Question

study the accounting book maintained by a manufacturing concern and prepare a report highlighting the way in which they are maintained​

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Answer 1

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Answer 2

Answer:

The main aim of accounting is to arrange accounting data in order to ascertain the amount of profit or loss of an entity. For this purpose, we prepare the financial statements. The primary purpose of preparing Manufacturing Account format is to ascertain the manufacturing costs of finished goods.

Non-manufacturing entities or the trading entities are involved in the purchase and sale of goods at a profit. Usually, Manufacturing entities prepare a Manufacturing Account also in addition to Trading Account, Profit and Loss Account and Balance Sheet.

Manufacturing Account Format

The manufacturing account helps to better the cost-effectiveness of manufacturing activities. After the ascertainment of the costs of finished goods, we need to transfer this cost to Trading Account.

The trading account shows Gross Profit. Whereas, the Manufacturing Account depicts the cost of goods sold and also includes direct expenses. Manufacturing account addresses the raw material and work in progress and does not deal with the finished goods.

We debit all the direct production expenses such as depreciation on plant and machinery and factory building, repairs on plant and machinery and factory building, salary to the factory manager, wages, cartage on raw-materials, etc.

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