Today, i learned a new topic during my Book Keeping and Accounting Class.
The chapter is Manufacturing Account.
I am require to do the Manufacturing Account with Trading, and Profit and Loss Account.
However, I could not catch up what teacher had say and i feel little clumsy and headache.
To make me to remember well, i note up a few notes here:
1. Raw Material
less return outward
add return inward
add carriage on purchase
(cost of raw material used)
2. Direct Labour
3. Overhead Cost
water and electricity
depreciation on plant and machinery
(gross work of production)
add work in progress(start)
less work in progress(end)
(net work cost of production transfered to trading account)