Show:
purchase
sales
cash&bank
Miscellaneous
Miscellaneous
100

Journal Entry To Record Material Purchased for cash

Debit Raw Materials 

Credit  cash

100

sale of goods for 4000 and cheque received for the same

bank Dr

To sales

100
Journal Entry to record Purchase materials on account
What is Debit Raw Materials Credit Accounts Payable
100
To record Indirect Labor to Overhead
What is Debit Factory Overhead Credit Factory Payroll
100
To Record the transfer of completed goods out of production
What is Debit Finished Goods Credit Goods In Process
200

purchased goods on credit

purchase dr

To creditors

200

Goods found defective and returned by customer

Sales return Dr

to customer

200
To record Assign Direct Material used in Production
What is Debit Goods In Process Credit Raw Materials
200
To record Factory Overhead items incurred
What is Debit Factory Overhead Credit Prepaid Insurance Credit Utilities Payable Credit Accumulated Depreciation Credit (Other indirect costs)
200
To record cost of goods sold
What is Debit Cost of Goods Sold Credit Finished Goods
300

goods returned to Anitha

Anitha Dr

To purchase a/c

300

Sold goods worth 40000 for 39000

cash   39000

discount 1000

To sales       40000

300
To record indirect materials used
What is Debit Factory Overhead Credit Raw Materials
300
To record Allocated Factory Overhead using POHR
What is Debit Goods In Process Credit Factory Overhead
300
Job Costing or Process Costing... An Auto Repair Shop
What is Job Costing
400

Goods purchased at 5000 @trade discount of 500

say entry with amount

purchase  4500

to cash  4500

400

Textiles business owner sold his old van which is used in the business for 10000

cash

to Van

400
To record factory wages
What is Debit Factory Payroll Credit Cash
400
1. Determine the physical flow of units 2. Compute equivalent units of production 3. Compute the cost per equivalent unit. 4. Assign and reconcile costs.
What is Weighted Average Cost Flow System
400
Job Costing or Process Costing A Breakfast-cereal company
What is Process Costing
500

purchase goods for 50 000 and paid cash discount@5%

Say J.E with amount

purchase  Dr 50 000

To cash     47500

To discount   2500

500

sold goods of 30000 @ trade discount of 10% and cash discount of 5%

cash Dr  25650

discount 1350

To sales        27000

500
To record Assign Direct Labor used in Production
What is Debit Goods In Process Credit Factory Payroll
500
Product cost for the period / Equivalent units for the period.
What is Cost per equivalent unit
500
Process Costing or Job Costing A Law Firm
What is Job Costing