The profit and loss account as shown in the financial books of a company for the year ended 31.3.2010 together with a statement of reconciliation between the profit as per financial and cost accounts is given below:
Profit and Loss Account for the Year Ended 31.3.2010
|
Particulars |
Particukus |
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|
Opening stock |
Sales Rs. |
15,00,000 |
|
|
Rs |
Closing stock: |
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|
Raw materials 90,000 |
Raw materials 98,000 |
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|
Work-in-progress 50,000 |
Work-in-progress 53,000 |
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|
Finished goods 70,000 |
2,10,000 |
Finished goods 72,000 |
2,23,000 |
|
Raw material purchases |
5,00,000 |
Miscellaneous receipts |
45,000 |
|
Direct wages |
2,00,000 |
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|
Factory overheads |
2,00,000 |
||
|
Administration expenses |
1,70,000 |
||
|
Selling and distributiwon expenses |
2,20,000 |
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|
Preliminary expenses written off |
75,000 |
||
|
Debenture interest |
30,000 |
||
|
Net profit |
1,63,000 |
||
|
17,68,000 |
17,68,000 |
Statement of reconciliation of profit as per financial and cost accounts:
|
Profit as per financial accounts Difference in valuation of stock |
1,63,000 |
|
|
Add: Raw materials – Closing stock |
1,200 |
|
|
Work-in-progress – Opening stock |
1,300 |
|
|
Finished goods – Opening stock |
2,000 |
|
|
– Closing stock |
1,000 |
|
|
5,500 |
||
|
Less: Paw materials – 1,650 |
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|
Opening stock |
||
|
Work-in-progress closing stock 750 |
2,400 |
3,100 |
|
Other items: |
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|
Add: Preliminary expenses written off |
75,000 |
|
|
Debenture interest |
30,000 |
|
|
1,05,000 |
||
|
45,000 |
||
|
Less: Miscellaneous receipts |
60,000 |
|
|
Profit as per cost accounts |
2,26,100 |
You are required to prepare the following accounts as they would appear in the costing ledger:
- Raw material control A/c
- Work-in-progress control A/c
- Finished goods control A/c
- Cost of sales A/c and
- Costing profit and loss A/c