The Profit and Loss Accounts is shown in the financial books of a company for the year ended 30th September, 2002 together with a statement of reconciliation between the profit as per financial and cost accounts is given below.
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Profit and Loss Account for the Year Ended 30/9/2002 |
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Particulars |
Amount Rs. |
Particulars |
Amount Rs. |
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Opening Stock –R.M. |
90, 000 |
Sales |
15, 00, 000 |
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Opening Stock WIP |
50, 000 |
Closing Stock – R.M. |
98, 000 |
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Opening Stock FG |
70, 000 |
Closing Stock WIP |
53, 000 |
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Raw material purchases |
5, 00, 000 |
Closing Stock – F.G. |
72, 000 |
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Direct wages |
2, 00, 000 |
Miscellaneous receipts |
45, 000 |
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Particulars |
Amount Rs. |
Particulars |
Amount Rs. |
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Factory overheads |
2, 00, 000 |
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Administrative expenses |
1, 70, 000 |
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Selling and Distribution expenses |
2, 20, 000 |
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Preliminary expenses written off |
75, 000 |
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Debenture interest |
30, 000 |
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Net profit |
1, 63, 000 |
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Total |
17, 68, 000 |
Total |
17, 68, 000 |
Statement of Reconciliation of Profit as per Financial and Cost Accounts
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Particulars |
Amount Rs. |
Amount Rs. |
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Profit as per financial accounts |
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1, 63, 000 |
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I] Difference in valuation of stock |
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Add: Raw materials –closing stock |
1, 200 |
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Work in progress –opening stock |
1, 300 |
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Finished goods – opening stock |
2, 000 |
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Closing stock |
1, 500 |
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Total [A] |
5, 500 |
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Less: Raw materials – opening stock |
1, 650 |
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Work – in –progress –closing stock |
750 |
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Total [B] |
2, 400 |
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A B |
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3, 100 |
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II] Other items |
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Add: Preliminary expenses written off |
75, 000 |
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Debenture interest |
30, 000 |
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Less: Miscellaneous receipts |
45, 000 |
60, 000 |
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Profit as per Cost Accounts |
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2, 26, 100 |
You are required to prepare the following accounts as they would appear in the Costing Ledger
i. Raw Material Control A/c
ii. Work –in – progress Control A/c
iii. Finished Goods Control A/c
iv. Cost of Sales A/c
v. Costing Profit and Loss A/c