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Anyone good @ costing can brief me on this

Ayush Sachdeva (Student) (35 Points)

28 October 2011

Hello,

Am having my Ipcc exams coming week in nevember, & would like anyone good at costing to brief me about the following topics of costing:

1. Job & batch

2. Integerated & Non inetgrtd accounts.

It's not that i didn't undertsand them, the point is i don't want to leave these in exams & i haven't touched them yet. so just a crux/summary about the topics which can help me in quick understading.

An early reply will be highly appreciated :D

P.s: Notes/File from anyone also welcome.

Regards

Ayush

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2 Replies

ACCOUNTANT (Student) (559 Points)
Replied 28 October 2011

Both the topics are very much conceptual..when you go on a brief understanding...........

First rather go by the logic of ascertaining cost per batch/job and substantial distribution based on the no. of units manufactured and keeping in mind the normal and abnormal losses........(As you might already be clear with how to prepare an ACCOUNT........

Second......as you already know what could possibly be financial accounting and cost accounting.......including both in the same path would become an ingegrated where you have all accounts in same schedule..........differentiating both and trying to get them on match would become a non-integrated a/c.......

Go clear with the methods first......it wont be much time consuming..........

s (-) (216 Points)
Replied 28 October 2011

Both the topics are highly conceptual.

For integrated / non-integrated accouunts, you have to learn the journal entries to be passed. You have to create some new Ledger Accounts, so it would take some time. But if they do come in exams, it is cash-marks, so try to cover it up, if possible. As far as reconciliation of profit as per Financial records and profit as per costing records is concered, it is similar to BRS (If you know how to prepare it manually, not the one in TALLY!). Anyways, i suggest you refer to PADHUKA (Costing). they have given a nice table sort of thing, and it is also cash-marks if asked.

Job / Batch costing is very similar to each other, it is easy, but there can be variety of sums, so you should do some practice, as it can fetch you full marks, if asked.

Incidently, both the topics require some time and full conceptual undertanding, i suggest that you take a fast overview of the same from PADHUKA, and practice some sums, but don't go to exams untouched.

BEST OF LUCK !!!