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  Maintenance of Accounts

Maintenance of Accounts

The finance department is accountable for maintaining the financial ledgers. This department preserves the following ledgers:

Ø   General ledger: It involves all real, nominal and personal accounts except debtors and creditors accounts.

Ø   Debtors Ledger: It consists of the personal accounts of trade debtors.

Ø   Creditors Ledger: It consists of the personal accounts of trade creditors. Alternatively, the cost accounting department maintains the following cost ledgers.

Ø   Stores ledger for keeping all stores transactions

Ø   Work-in-progress ledger: Cost of materials, labour and overheads of all jobs that are in progress, are posted to this account.

Ø   Finished goods/stock ledger: This ledger has the record of finished goods/stock.

Ø   Cost ledger: This ledger keeps the accounts relating to income and expenditure. The following accounts are kept in this ledger.

A. Cost control accounts:

These accounts are kept to exercise control over the 3 subsidiary ledgers maintained above and also to finish the double entry in cost accounts. The significant cost control accounts are as follows.

I. Stores ledger control a/c

II. Work-in-progress ledger control a/c

III. Finished goods ledger control a/c

IV. General ledger adjustment a/c

B. Other accounts:

They involve all other impersonal accounts [real and nominal] that effect costs, example wages control account, administration overhead account, cost of sales account, factory overhead accounts, selling and distribution overhead account etc. Depending upon the requirement, the following additional accounts might also be maintained.

Ø   Overhead suspense account

Ø   Capital orders account

Ø   Service orders account.

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