thial balanee was taken prom the boky of All amounts are in The folloning Rudra co. on december 31, 2020 hupes cash lakshmi's dhawings 1,m 13, 000 %D Sundry debtors 10, 60D Sales = llo, 650 %3D Billy eceivable 8, 60 Sales diserunt = 400 Jening Stock Building furchases 30, 600 50, 370 furniture and = 10,00 filings Inmest ment (temporary) = ,570 plant and Machinery Bills payale Puight inuward = 1, 0D Pürchese discount = So0 Sales salany upenses = 5,ar RAurlising čpenses = 4,m 15, 130 Miscellanerus sales = 500 9, 00 ependes dundry creditors lakshmi's copital 20,000 8,000 77 830 exfentes Mise gineral expenses= 1,010 Interet income 1,600 Interent exqenses long texm toon 370 Note :- closing stock on december 31, 2020 was Rs,l0, 00 Mesent respectine year - end balance sheet
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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