Accounting Treatment

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Anil (Querist)
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17 December 2010 In case of the Integrated system of accounting, how the following shall be treated, following the standard costing:

Suppose at the time of setting up the standards we have taken 100 kg of material say "A" purchased @ 30 per kg. But at the time of actual purchase we purchase 90 kg of material "A" @ 28 per unit and @ "32" Per kg. so how the accounting treatment shall be done.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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17 December 2010 Standard costing is only analysis and controlling method, not for accounting method, so you need to account the actual incurred

Anil

Anil (Querist)
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18 December 2010 Actual this question was asked to me in an interview, and as i didn't know much about the integrated system of accounts..practically...so got confused, by the way.....thnk u very much sir

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