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Abnormal gain
Accountancy
Does abnormal gain decrease the cost of product ??
Answers (14)
Varun Mulay
Because Abnormal gain or loss arises after deduction of Normal loss from Inputs introduction ( estimated equivalent production ), hence we would see same logic in process costing
Abnormal gain is always transferred to Costing P&L
Varun Mulay
Abnormal gain is always transferred to Costing P&L
Is there any difference between costing p&l and p&l ac
Thread Starter
Atharv SankliyaIs there any difference between costing p&l and p&l ac
Costing P&L only relates to determination of cost of production and determining profits through operating sales. But , Financial Profit and loss A/C deals in overall gains and profits of entity. A profit reconciliation statement is prepared to reconcille costing and financial statements profits
Varun Mulay
Costing P&L only relates to determination of cost of production and determining profits through operating sales. But , Financial Profit and loss A/C deals in overall gains and profits of entity. A profit reconciliation statement is prepared to reconcille costing and financial statements profits
Ok means cost p&l is a part of cost accounting records and other one is of financial accounting
Varun Mulay
Yes !
And the journal we made in costing subject is also a part of cost accounting records??
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