Answer / kannan.t

Time Keeping is concerned with the attendance and wage
calculation of employees whereas Time Booking is the
reporting of each worker’s time for each job and department
for cost analysis and dividing labour cost into various
jobs and departments. The main functions of time keeping
department are as follows:
1. To maintain discipline, regularly and punctuality
in the factory.
2. Meeting the statutory requirements.
3. Preparation of pay rolls where workers are paid on
time basis.
4. To record the arrival and departure time of
labourers for making distinction between normal time,
overtime, delay in attendance and early leaving.
5. For overhead rates, if based on labour hours.

Time Booking: Time booking means recording the rime
actually spend by a worker on various jobs done by him in
the factory.

Purpose of Time Booking: Time booking is necessary for:
1. Ascertaining labour cost of every job.
2. Providing time basis for apportionment for overhead
expenses
3. Having control over wastage of time – idle time
i.e., the difference between time keeping and time booking.

Tell me if the company wants to enhance thier business and incured the cost on other building (like Buliding Material, Iron and Others) so we will put it in to the expenses or i have to put it into the Fixed asset land and buildin by passing this entry Land and Building (Dr) Bank/Cash/Detors) (Cr) Thanks

3 Answers  

---

what is payroll

3 Answers  

---

expand V D A

2 Answers  

---

what about the company background?

5 Answers   Capital IQ,

---

What is a TDS ?

3 Answers  

---

how to calculate valuation of closing stock

1 Answers  

---

what is indirect taxes

2 Answers  

---

what are accounting principles

8 Answers   Accenture,

---

what is credit note and debit note?

5 Answers  

---

what is mean by traditional accounting ?

0 Answers   ACS,

---

what is the basic function of accounting?

2 Answers  

---

break even point

7 Answers   Hindustan Motors,

---