if we have received the bill of telephone and electricity
for the period 16th march to 15 april ,what will be the
entry for the year ended 31st march '10?will there be any
provision entry for this
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Answer / h.r. sreepada bhagi
If any bill covering two financial periods is received (Eg.
16-03-10 to 15-04-10), When the bill is received, divide the
amount based on No. of days between the two years and make
provision for 2009-10 accordingly. In 2010-11 April, reverse
the provision & account the full value of the bill amount
and pay the money.
| Is This Answer Correct ? | 6 Yes | 1 No |
Answer / k.adi narayana
No one can du this period of billing because thay also
follwo the indina accounting standrads.
| Is This Answer Correct ? | 0 Yes | 8 No |
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).
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