Cost accounting system

Costing

Illustration 4 pg. 7.22, journal entry for cost of finished goods sold is: COGS A/C dr. To FG Control AC But in Illustration 2 pg. 7.13, journal entry for finished goods sold is: Cost of Sales a/c dr To fg control AC Can we not put account debited to be "cost of sales" in both the above cases ? Getting confused.....

Aabith Sha

CA Inter

★ 8K+

10-May-22 14:55

553

Answers (2)

Best Answer

But in this question, if you see icai material, there is no cost of sales account prepared in the answer, they directly transferred it to costing p&l account but if you want you can prepare cost of sales account also.

siva chaitanya

CA Final

★ 13K+

10-May-22 15:52

Yes, u can debit cost of sales account.

siva chaitanya

CA Final

★ 13K+

10-May-22 15:48