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Advance Financial Accounting (FIN-611). VU. LESSON # 9. DEPARTMENTAL ACCOUNT. A business entity where diversified natures of economic activities are undertaken is. split into number of departments for accounting purposes. Generally it is management. who will decide the number of departments in which the
When income and expenditure of department to be separately recorded. To devise basis for allocation of common expenses. When organization will prepare. Departmental Accounts?
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Departmental Accounting. Chapter 25. 25 - 2. Preparing income statements. focusing on gross profit. by departments. Learning Objective 1. 25 - 3. Cost Centers. Profit Centers. Learning Unit 25-1. 25 - 4. Catlin's Department Store. Income Statement Showing Departmental Gross Profit. Year Ended December 31, 200x.
The main advantages of departmental accounting are as follows: 1. A separate set of books may be kept for each department, including complete stock accounts .. Working Notes: Calculation of Unrealised Profit on Closing Stock: Dept. B: Closing Stock. ` 14,000. Cost element transferred from Deptt. A. ` 14,000 x. 18,000.
CHAPTER 1 NOTES. PAGES 12-16. • Departmental Accounting System: an accounting system showing accounting information for two or more departments o Gross Profit is calculated for each department. • Merchandising Business: a business that purchases and sells goods o May have two types of equipment:.
Unit 1 : Departmental Accounts (A) Write short notes on: Question 1. Basis of allocation of common expenditure among different departments. (4 marks) (Intermediate–Nov. 1998) Answer While preparing department accounts, expenses should be allocated among the different departments on the basis of the following
links and cross-references to other parts of the accounts and notes which provide further analysis. The tabs at the top of each page are clickable and can be used to navigate to specific sections of the guide. A note on examples. This guide provides examples to illustrate the typical features of a set of departmental accounts.
Working Notes: i. Salaries and wages are to be allocated first between show room and; workshop in the ratio of 3:1. i.e. Rs.18,000 and Rs. 6,000. Work shop salaries are to be charged to Dept. Z. ii. Since Dry cleaners and Dumpsters are sold at show room, salaries are to be allocated to Dept. 'X' and Dept. 'Y' respectively in
A ` 18.000 4.918 Working Notes: Calculation of Unrealised Profit on Closing Stock: Dept.273 Rs` 40.000 ? 10 = ` 727 110 Cost element from Deptt.000 Gross profit b/d Net Loss c/d 6.s` 727) ? Rs` 18.000 3.000 . B are Direct Material ` 12. A: (` 8.Departmental Accounts 8. A ` 14.000 47.918 4.918 By Balance transferred to P
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