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Monday, April 02, 2012

Financial Accounting 2008 (Solved)

The following table (in summary form) will help to know the proper basis for apportionment of some important expenses among various departments.

Expenses
Basis
1.       Sales expenses as traveling salesman, salary and commission, selling expenses after sales service, discount allowed, bad debts, freight outwards, provision for discount on debtors, sales manager’s salary and other benefits etc.
  1. All expenses relating to building as rent, rates, taxes, air conditioning expenses, heating, insurance building etc.
  2. Lighting
  3. Insurance on stock
  4. Insurance on plant & machinery
  5. Group insurance premium
  6. Power
  7. Depreciation, Renewals & Repairs
  8. Canteen expenses, Labour welfare expenses
  9. Works manager’s salary
  10. Carriage inwards
Sales of each department




Area or value of floor space


Light points
Average stock carried
Value of plant & machinery
Direct wages
H.P or H.P x Hours worked
Value of assets in each department
No. of employees
Time spent in each department
Purchases of each department