Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Find Out the Memorandum Reconciliation Account
The givens are the final accounts of a company for the year ending on date 31st December 1999. Manufacturing Trading Loss and Profit Appropriation Account as:
Total Factory Costs c/d
311,000
Sales
480,000
Finished Goods: opening stock
20,000
Cost of Goods Manufactured
And Transferred b/d
331,000
Less Closing stock
(22,000)
309,000
Gross Profit c/d
171,000
______
Expenses
Office Salaries:
35,000
Gross Profit b/d
Office Expenses:
Dividends Received
3,000
Salesman Commissions
18,000
Interest on Bank Deposits
1,000
Selling Expenses:
15,000
Loss on sale of land
Distribution Expenses
13,000
Interest on Mortgage
2,000
Fines
Net Profit c/d
70,000
175,000
Taxation
24,000
Net Profit b/d
Transfers to General Reserve
9,000
Retained Earnings b/f
36,000
Ordinary share dividend
Preference Dividends
11,000
Goodwill written off
37,000
_______
106,000
Retained Profit b/f
Additional Information
1. The cost accounting records appears as given:
2. Profits were shs.114, 000. Office expenses and office salaries provided for as in the financial books
(i) Opening Stocks:
Raw Materials 26,000
Work in Progress 21,000
Finished Goods 23,000
(ii) Closing Stocks: Raw Materials 30,000
Work in Progress 20,000
Finished Goods 24,000
Required
Prepare a memorandum Reconciliation account.
Solution
Memorandum Reconciliation Account as:
Profits as Per Cost Books
114,000
Items not Debited in Cost A/Cs
Items not Credited in Cost A/Cs
Stock Differences: Opening Stocks
Of Raw Materials
Interest Received
Loss on Sale of Plant
Differences in Stocks
W.I.P. (Opening Stocks)
Opening Finished Goods
Selling Expenses
W.I.P: Closing stocks
Salesman Commission
10,000
Stock Differences:
Raw Materials: Closing
Finished Goods: Closing
Net Profit as Per the Financial Books:
124,000
Working
Financial A/Cs
Cost A/Cs
Differences
Work in Progress: Opening Stocks:
29,000
21,000
Finished Goods: Opening Stocks:
23,000
Raw Materials: Opening Stocks:
27,000
26,000
Closing Stocks:
Work in Progress:
Finished Goods:
22,000
Raw Materials:
30,000
the following information relates to process 3 of a three stage production process for the month of january 2014. opening inventury 300 units comlete as to; material from proces
ACRS is a system of depreciation started by the Economic Recovery Tax Act of 1981. ACRS depreciation relies on recovery periods in spite of useful life. These periods were preset b
o locate a store, but the location manager is not sure about the rent method to accept. The mall operator offers the following three options for its retail store rentals: 1. paying
A small company employing around 25 people manufactures and sells anthropometric measuring equipment - equipment used mainly in hospitals to measure the height and other dimensions
A retail dealer in garments is currently selling 24000 shirts annually. He supplies the following details for the year ended 31st December,2007. Rs Selling Price per shirt
SALES REVENUE VARIANCE (SRV) The word 'Sales Variance' is indicated by the expression 'operating profit variance due to sales' by ICMA. It is described as 'the difference betw
list and explain all the procedures of material control
Critically evaluate the product costing and pricing practices actually in use in modern manufacturing organisations inany of the three countries in the Asia Pacific region, prefera
behavioral aspect of standard costing
Flexible budgeting is a reporting system wherin the
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd