2006-09-24 22:41:07 · 5 answers · asked by Anonymous in Education & Reference ➔ Other - Education
What help do you need?
If you want to know what is manufacturing account and profit and loss account I can try…
Manufacturing account is a part of final account of manufacturing organizations. This account shows all cost of goods, carrying, direct labor cost, direct fuel and energy cost, that is all sorts of direct expenses relating to production are here and deducting from sales show the Gross profit.
Profit and loss account starts after manufacturing account. (Assuming there is no Trading account).
All revenue expenses like salary, printing, telephone, advertisement, maintenance, all sorts of revenue expenditure are here and deducting from Gross profit and other income if any. Positive variance is profit and negative variance is loss. That’s why it is profit and loss account. Hope you have got some outline.
2006-09-24 22:59:52 · answer #1 · answered by Zia 3 · 0⤊ 1⤋
Manufacturing account is made by companies into manufacturing or production and is the account of all the raw materials and related goods and funds
Profit and loss account are made by every company, it basically includes expenses and incomes of the office and not the factory or production house.it gives the net profit and loss of the company
2006-09-24 22:51:44 · answer #2 · answered by thwrall 2 · 0⤊ 0⤋
The missing report that Rudy needs is the cashflow statement. It will show him the net effects of all of the transactions on the Cash account. If the P&L statement shows a profit and Cash in bank is overdraft, here are some of the reasons: 1) On Dec 31, Cash collections from the customers were advised to Rudy but was not received by the bank until later. 2) Rudy's failure to recognize expense from a prepaid expense account. 3) Unrecorded but paid expenses as of Dec 31.
2016-03-27 08:10:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The debit goes on the right.
Practice your t accounts.
Study your cost accounting
And relook at your problem sets.
But you should know this by now.
2006-09-25 11:03:26 · answer #4 · answered by LORD Z 7 · 0⤊ 0⤋
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2006-09-24 22:58:54 · answer #5 · answered by Master 4 · 0⤊ 0⤋