Unit-15 Manufacturing Account

This unit discusses how to ascertain the cost of goods produced and how to prepare the Manufacturing and Trading Accounts.

What is Scrap?

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Learning Pundits Content Team

Written on Jun 26, 2019 11:59:59 AM

Scrap is waste material coming out of the manufacturing processes. For example, cuttings of cloth in ready-made garment factory, metal cuttings in engineering factories, etc. Any amount realized from its sale should be treated as income and adjusted in the cost of goods produced.

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