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NCEA Level 3 Accounting-Job Costing questions with answewrs.
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NCEA Level 3 Accounting-Job Costing questions with answewrs.
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NCEA Level 3 Accounting-Job Costingquestions with answewrs.
Raw Materials Debit
Gst Debit
Accounts Payable Credit ANS - Purchase of Raw materials on Credit
Work in progress Debit
Raw materials Credit ANS - Issue of direct materials to production
Factory Overhead Control Debit
Raw materials Credit ANS - Indirect materials charged to overhead
Work In progress Debit
Payroll Control Credit ANS - Direct Labour Charged to production
Factory Overhead Control Debit
Payroll Control Credit ANS - Indirect labour charged to overhead
Factory Overhead Control- Debit
Factory lease Credit
Factory Depreciation Credit
Repairs and maintince Credit ANS - Factory Expenses Charged to overhead
Work in progress Debit
Factory Overhead Control Credit ANS - Overhead Applied to production
, Finished goods Debit
Work in Progress Credit ANS - completed production transferred to finished goods
Cost of goods sold Debit
Finished Goods ANS - The cost of finished good sold
Accounts receivable-Debit
Sales Credit
Gst Credit ANS - Selling price of finished good sold on credit
Cost of Goods Sold Debit
Overhead Control Credit ANS - transfer of under applied overhead
Cost of Goods Sold Credit
Overhead Control Debit ANS - Transfer of Overapplied Overhead
Raw Materials (dr)
Payroll/Labour (dr)
General Expenses (dr)
Work in progress (cr)
Cost of goods sold (under=dr, over=cr) ANS - What are the five lines in the Over Head ledger?
Balance DR
Raw Materials DR
Labour DR
Factory Overheads DR
Finished GOODS CR ANS - Work in progress
Balance Dr
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