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Departmental A/c, Memo stock Memo markup - Coggle Diagram
Departmental A/c
Methods
Single book
Separate book
Allocation of expenses
Individual
Incurred for
a single deptt
Common
Incurred by
all deptt
allocate
expenses that cant
be apportioned
combined pnl a/c
Types of deptt
Independant
Dependant
Transferring goods for further processing
output of 1 dept = input of other
Transfer is at cost or
predetermined selling price
unloading required if transfer price
has profit in it
Inter departmental
transfers
Transfer price
Cost
CMP
Cost + agreed %
elimination of unrealised profit
Profit in unsold inventory
should be excluded
To eliminate anticipatory profit
Stock reserve
Formula
Journal entries
end of the year
Beginning of the year
reverse entries
Balance sheet
Current asset: deduct stock reserve
Memo stock
Memo markup