Answer Posted / ammu
In the three column cash book there will be some cross or
contra entries i.e., transfer of money from cash to bank
(amount deposited) and vice versa (amount withdrawn from
bank for office use). In all such cases both entries occur
in the cash book and no ledger entry is required. This is
indicated by a contra sign (C) in the folio column
indicating thereby that the double entry aspect of this
transaction is complete and it requires no posting to the
ledger.
"Deposits in the bank of cash: debit bank column 'To Cash'
and credit the cash column 'By bank'."
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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).
hi every one i just want to know the entry for bank charges dt 31.3.2016 which deducted on 02.04.2016 kindly help me thank you raj
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