Normal wages +overtime wages +DA/Bonus =gross wages earned by worker -deduction from wages (a) employees contribution to PF/ ESI =net LABOUR COST PER HOUR Normal wages +DA +bonus +employer’s contribution to PF/ESI +leave salary +expenditure on amenities Total labour cost /working hrs= labour cost/hr CONTRACT ACCOUNT To plant or stores sent to site By plant/store/material c/d(closing To material purchased balance) To wages+accrued wages By cost of contract to date( b/f) To miscellenous expense & oh To direct expense To cost of contract to date b/d By contractee a/c (escalation clause) To notional profit By wip Value of work certified Value of work uncertified To P & L By notional profit b/d To reserve (WIP)
Normal wages +overtime wages +DA/Bonus =gross wages earned by worker -deduction from wages (a) employees contribution to PF/ ESI =net LABOUR COST PER HOUR Normal wages +DA +bonus +employer’s contribution to PF/ESI +leave salary +expenditure on amenities Total labour cost /working hrs= labour cost/hr CONTRACT ACCOUNT To plant or stores sent to site To material purchased To wages+accrued wages To miscellenous expense & oh To direct expense To cost of contract to date b/d To notional profit To P & L To reserve (WIP) By plant/store/material c/d(closing balance) By cost of contract to date( b/f) By contractee a/c (escalation clause) By wip Value of work certified Value of work uncertified By notional profit b/d
important-costing-formulas-for-ipcc-cs-inter-cwa_inter1.docx