Main Copy
1. Wedding picture
2. Application signature( 2nd page & last page) two sign
3. Picture(4 copies)
4. Passport (Original)
5. Lawyer letter(3 Page)
6. Application confirmation(9 page)
7. sponsor declaration (yellow paper, two page)
8. Marriage certificate
9. Nikah nama English
10. Nikah nama bangle
11. Medical certificate
12. IELTS certificate
13. Degree certificate
14. Bank solvency certificate(Comilla Branch)
15. Bank statement (Comilla Branch)
16. Passport and Visa copy
17. Air Ticket(2011)
18. Air Ticket(2013)
19. University enrolment letter
21. University CAS
22. Money sending receipt
23. principle branch statement(10 pages)
24.Simple call statement
25. Job letter
26.P60 letter (2010 & 2012)
26. Bank Statement
27. Tenancy agreement
28. Health & Safety Certificate
In order to predict costs at different levels, total cost has to separated out into a fixed and a variable element. This is achieved using the high low method.
Exercise 3: High Low
The following cost information is available.
2005 2007
Output 65,000 units 105,000 units
Cost £133,000 £210,000
Using the data, calculate the fixed and variable costs for the business, an expression for total cost, together with the total cost for 165,000 units.
£
Variable cost per unit
Total fixed cost
Expression for total cost
Total cost for 165,000Prepare a set of integrated accounts, given opening balances and appropriate transactional information, and show standard cost variances
If a company uses a system of standard costing, account has to be taken of any variances that occur. Variances should be recorded in the account in which they first appear: Materials Price Variance Stores (materials) Control Account
Labour Rate Variance Wages Control Account
Materials Usage Variance Work in Progress Account
Idle Time Variance Work in Progress Account
Labour Efficiency Variance Work in Progress Account
Total Overhead Variances Overhead Control Account
Exercise 3: Dealing with Labour Variances
The following is an extract from the standard cost card of the company.
Labour: 3hrs x £15hr
The company produces 100 units, which use 310 hours at a cost of £4,340. The company has calculated the following variances:
Labour rate: £310 (F)
Labour efficiency £150 (A)
Inset the expression efficiency variance or rate variance into the blue boxes and fill in the appropriate numbers in the grey boxes.
All other costs and usages were at standard.
Wages Control
£ £
Bank/Creditors 4,340 WIP
Labour
Fundamentals of Management
Accounting
53
WIP
£ £
Wages Control Finished Goods
Materials 15,000 Labour
Production
Overhead
13,000
Exercise 4: Dealing with Materials Variances
The following standard cost information is available for a product:
6kg x £8/kg
Actual results were as follows:
Materials purchased on credit: 6,000kg for £54,000
5,000 kg were issued to production, with stocks being maintained at standard. There were no opening stocks. The company recorded a materials price variance of £6,000
(A).
Further variances reported during the period were:
£
Material Usage: 900 (F)
Labour Rate 200 (F)
Labour Efficiency Variance 300 (A)
Fundamentals of Management
Accounting
54
Complete the material and variance control accounts given below:
Materials Control
Variances Control
Fundamentals of Management
Accounting
55
End of Session Questions
Question 1
A company purchased £300,000 of materials during a period and issued £200,000 as direct materials. £50,000 was issued as indirect materials.
The correct double entries for the issue of direct materials are:
A Dr Materials Control CR Production Overhead Control
B CR Materials Control DR Work in Progress
C DR Materials Control CR Work in Progress
D CR Overhead Control DR Cost of Sales
Question 2
A company sells £500,000 of goods on credit. What are the appropriate double entries for this transaction?
A DR Creditors CR