Following information is available as per the cost accounts of a company for the year ended 31st March: Particulars Amount (₹) Profit 7,77,150…

CA Intermediate · Cost and Management Accounting · MTP · January 2025
Following information is available as per the cost accounts of a company for the year ended 31st March: Particulars Amount (₹) Profit 7,77,150 Factory expenses under-charged 2,35,500 Administrative expenses under-charged 1,17,750 Selling & distribution expenses under-charged 31,400 Income from interest and dividends (not adjusted in cost statement) 2,35,500 You are required to PREPARE a reconciliation statement to ascertain Profit as per Financial Accounts.

Suggested Answer and Working Notes:

Statement of Reconciliation (to ascertain Profit as per Financial Accounts) Particulars (₹) (₹) Profit as per Cost Account 7,77,150 Add: Income from interest and dividends 2,35,500 10,12,650 Less: Factory expenses under-charged in Cost Accounts 2,35,500 Administrative expenses under-charged in Cost Accounts 1,17,750 Selling & distribution expenses under-charged in Cost Accounts 31,400 (3,84,650) Profit as per Financial Accounts 6,28,000

Topics: Cost Accounting Systems

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