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Regarding cost sheet
I want to know that whether Interest and bonus expenses are to be included while preparing cost sheet or not.
Replies (3)
| Originally posted by : Akash Nahar | ||
 |
I want to know that whether Interest and bonus expenses are to be included while preparing cost sheet or not. |  |
As far as interest is concerned, it is a financial item; hence won't be included in Cost Sheet. On the other hand, bonus is not an exenditure at all, it is just capitalisation of reserves; so there doesn't arise any question of including it in Cost Sheet.
But the Bonus expense I asked was paid to staff as DIwali Bonus so what will be the treatment.
| Originally posted by : Akash Nahar | ||
|
But the Bonus expense I asked was paid to staff as DIwali Bonus so what will be the treatment. | |
Ex gratia payments such as diwali bonus shall be treated as employee costs and therefore included in cost sheet as per Cost Accounting Standard-7.
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