A company maintains separate cost and financial accounts, and the costing profit for the year 1998 differed to that revealed in the financial accounts, which was shown as Rs 50,000.
The following information is available:
|
Cost accounts |
Financial account |
|
|
Opening stock of raw material |
5,000 |
5,500 |
|
Closing stock of raw material |
4,000 |
5,300 |
|
Opening stock of finished goods |
12,000 |
15,000 |
|
Closing stock of finished goods |
14,000 |
16,000 |
- Dividend of Rs 1,000 was received by the company.
- A machine with net book value of Rs 10,000 was sold during the year for Rs 8,000.
- The company charged 10% interest on its opening capital employed of Rs 80,000 to its process costs.
You are required to determine the profit figure which was shown in the cost accounts.