Question

on manufacturing account will always have a closing balance answer​

Answer 1

Answer:

The primary object of accounting is to arrange accounting data in a manner that the amount of profit or loss can be ascertained. It is prepared for a fixed period. For this purpose, we prepare the final accounts. Non-manufacturing entities or the trading entities are engaged in the purchase and sale of goods at profit without changing the form of the goods. Generally, Manufacturing entities prepare a separate Manufacturing Account as a part of Final accounts in addition to Trading Account, Profit and Loss Account and Balance Sheet.