances which heading calculated ?

2 Answers   Spanco,

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what is surcharge on which purpose is used please explain

1 Answers   Wipro,

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Hi, I am working at Himachal Pradesh, there we pay entry tax for purchase other state. but now govt decide this tax will be deposited with Sale Tax return, now my question is that where column i show this tax or which challn i deposit this tax

0 Answers   Carlton,

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What is the Journal entry for Bad Debt recovered.

2 Answers   Lycatel,

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Tell us what is a cpa?

0 Answers  

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