labor transactionsi wages paid in cashii wages
Labor Transactions
(i) Wages Paid in cash
(ii) Wages incurred like
a) Direct labor or else
b) Indirect labor
In the Financial Books
In the Costing Books
i. Wages Paid in Cash
Dr Wages a/c
Dr Wages Control a/c
Cr Cash a/c
Cr General Ledger Adjustment a/c
ii. Wages Incurred as direct labour
Not recorded in Financial Books
Dr. W.I.P a/c
Cr. Wages Control
Dr. Production Overheads Control a/c
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materials transactioni purchase of materials on creditii return of materials to suppliersiii purchase of materials in cashthe above transactions
labor transactionsi wages paid in cashii wages incurred likea direct labor or elseb indirect labor in the financial books in the costing
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