Question

Vista manufacturing company has shown the profit of Rs. 1, 50,000 as per the cost
accounts. With the help of given information prepare a reconciliation statement to match
the profit as cost and financial records.

Costing Records Financial Records
(In Rs.) (In Rs.)
(a) Inventory (Opening):
Materials 10,000 15,000
Finished goods 18,000 16,000
(b) Inventory (Closing):
Materials 12,000 13,000
Finished goods 20,000 17,000
(c) Write off: legal charges for starting the business Rs. 500 ; Goodwill Rs. 1,500
(d) Interest on deposits in bank received Rs. 1,000
(e) Indirect expenses charged in the financial accounts Rs. 80.000 but Rs. 75,000
recovered in cost accounts.
(f) Commission charged but not paid Rs. 10,000.

Answer 1

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