Cost accounts
This query is : Resolved
22 December 2011
pls sm1 clear dis doubt for me.its very basic one but m very confused on it
as we knw dat a process account is a nominal account,n accounting principal fr nominal acount is debit all expenses n losses,credit all incomes n gains. den y we post normal,abnormal loss in credit side of process account n abnormal gain in debit side
as we knw dat a process account is a nominal account,n accounting principal fr nominal acount is debit all expenses n losses,credit all incomes n gains. den y we post normal,abnormal loss in credit side of process account n abnormal gain in debit side
CA Chitta Ranjan Das
(Expert)
22 December 2011
First of all, Nominal Account is a matter of financial account but it has nothing to do with cost accounts.We cannot apply fin acct principle to cost acct.We have to see whether a particular item has the effect of increasing cost or decreasing cost. Accordingly we have to treat it in cost account.
22 December 2011
ok.den can u pls explain me hw d case i hv given has an effect of increasin or reducing the cost?
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- RCM and same line
- TDS Return Statement Status
- Import of Capital Machine
- Rectification under processing even after 6 months cpc portal
- Movement of goods by packers and movers - type of sale - Reg.
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Gratuity paid to legal heir above 20 lakh is taxable or not
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
