DOUBLE ENTRIES

Tuesday, August 16, 2022 5:09 PM

1) OVER HEADS
A) WIP PROGRESS
WORK IN PROGRESS (DR)
PRODUCTION OVER HEAD (CR)

B) OVER ABSORBTION
PRODUCTION OVER HEAD (DR)
OVER-ABSORBTION (CR)

C) UNDER-ABSORBTION
UNDER-ABSORBTION (DR)
PRODUCTION OVER HEAD (CR)

D) CLOSING OF WIP
FINISHED GOOD (DR)
WIP (CR)

E) CLOSING ENTRY OF OVER ABSORBTION (OR IF ASKED IN PROFIT OR LOSS)

OVER ABOSRBTION (DR)
PROFIT OR LOSS (CR)

F) CLOSING ENTRY OF UNDER ABOSRBTION

PROFIT OR LOSS (DR)
UNDER ABSORBTION (CR)

2) MATERIALS
A) PURCHASING MATERIAL
MATERIAL (DR)
PAYABLE (CR)

B) ISSUED TO PROUCTION (DIRECT MATERIALS)

WIP (DR)
MATERIAL(CR)

C) RETURN OF MATERIALS TO STORES

MATERIAL (DR)
RETURNS TO STORES (CR)

D) RETURN OF MATERIAL PURCHASED TO SUPPLIERS

RETURNS TO SUPPLIER (DR)

Quick Notes Page 1

 RETURNS TO SUPPLIER (DR)
MATERIAL (CR)

E) MATERIALS WRRITTEN OF
PROFIT OR LOSS (DR)
MATERIAL (CR)

F) ISSUED TO PRODUCTION (INDIRECT MATERIAL)

PRODUCTION OVER HEAD (DR)
MATERIAL (CR)

3) 4) WAGES AND SALARIES

A) DIRECT LABOUR WAGE
WIP (DR)
WAGES(CR)

B) INDIRECT LABOUR WAGE

ADMINISTRATION/PRODUCTION OVER HEAD/SELLING AND DISTRIBITUION (DR)
WAGES (CR)

C) WAGES PAID
WAGES (DR)
TOTAL WAGES AND SALIERS COSTS/GROSS WAGES (CR)

3) 3) PROCESS COSTING
A) NORMAL LOSS WITH SCRAP VALUE
NORMAL LOSS (DR)
PROCESS (CR)

B) WHEN SCRAP VALUE PROCEEDS ARE GIVEN

CASH/BANK (DR)
NORMAL LOSS(CR)

C) ABNORMAL LOSS
ABNORMAL LOSS(DR)
PROCESS (CR)

D) ABNORMAL LOSS IN PROFIT OR LOSS

PROFIT OR LOSS (DR)
ABNORMAL LOSS (CR)

E) ABRNORMAL LOSS WITH A SCRAP VALUE

ABRNORMAL (DR)
NORMAL LOSS(SCRAP) ACCOUNT (CR)

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 F) ABRNOMAL GAIN
PROCESS (DR)
ABNORMAL GAIN (CR)

G) ABNORMAL GAIN WITH SCRAP VALUE

ABNORMAL GAIN (DR)
NORMAL LOSS (CR)

H) ABNORMAL GAIN IN PROFIT OR LOSS

ABNORMAL GAIN (DR)
PROFIT OR LOSS (CR)

I) DIRECT MATERIAL
PROCESS (DR)
DIRECT MATERIAL (CR)

J) DIRECT LABOUR
PROCESS (DR)
DIRECT LABOUR (CR)

K) OVER HEAD
PROCESS (DR)
OVERHEADS (CR)

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