Topics
Cost Control Accounts
Contract Costing
- Introduction to Contract Costing
- Contract Costing
- Process of Contract Account
- Contract Costing Concept
- Work Certified
- Work Uncertified
- Progress Payments
- Retention Money
- Cost Plus Contract
- Contract Account
- Accounting for Material
- Accounting for Tax Deducted at Source by the Contractee
- Accounting for Plant Used in a Contract
- Treatment of Profit on Incomplete Contracts
- Contract Profit and Balance Sheet Entries
Process Costing
Introduction to Marginal Costing
- Introduction to Marginal Costing
- Advantages of Marginal Costing
- Disadvantages of Marginal Costing
- Application of Marginal Costing
- Marginal Cost
- Contribution
- Profit/Volume (P/V) Ratio
- Margin of Safety (Mos)
- Break-even Point
- Contribution Margin Technique
- Break-even Chart
- Profit Volume Graph
- Cost Volume Profit Analysis
Introduction to Standard Costing
Some Emerging Concepts of Cost Accounting
If you would like to contribute notes or other learning material, please submit them using the button below.
Related QuestionsVIEW ALL [2]
Gajanan Construction, Mumbai took a Contract No. 51 for the construction of a school building on 1st January, 2017. The contract price is fixed at Rs. 15,00,000; subject to a retention of 20% of work certified. The following are the details of expenditure made by contractor on this contract during the year :
| Particulars | (Rs.) |
| Direct labour charges | 4,05,000 |
| Material issued from stores | 4,20,000 |
| Materials directly purchased | 81,200 |
| Plant installed at site on 30th June, 2017 | 60,000 |
| Direct expenses (inclusive of Direct Expenses due but not paid Rs. 3,000) | 23,000 |
| Management overheads | 37,200 |
| Materials transferred to Contract No. 55 | 6,300 |
| Outstanding Wages | 7,800 |
| Material transferred from Contract No. 55 | 1,600 |
| Work certified | 11,00,000 |
| Work uncertified | 16,500 |
Depreciation on plant is provided @ 40% p.a. on the original cost.
Prepare:
(A) Contract Alc
(B) Contractee A/c
(C) Extracts of Balance Sheet as on 31st December, 2017.
The following information is relating to a building contract of Rs. 50,00,000. The contractee has a reed to a 90% of the work certified in cash.
| Particulars | 2017(Rs.) | 2018(Rs.) | 2019(Rs.) |
| Materials | 7,00,000 | 8,00,000 | 4,00,000 |
| Wages | 3,20,000 | 4,80,000 | 5,00,000 |
| Direct expenses | 20,000 | 30,000 | 10,000 |
| Indirect expenses | 10,000 | 7,000 | 3,000 |
| Work certified | 10,00,000 | 30,00,000 | 50,00,000 |
| Work uncertified | - | 40,000 | - |
| Plant issued | 2,00,000 | - | - |
| Value of lant on 31st Dec. | 1,80,000 | 1,60,000 | 1,30,000 |
Prepare Contract A/c for the year 201 7, 2018, and 2019.
Related concepts
Advertisement Remove all ads
