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What is features of manufacturing accounts?

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What is features of manufacturing accounts?
posted Jun 24, 2018 by Suprana Dutta

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Features of manufacturing account
1. All the expenses relating to manufacturing goods are debited.
2. It shows only the figures of materials consumed instead of showing the figure of opening stock, purchase and closing stock separately.
3. Opening stock of Work in Progress (WIP) is debited and closing stock of WIP is credited to manufacturing account.
4. The amount received from the sale of scrap is credited to manufacturing account.
5. The balance in the manufacturing account is the cost of production or manufacturing profit depending on the type of manufacturing account prepared.

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answer Jun 28, 2018 by Salil Agrawal
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