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Answer Posted / h.r. sreepada bhagi
It's the statement prepared periodically to make note of the
transactions that cause difference between the balance as
per the books of the company & the bank statement.
There may be some transactions entered in company's books,
but not appearing in the bank statement or vice-versa.
Necessary entries have to be passed in the books to account
any transaction that's left out by oversight or correction
of entries, if any entries are missing. This will also help
in noticing & taking necessary action, if the bank has
committed any mistake or entered any unrelated transactions.
BRS can be prepared daily, weekly or monthly depending up on
the volume of transactions.
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Unrealised profit will be debited to ?
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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