Month end closing - Stock valuation

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kartik_somu (Querist)
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13 April 2010 consumption entry is passed for WIP and FG production. what amount will be included in these heads? will it include only cost of materials consumed or share of labour cost and overheads?

CA Shiv

CA Shiv (Expert)
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13 April 2010 FOR WIP you can have the cost incurred till Cost of production, and for the FG you can have Cost of good produced. For better understanding go through the cost sheet which you have studied in costing . Its practical to follow that and also relevant.
Including cost of labour and material and admin expense if allocated properly.

kartik_somu

kartik_somu (Querist)
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13 April 2010 Thanks shivang.

what entry should we pass in the books. If we debit WIP and FG including the costs, what should be credited.

Raw materials will be credited for raw material cost, what abt labour cost and overheads?what head of account should be credited

CA Shiv

CA Shiv (Expert)
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13 April 2010 first of all which software you using.

CA Shiv

CA Shiv (Expert)
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13 April 2010 and pass just one entry... closing stock to trading account....

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