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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
INTERMEDIATE. STUDY NOTES. INTERMEDIATE : PAPER - 5. FINANCIAL. ACCOUNTING. The Institute of Cost Accountants of India. CMA Bhawan, 12, Sudder Street, Kolkata - 700 016 Branch and Departmental Accounts. 8. Royalty and Departmental Accounts: Trading Account; Profit & Loss Account. (c). Calculation
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
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:.
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.
14 Apr 2012 Department accounting or departmental accounting is a system of financial accounting which is used in the organizations whose all works are done through their different departments or departmental stores. Departmental accounts are prepared separately for each department and trial balance will also be
Departmental Accounts are accounts relating to the several departments or sections of a business drawn up with a view to ascertaining their individual performances. A business may . Allocate the following further expenditure as you think best and append notes stating the basis selected for each item. Establishment Rs
8. Departmental Accounts Learning Objectives After studying this chapter, you will be able to: ?. Allocate common expenditures of the organization among various departments on appropriate basis. ?. Deal with the inter-departmental transfers and their accounting treatment. ?. Calculate the amount of unrealized profit on
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.
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

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March 2018