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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
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