Thotcahontas 5,149 Posted October 11, 2015 Share Posted October 11, 2015 So...the depreciation for plant and machinery goes into the manufacturing account but do the repairs for plant & machinery go into the TP&L account or also the manu account... Plant and machinery are considered fixed assets right? So why are we putting anything pertaining to it in the manu account? Why not everything in the TP&L account?... this is my first time coming across plant and machinery..this is difficult Link to comment Share on other sites More sharing options...
ErikaEGO 8,626 Posted October 11, 2015 Share Posted October 11, 2015 http://onehallyu.com/topic/213323-the-official-homework-help-thread/ "Never don't mind about a thing" Link to comment Share on other sites More sharing options...
Thotcahontas 5,149 Posted October 11, 2015 Author Share Posted October 11, 2015 http://onehallyu.com/topic/213323-the-official-homework-help-thread/ "Never don't mind about a thing" im SICK OF YOU! Link to comment Share on other sites More sharing options...
IBetrayedHanbinForSewoon 4,294 Posted October 11, 2015 Share Posted October 11, 2015 Normal English please )': sorry can't help you. I was a science major. Best of luck with ur endeavour Link to comment Share on other sites More sharing options...
ErikaEGO 8,626 Posted October 11, 2015 Share Posted October 11, 2015 im SICK OF YOU! "Shawty Imma Party Till the Sun Down" Link to comment Share on other sites More sharing options...
KimHeeSung 6,134 Posted October 11, 2015 Share Posted October 11, 2015 my head hurts reading this..sorry im no help~ Link to comment Share on other sites More sharing options...
Junkrat 5,683 Posted October 11, 2015 Share Posted October 11, 2015 debit account recievable credit cash Link to comment Share on other sites More sharing options...
kxjay 3,543 Posted October 11, 2015 Share Posted October 11, 2015 Both somewhat similar, so they can both go into the same account. That's what I'm guessing.. Link to comment Share on other sites More sharing options...
Midna 2,032 Posted October 11, 2015 Share Posted October 11, 2015 The only question I can answer is yes they are fixed assets lmao. I wish I had my textbook but I forgot a lot of stuff in accounting. Best of LUCK OP Link to comment Share on other sites More sharing options...
R.I.P OCTOBER 28 644 Posted October 11, 2015 Share Posted October 11, 2015 i don't understand a thing. sorry. best of luck. Link to comment Share on other sites More sharing options...
451kansas 46 Posted October 11, 2015 Share Posted October 11, 2015 depreciation of plant & machinery ends up being part of the cost of the item the plant manufactures (that is why it goes to your "manufacturing account", not to P&L as an expense). cost of item manufactured = raw materials + labor + overhead (e.g. utilities, depreciation, certain repairs and maintenance costs). it only goes to P/L when the item is sold and is shown as "cost of goods sold" repairs and maintenance of fixed assets is capitalized (charged to "manufacturing account") or expensed (to P/L) depending on the nature. Something like is it a major repair or only for regular upkeep of the fixed asset - not sure about this you you need to check what the criteria is exactly. At least that's what I remember from my cost accounting class. I hope I steered you in the right direction. Link to comment Share on other sites More sharing options...
Thotcahontas 5,149 Posted October 11, 2015 Author Share Posted October 11, 2015 depreciation of plant & machinery ends up being part of the cost of the item the plant manufactures (that is why it goes to your "manufacturing account", not to P&L as an expense). cost of item manufactured = raw materials + labor + overhead (e.g. utilities, depreciation, certain repairs and maintenance costs). it only goes to P/L when the item is sold and is shown as "cost of goods sold" repairs and maintenance of fixed assets is capitalized (charged to "manufacturing account") or expensed (to P/L) depending on the nature. Something like is it a major repair or only for regular upkeep of the fixed asset - not sure about this you you need to check what the criteria is exactly. At least that's what I remember from my cost accounting class. I hope I steered you in the right direction. yEAH you did but there was also provision for depre on the plant and machinery that goes into the P/L right? as an expense? Link to comment Share on other sites More sharing options...
451kansas 46 Posted October 11, 2015 Share Posted October 11, 2015 yEAH you did but there was also provision for depre on the plant and machinery that goes into the P/L right? as an expense? i'm not so sure about this...but i think if the fixed asset is related to manufacturing process, the depreciation on that fixed asset is always charged to the "manufacturing account" if it is not related to the manufacturing process (for example depreciation for the company's office building, as opposed to a manufacturing plant building), the depreciation is charged to P/L i googled a little since i got confused by your last question and found this. it might be helpful for you http://simplestudies.com/manufacturing-nonmanufacturing-costs.html#Introduction-To-Manufacturing-And-Nonmanufacturing-Costs Link to comment Share on other sites More sharing options...
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