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Acc Accountancy

AccountancyNEB 2076 (old course)

State any two differences between time wage system and piece wage system.

2

Answer

· Based on the official syllabus and past papers
Updated 
| **Time Wage System**                          | **Piece Wage System**                          |
|-----------------------------------------------|-----------------------------------------------|
| **Definition:** Workers are paid based on the time they work, such as hourly, daily, or weekly rates. | **Definition:** Workers are paid based on the quantity of work completed, i.e., per unit produced. |
| **Payment Basis:** Fixed rate per hour/day/week regardless of output. | **Payment Basis:** Variable rate per unit produced; payment depends on productivity. |
Wages Payable Account (Piece Wage)Dr.Cr.To Workers A/c15,000By Cash A/c15,000
Variable payment under piece wage system (10 units × Rs. 15/unit)
Wages Payable Account (Time Wage)Dr.Cr.To Workers A/c8,000To Overtime A/c1,000By Cash A/c9,0009,0009,000
Fixed payment under time wage system (8 hours/day × Rs. 1000/day)
037.575112.5150Time Wage System100Piece Wage System150Total Earnings (in Rs.) for 10 hours of work
Comparison of earnings under both systems (assuming 10 hours worked and 10 units produced at Rs. 15/unit)

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