From the following information, reconcile the profit as per cost accounts with financial accounts: Dividend and interest

Question:

From the following information, reconcile the profit as per cost accounts with financial accounts:

Dividend and interest received Rs. 600.

Loss on sale of investments Rs. 1,000.

Interest charged by the bank not considered in Financial Accounts and Cost Accounts Rs. 1,500.

Goodwill written off during the year Rs. 2,500.

Preliminary expenses written off Rs. 3,000.

Overhead incurred Rs. 40,000.

Overhead absorbed in Cost Accounts Rs. 38,500.

Find out profit as per Financial Accounts.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Cost Accounting

ISBN: 9780070221628

4th Edition

Authors: Jawahar Lal, Seema Srivastava

See More Books

Question Posted: Sep 07, 2023 12:50 PM

See More Questions

Below are two function machines P and Q. a. If both function machines have the same input, calculate the value of that input if the output of P is twice the output of Q. b. If both function machines...
Consider the following simplified financial statements for Turnbull Inc. - assuming no income taxes. The company has predicted a sales increase of 15 percent. Assume that Turnbull Inc. pays out half...
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
Alton division (A) and Birmingham division (B) are two manufacturing divisions of Conglom plc. Both of these divisions make a single standardized product; A makes product I and B makes product J....
Precision Technologies has been having a problem with the computerized welding operation in its extractor assembly line. The extractors are used to separate metal shavings into piles of individual...
A social scientist is studying the use of iPods by college students. A sample of 45 students revealed they played the following number of songs yesterday. Organize the above information into a...
Construct a binomial tree $\left(u=\frac{1}{d} ight)$ with three quarters for an asset with present value $\$ 100$. If $r=0.1$ and $\sigma=0.4$, using the tree compute the prices of: (a) A...
The Gotham City News is moving to a paywall subscription service rather than a free news website with unlimited access. If subscribers would like to access more than 10 articles per month, they will...
Tr Exercise 2.24. Consider a two-state Markov chain with state space {0, 1} and the following transition probability matrix: 1 - P = q 1-9 For all choices of p, q, [0, 1] find all stationary...
This problem continues the process of preparing the Kipley Company's Employee Payroll Register for the pay period ending January 8th, 20--. In previous chapters, gross wages were computed for each...
From the information given below, prepare (i). A statement showing costing profit and loss. (ii). Another statement reconciling the costing profits with those shown by financial accounts: The normal...
Give reasons as to why it is necessary to reconcile cost accounts and financial accounts. What is the accounting procedure to be adopted for their reconciliation?
Bo Sports' 2008 net sales, average net trade accounts receivable, and net income were $7,300,000, $1,655,000, and $745,000, respectively. Required: Calculate Bo's: 1. Accounts receivable turnover 2....
Explain the concept of adaptable organization and state an example of both, organizations that proved to be adaptable as well as of those that failed to transform and adapt to their environment....
Determine the amount of tax liability in the following situations. In all cases, the taxpayer is using the filing status of married filing jointly. Use the Tax Tables for taxpayers with taxable...
How do authors employ intertextual allusions to enrich the layers of meaning in their works and establish connections across disparate literary traditions?
A company's inventory records indicate the following data for the month of April: Date Activities Units Acquired at Cost Units Sold at Retail April 1 Beginning inventory 8 2 0 units @ $ 3 6 = $ 2 9 ,...
The Pallon Company manufactures a variety of handerated bed frames. The company's manufacturing activitiesor the current Sear follow:Manufacturing Activity Estimated Cost Cost Driver Used as...
Refer to Data Set 1 in Appendix B and use the pulse rates (beats per minute) of males. Begin with a lower class limit of 40 and use a class width of 10. Do the pulse rates of males appear to have a...
X-1 Find the domain of the function f(x) : x 1 2 - O (-00, -1) U (-1, ) O (-00, 1) U (1, ) O -00, -1) U (-1, 1) U (1, 0) O (- 1, 1)
Cost allocation downward demand spiral Deli One operates a chain of 10 hospitals in the Los Angeles area. Its central food-catering facility, Deliman, prepares and delivers meals to the hospitals. It...
Cost allocation responsibility accounting ethics In 2019, only 806,840 Deliman meals were produced and sold to the hospitals. Smith suspects that hospital controllers had systematically inflated...
Absorption, variable, and throughput costing EnRG Inc. produces trail mix packaged for sale in convenience stores in the Northeast section of the United States. At the beginning of April 2008, EnRG...
Sarik was surprised by how many conversations it took to make a deal with CorpCo. What pitfall did Sarik experience? Select an answer: using improper anchors burning relationships low-ball...
"The post states a single concept, definition, and how you would utilize this in the business world?
1. Analyze the reasons China has a twin surplus. 2. What are the repercussions of this fact over a long period of time? 3.I just need help wtih the consequences.

From the following information, reconcile the profit as per cost accounts with financial accounts: Dividend and interest

Question:

Profit Opening Stock: Material Work-in-progress Closing Stock: Material Work-in-progress Cost A/c Rs. 86,250 10,500 8,500 14,200 6,000 Financial A/c Rs. 10,300 8,000 15,000 5,600

Step by Step Answer:

Reconciliation Statement Profit as per Cost Accounts Add i Di...View the full answer

Cost Accounting

Students also viewed these Business questions