The financial records of Modern Manufactures Ltd reveal the following data:
|
Rs. (in thousands) |
|
|
Sales (20,000 units) |
4,000 |
|
Materials |
1,600 |
|
Wages |
800 |
|
Factory overheads |
720 |
|
Office and administration overheads |
416 |
|
Selling and distribution overheads |
288 |
|
Closing stock of finished goods (1,230 units) |
240 |
Work-in-progress: (closing): [Rs. in’000]
|
Materials |
48 |
|
|
Labour |
32 |
|
|
Overheads (factory) |
32 |
112 |
|
Goodwill written off |
320 |
|
|
Interest on capital |
32 |
|
|
Dividend received |
10 |
|
|
Interest received |
5 |
In the costing records, factory overhead is charged at 100% of wages, administration overhead at 10% of works cost and selling and distribution overhead at Rs. 16 per unit sold.
Prepare a statement reconciling the profit as per cost records with the profit as per financial records of the company.