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Income statement for manufacturing account. Prepare the manufacturing account for e. Prepare the income statement for the year ended 31 december 2010. C this is actual manufacturing overhead for the period and includes indirect materials indirect labor factory rent factory utilities and other factory related. For a manufacturing business the manufacturing account needs to be prepared before completing the trading and profit and loss accounts.
Office rent prepaid 140. The main aim of accounting is to arrange accounting data in order to ascertain the amount of profit or loss of an entity. B from the company s balance sheet at may 31. Manufacturing wages due but unpaid at 31 december 20x8 550.
How much of the interest shall be capitalised means included in the cost of the plant and how much shall be charged to the income statement. The manufacturing account is an account in the general ledger which is used to accumulate all the manufacturing costs of goods completed by a business during an accounting period. The primary purpose of preparing manufacturing account format is to ascertain the manufacturing costs of finished goods. A from the company s balance sheet at april 30 april 30 ending balance is the same as may 1 beginning balance.
The most important of these relationships are the following. These relationships may be summarized as simple mathematical equations. Manufacturing account manufacturing accounts format for manufacturing account format of a manufacturing account manufacturing profit and loss account manufatrring accoint format opening stock of raw materials in p l account profit and loss manufacturing account stock material. For this purpose we prepare the financial statements.
Makonese for the year ended 31 december 20 8. Prepare the statement of financial position for e makonese as at 31 december 20 8. Manufacturing financial statement relationships critical to understanding and using financial statements. Interest for the period 1 1 2007 to 30 9 2008 shall be capitalised and interest for the period 1 10 2008 to 31 12 2008 shall be charged to income statement.
Prepare the income statement for e.
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