The Manufacturing Account is closed by transferring its balance to the debit side of the _____________.

Profit and Loss Account

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Trading Account

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Balance Sheet

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None of the above

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Solution

The correct option is B Trading Account
Manufacturing account is prepared in the organization which are having manufacturing activity. Accumulated cost of manufacturing the goods is transferred to the debit side of Trading A/c.
All Raw Material and direct factory expenses are debited to manufacturing account.

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Similar questions

Q. Profit & Loss A/c is closed by transferring its balance to the _______________.

Debit balance in the profit and loss account is a profit. Comment.

State whether the following statement are true or false.

1. Final Accounts are prepared on the basis of Trial Balance.
2. Trading Account is a part of Profit & Loss Account.
3. Profit Loss Account is prepared to find out Gross Profit or Gross Loss.
4. Gross Profit or Gross Loss is transferred to Balance Sheet.
5. An amount of net profit is added to the capital.
6. All indirect expenses are debited to trading account.
7. Balance Sheet is a statement and not an account.
8. Capital account is a personal account.
9. Amount of prepaid expenses appears on assets side.
10. Bank Overdraft is a liability of business concern.

Q. A gross profit is transferred to the ____________ side of the profit and loss account.

Q. Which of these a/c is closed by transferring to debit side of Trading a/c?

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