The profit disclosed by cost accounts was Z 17,000. i5
The following details are ascertained on
comparison of cost and financial accounts :
(a) Over recovery of overhead 2,000
in cost accounts
(b) Loss charged in financial
accounts only 6,000
(c) Depreciation charged in
cost books 2,400
(d) Depreciation charged in
in financial books 1,600
(e) Loss due to theft of stock
recorded in cost accounts 400
(f) Interest on Investments received 8,000
(g) Income tax paid 1,000
(h) Bank Interest received not
recorded in cost books 1,000
(i) Stock adjustment
(Credited in financial books) 400
(j) Works overhead under-recovered
in costing books 4,000
Prepare a reconciliation statement and find out
the profit as per financial accounts.
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1000
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