Cost Control Accounts

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Related QuestionsVIEW ALL [5]

The following balances are shown in the Cost Ledger of Vinak Ltd, as 0n 1st October, 2017 :

Particulars	Dr.(Rs.)	Cr.(Rs.)
Work in Progress Account	7,056
Factory Overhead Suspense Account	360
Finlshed Stock Account	5 274
Stores Ledger Control Account	9,450
Administration Overhead Suspense Account	180
General Ledger Adjustment Account		22,320

Transactions for the year ended 30th September, 2017 were :

Particulars	(Rs.)
Stores issued to Production	45,370
Stores Purchased	52,400
Material Purchased for direct issue to Production	1,135
Wages paid (including indirect labour Rs. 2,520)	57,600
Finished Goods Sold	1,18,800
Administration Expenses	5,400
Selling Expenses	6,000
Factory Overheads	15,600
Stores issued for Capital Work-in-Progress	1,500
Finished Goods transferred to Warehouse	1,08,000
Stores issued for Factory Repairs	2000
Factory Overheads applied to Production	16,830
Administration Overheads charged to Production	4,580
Factory overheads applicable to Unfinished Work	3,080
Selling Overheads allocated to Sales	5,500
Stores lost due to fire in stores (Not insured)	150
Administration expenses on unfinished work	850
Finished goods stock on 30.09.2017	14,274

You are required to record the entries in the cost ledger for the year ended 30th September, 2017 and prepare a Trial Balance as on that date.

Rushikesh Engineering Co.'s cost ledger indicates the following opening balance as on 01.01.2015:

Particulars	(Rs.)	(Rs.)
General Ledger-Adjustment Account	-	15,200
Stores Ledger Control Account	8,700	-
Work-in-progress Ledger Control Account	4,300	-
Finished Goods Ledger Control Account	2,200	-
TOTAL (Rs.)	15,200	15,200

At the year end, the following information is obtained :

Purchase for Stores	-	57,600
Purchase for Special Jobs	-	1,700
Direct Wages	38,600
Indirect Factory Wages	9,500
Administration Salaries	9,700
Selling and Distribution Salaries	4,300	62,100
Production Expenses		12,400
Administration Expenses		8,500
Selling and Distribution Expenses		5,400
Stores issued to Production		54,700
Stores issued to Maintenance		2,500
Returns to Supplier		200
Production overheads absorbed by Production		2,47,500
Administration Overheads absorbed by Finished Goods		15,200
Selling and Distribution Overheads recovered on Sales		9,600
Products Finished during the year		1,17,700
Finished Goods Sold at cost		1,32,300
Finished Goods Sold at cost		1,50,000

You are required to record the entries in the Cost Ledger for the year and prepare a Trial Balance.

Varsha Ltd., maintain.s seperate set of books for financial accounts and cost accounts.
The fowing Information is furnished for the year 2016

Particulars	(Rs.)
Material Control Alc	60,000
Work-in-progress Control Alc	90,000
Finished Goods Control Alc	1,40,000
Cost Ledger Control Alc	2,90,000
Transactions for the year are :
Matrial Purchased	6,60,000
Materials issued as :
Direct Materials	4,50,000
Indirect Materials	1,20,000
Wages paid allocated as:
Direct Cost	2,70,000
Indirect Cost	90,000
Production Expenses	2,40,000
Value of Finished Goods Produced	40,80,000
Closing Stock of Finished Goods	1,20,000
Administration Expenses	2,40,000
Selling Expenses	1,80,000
Sales	18,00,000

As on 31st March, 2015, the following balances were extracted from books of the Supreme Manufacturing Company, which follows Non-integrated System of Cost Accounting :

Particular	(Rs.)	(Rs.)
Stores Ledger Control Alc	56,000	-
Work-in-Progress Control Alc	56,000	-
Finished Goods Control Alc	40,000	-
General Ledger Control Alc	-	1,56,800

The following transactions took place in April 2015 :

Particular	(Rs.)	Particular	(Rs.)
Raw Materials :		Indirect Labour	40,000
(i) Purchased	1,52,000	Factory Overhead expenses incurred	80,000
(ii) Returned to suppliers	4,800	Selling and Administrative Expenses	64,000
(iii) Issued to production	1,56,800	Cost of Finished Goods transferred to warehouse	3,40,800
(iv) Returned to stores	4,800	Cost of Goods sold	3,36,000
Productive Wages	64,000	Sales	4,80,000

Factory overheads are applied to production at 150% of direct wages, any under or over-absorbed overheads being carried forward for adjustment in the subsequent months. All administrative and selling expenses are treated as
period costs and charged off to the Profit and Loss Account of the month in which they are incurred.
Show the following accounts in the Company's books :
(a) General Ledger Control Alc
(b) Stores Ledger Control Alc
(c) Work-in-progress Control Alc
(d) Finished Goods Stock Control Alc
(e) Factory Overhead Control Alc
(f) Costing Profit and Loss Alc
(g) Trial Balance as at 30th April, 2015

As on 31st March, 2015, the following balances existed in Sharad Co. Ltd.'s Cost Ledger :

Particulars	(Rs.)	(Rs.)
Stores Ledger Control Account	6,02,870	-
Work in Progress Control Account	2,44,730	-
Finished Stock Ledger Control Account	5,03,890	-
Manufacturing Overhead Control Account	-	21,050
Cost Ledger Control Account	-	13,30,440

During the next three months, the following items arose:

Particulars	(Rs.)
Finished Product (At cost)	4,21,670
Manufacturing Overhead Incurred	1,83,020
Raw Materials Purchased	2,46,000
Factory Wages	1,01,060
Indirect Labour	43,330
Cost of Sales	3,71,780
Material Issued to Production	2,54,630
Sales Return at Cost	10,760
Material returned to Suppliers	5,800
Manufacturing Overhead Charged to production	1,54,400

You are required to write up :
(a) Cost Ledger Control Account
(b) Stores Ledger Control Account
(c) Overhead Control Account
(d) Work in Progress Control Account
(e) Finished Stock Ledger Control Account
(f) Trial Balance (indicating, in brief, what each balance represents)
(g) Cost of Sales Alc