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Methods of Cost Accounting, Integrated System, Non Integrated System

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Non Integrated System: Features, Impersonal Accounts, Various Ledgers, Separate Books, Double Entry, Cost Manual, Journal Voucher, Code for each account, Cost Journal, Cost Ledger

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Cost Accounting Ledgers, Principal Ledger General Ledger Control A/c of Adjustment Account, Subsidiary Ledgers: , Stores Ledger, Finished Goods Ledger, Work In Progress Ledger, Control Accounts for Subsidiary Ledgers:, Stores, Work In Progress, Finished Goods , Wages , Factory overheads , Administrative overheads , Selling and Distribution overheads , Cost of Sales , Costing Profit & Loss A/c , Overheads Suspense Account

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Stores Ledger: , Raw Materials, Components , Consumable Stores, Entries Based on Goods Received Notes, Material Return Notes, Tranfer Notes and Material Requizition Slips

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Finished Goods Ledger: , Goods which are meant for sale, Entries on the basis of Shop Delivery notes, Sales Return notes and sales orders

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WIP Ledger: , For each job under execution, For each product under production, Also known as JOB LEDGER

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Cost Ledger: , Principal Ledger, Contains General Ledger Control Account, Wages Control Account , overheads control Account , Represents Stores Account, Stock Account, Work In Progress Account

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Difference between Non Integrated and Integrated System, Non Integrated, Two set of books., Cost Ledger , Control Accounts in cost Ledger , Cost profit and financial profit, Needs reconciliation , Overhead Balances transferred to Costing Profit & Loss A/c , Costly, Integrated , one set of book, No cost Ledger, Control Accounts in General Ledger, Only one figure of profit, No need of reconciliation, Overheads Balance transferred to Profit & Loss A/c , , , Economical

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Control Accounts, Maintained in Cost Ledger

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Control Accounts, Summary accounts which are maintained for the subsidiary ledgers in the cost Ledger , Prepared on the basis of periodic total of transactions in the respective subsidiary Ledgers, Prepared to complete double entry, Self balanceing Ledgers

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Importance of Control Accounts, Provides summary of number of indivdual accounts, Provides consolidated information about pending jobs, value of materials in hand, etc, Faciltates prepartion of final accounts, Facilitates reconciliation, Provides internal check helpful for accurate records

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Overheads Suspense Account, Used when Work In Progress valued at Prime Cost only., Factory overheads A/c -----Debit, To Works overheads Suspense A/c , Administrative overheads A/c---Debit, To Admin. O/h Suspense A/c, These entries will be reversed at the beginning of next year.

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Thanks!