From the following figures prepare a reconciliation statement between profit as per financial records and profit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
From the following figures prepare a reconciliation statement between profit as per financial records and profit as per costing records. Particulars (Rs.) Net profit as per financial records 128,755 Net Profit as per Costing records 172,400 3,120 Works overhead under recovered in Costing Administrative overhead recovered in excess 1,700 11,200 12,500 8,000 5,700 Depreciation charged in financial records Depreciation recovered in costing Interest received on Bank deposits Obsolescence loss charged in financial records Income tax provided in financial books. Dividend received on shares Closing stock adjustment (credit in financial books) Depreciation of stock charged in financial books 40,300 750 475 6,750 (Marks: 10) From the following figures prepare a reconciliation statement between profit as per financial records and profit as per costing records. Particulars (Rs.) Net profit as per financial records 128,755 Net Profit as per Costing records 172,400 3,120 Works overhead under recovered in Costing Administrative overhead recovered in excess 1,700 11,200 12,500 8,000 5,700 Depreciation charged in financial records Depreciation recovered in costing Interest received on Bank deposits Obsolescence loss charged in financial records Income tax provided in financial books. Dividend received on shares Closing stock adjustment (credit in financial books) Depreciation of stock charged in financial books 40,300 750 475 6,750 (Marks: 10)
Expert Answer:
Answer rating: 100% (QA)
Statement of Reconciliation of profit as per financial recor... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The table contains data on sales of three homes. Price P is measured in thousands of dollars, home size S is in square feet, and condition Cis rated on a scale from 1 to 10, where 10 represents...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Trang had a rental home that received a notice of noncompliance because of her failure to maintain repairs. She received the notice on September 1, 2022 and did not complete any of the repairs until...
-
If the force in each cable tied to the bin is 70 lb, determine the magnitude and coordinate direction angles of the resultant force.
-
Research shows that after-school jobs are highly correlated with decreases in grade point averages. Those who work 1 to 10 hours get a 3.0 CPA and those who work 21 hours or more have a 2.7 GPA....
-
The star Sirius is much hotter than the sun, with a peak wavelength of \(290 \mathrm{~nm}\) compared to the sun's \(500 \mathrm{~nm}\). It is also larger, with a diameter 1.7 times that of the sun....
-
Clyde Clerk is reviewing his firms expense reimbursement policies with the new salesperson, Trav Farr. Our reimbursement policies depend on the situation. You see, first we determine if it is a...
-
If a + y = 81 and dx/dt = 4, find dy/dt when y is positive and (a) x = 0: dy/dt = (b) x = 2: dy/dt = (c) x = 4: dy/dt =
-
ASAP Delivery is a small company that transports business packages between San Francisco and Los Angeles. It operates a fleet of small vans that moves packages to and from a central depot within each...
-
Kramer filed his 2021 tax return late on August 12, 2023. The IRS will have until what date to audit Kramer's return and propose an assessment of additional tax against him (i.e., what is the...
-
Madhdi Khan, was a self-employed Electrician. He regularly worked for several companies on a contract basis. While he was an expert in his field, but he was definitely not a financial expert. His...
-
Wagner Printing Inc. began printing operations on July 1. Jobs 7-01 and 7-02 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 7-03 and...
-
P5) Answer the following quests for the given a graph (30 points) Eff (a) Represent it in adjacency-list form (b) Show a BFS with starting node C. You should show the resulting BFS tree. P6) (Bonus...
-
REQUIRED Prepare the Pro Forma Statement of Financial Position as at 31 December 2023 from the Statement of Financial Position and additional information provided below: INFORMATION The financial...
-
The following piece of code computes the factorial of n. def factorial (n): r = 1 i = n while i > 0: r = ri i -= 1 return r Complete the following loop invariant: after the alpha'th iteration, r =...
-
(4 points) Let T: R R be the linear map that reflects a given point first through the 22-axis and then through the line = . a) Find T() and T(). Drawing a picture will help. b) Give the standard...
-
How can you tell from the vertex form y = a(x - h) 2 + k whether a quadratic function has no real zeros?
-
On January 1, Year 1, the Hoverman Corporation made amendments to its defined benefit pension plan, resulting in $150,000 of past service costs. The plan has 100 active employees, of which 60 are...
-
Past service cost related to nonvested employees should be recognized as expense a. In the period the cost is incurred. b. Over the nonvested employees remaining vesting period. c. Over the nonvested...
-
What happens if a significant amount of held-to-maturity investments is reclassified as available-for-sale?
-
Consider a system of rigid bodies connected by springs as shown in figure 2.20. The bodies are assumed to move only in the horizontal direction. Further, we consider only the static problem, and...
-
The truss shown in figure 1.30 has two elements. The members are made of the aluminum hollow square cross section. The outer dimension of the square is \(12 \mathrm{~mm}\), and the inner dimension is...
-
Using the 2node isoparametric element in the heat conduction equations in eq. (4.20) in chapter 4 , derive the conductivity matrix. Equation 4.20: d7 kA ST(x) dx kA dTdST dx dr -dr= -JAQ,ST(x)dr.
Study smarter with the SolutionInn App