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From the Following Figures Ascertained from Costing Records and Financial Books of a Factory, - Cost Accounting(Financial Accounting and Auditing 10)

From the following figures ascertained from Costing Records and Financial books of a Factory, you are required to pass necessary entries in the Cost Journal (Assume that a system maintaining Control Accounts prevails in the Organisation).

(a) Purchases Rs. 3,90,000
(b) Carriage Inward Rs. 5,850
(c) Stores Issued Rs. 3,58,800
(d) Productive Wages Rs. 13,46,320
(e) Unproductive Labour Rs. 1,21,680
(f) Works on Cost Rs. 3,48,400
(g) Materials used in repairs Rs. 3,120
(h) Cost of Completed Jobs Rs. 12,80,630


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Date   Particulars L.F. Debit Rs. Credit Rs.

Stores Ledger Control A/c. Dr.

To General Ledger Adjustment A/c     3,90,000
(Being the amount of purchases made).      

Stores Ledger, Control A/C. Dr
Factory Overhead Control A/C. Dr.

To General Ledger Adjustment A/c     5,850
(Being the amount of carriage inwards incurred.)       
  (c) Work-in-progress Ledger Control A/c.Dr.   3,58,800  
To Stores Ledger Control A/c.     3,58,800
(Being the Stores issued to production)      
  (d,e) Wages Control A/c. Dr. 
(Rs. 3,46,320 + Rs. 1,21,680)
To General Ledger Adjustment A/c.     4,68,000
(Being the amount of wages paid to employees)      
  (f) Work-in-Progress Ledger Control A/c. Dr. 
Factory Overhead Control A/c. Dr.
To Wages Control No.     4,68,000
(Being the amount of production wages. allocated to Jobs and unproductive labour
apportioned to factory overhead)
  (g) Factory Overhead Control A/c. Dr.   3,120  
To General Ledger Adjustment A/c.     3,120
(Being the cost of indirect materials issued and used for repair)      
  (h) Finished Goods Ledger Control No. Dr.   12,86,630  
To Work-in-progress Ledger Control A/c.     12,86,630
(Being the cost of completed jobs transferred
from Work-in-progress No.)
Concept: Cost Control Accounts - Journal Entries
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