M.Com Pls Help Pls Exam are near by pls help.
This query is : Resolved
21 February 2010
Under costing
M.COm Part - I
1)cost of sales is which acoount whether real,personal, or nominal.
2)cost of ledger control account is which acoount whether real,personal, or nominal.
3)work in progress is which acoount whether real,personal, or nominal.
Pls answer the above mention query with the examples because on april 19 m.com exams are there pls help
Thanking u all experts in advance.
M.COm Part - I
1)cost of sales is which acoount whether real,personal, or nominal.
2)cost of ledger control account is which acoount whether real,personal, or nominal.
3)work in progress is which acoount whether real,personal, or nominal.
Pls answer the above mention query with the examples because on april 19 m.com exams are there pls help
Thanking u all experts in advance.
21 February 2010
The Stores Ledger, Finished Goods, WIP and Cost of Sales represent cost of goods at various stages of the production process and hence may have to be classified as Real Account only.
As far as the Cost Ledger Control account is concerned, it represents Cash, Bank, Personal Accounts. All the transactions are routed thro this account if you can not credit or debit any other Control account. For Ex: Whether it is cash or credit purchase we credit it. It can not be classified in to "Personal, Real or Nominal". Still if you want to categorize this account, the following argument may hold good.
You would have noticed that there is no personal account involved in Control Accounts. This account also can not be called as a nominal account. Hence, I feel it has to be grouped under Real account only.
As far as the Cost Ledger Control account is concerned, it represents Cash, Bank, Personal Accounts. All the transactions are routed thro this account if you can not credit or debit any other Control account. For Ex: Whether it is cash or credit purchase we credit it. It can not be classified in to "Personal, Real or Nominal". Still if you want to categorize this account, the following argument may hold good.
You would have noticed that there is no personal account involved in Control Accounts. This account also can not be called as a nominal account. Hence, I feel it has to be grouped under Real account only.
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22 February 2010
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