As per sub rule (2) of Rule 4,of Cost Accounting (Records) Rules , 2011 the
companies are required to maintain cost records on regular basis in such manner
so as to make it possible to calculate per unit cost of production or cost of
operations, cost of sales and margin for each of its products and activities
for every financial year on monthly/quarterly/half-yearly/annual basis.
The cost statements are to be prepared for
every unit and every product produced, processed, manufactured or mined.
As per sub rule (3), the cost
records are to be maintained in accordance with the generally accepted cost
accounting principles and cost accounting standards issued by the Institute of
cost accountants of india to the extent these are found to be relevant and
applicable
These Rules have not prescribed any specific formats for the cost
statement.
An illustrative list of Cost Records:
1. Production
1.1. Raw Material consumption
register/report;
1.2. Production report;
1.3. Rejections/wastages/scrap
report;
1.4. Report on stoppage of machines
with reasons;
1.5. Idle time report with reasons;
1.6. Machine utilization report;
1.7. By-Product & Joint Products.
2. Work-in-Progress and Finished Goods
2.1 Process stock
register- cost centre-wise and product wise;
2.2 Finished goods
stock register- product-wise.
2.3 Daily Stock
Accounts (DSA) maintained under Central Excise Law
3. Raw Materials and Stores Accounting
3.1 Goods received
register;
3.2 Bin cards;
3.3 Materials/stores
ledgers.
3.4 Packing
Materials
4. Employee Cost
4.1 Attendance
registers/ sheets;
4.2 Wages/salary
sheets;
4.3 Leave and
gratuity payments.
5. Repairs and Maintenance
5.1 Works order
register / card showing material and spares consumed and labour utilized;
5.2 Procedure
followed for routine maintenance;
5.3 Details major
breakdowns & Repairs;
5.4 Details of
Abnormal Repairs & Reconditioning activities.
6. Utilities (Water, Steam, Power, DM Water,
Air, Effluent Treatment etc.)
6.1 Records of input
and output;
6.2 Record of cost
centre-wise allocation of outputs.
7. Overheads
7.1 Details such as
production hours, labour hours, machine hours to facilitate distribution of
overheads;
7.2 Overheads Keys.
8. Cost Accounts
8.1 Overheads
analysis register;
8.2 Cost centre-wise
assets register;
8.3 Product ledger;
8.4 Annexures and
proformae as per rules, if any;
8.5 Reconciliation
of profit/loss as per cost records and financial records. The Reconciliation
Statement between cost accounts and financial accounts can also be treated as a
Costing Profit & Loss Account. This statement shall normally start with the
margin arrived at as per cost accounts and all other items of expenses not
considered for determination of cost or incomes not considered for arriving at
the margin as per cost accounts would get reflected.
9. Sales
9.1 Product-wise
Sales analysis
9.2 Stock Transfer
9.3 Marketing/
Market Research Cost
Compiled by :
CMA Krishna Dasan A
Mob: 98711-28831
Email: aknair2002@cmaglobal.net.in
Website:www.cmaglobal.net.in
