the profit and loss accounts is shown in the financial books of a company for the ye 625841
The Profit and Loss Accounts is shown in the financial books of a company for the year ended 30th September, 2002 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 30/9/2002
|
Particulars |
Amount Rs. |
Particulars |
Amount Rs. |
|
|
Opening Stock –R.M. |
90, 000 |
Sales |
15, 00, 000 |
|
|
Opening Stock – WIP |
50, 000 |
Closing Stock – R.M. |
98, 000 |
|
|
Opening Stock – FG |
70, 000 |
Closing Stock – WIP |
53, 000 |
|
|
Raw material purchases |
5, 00, 000 |
Closing Stock – F.G. |
72, 000 |
|
|
Direct wages |
2, 00, 000 |
Miscellaneous receipts |
45, 000 |
|
|
Factory overheads |
2, 00, 000 |
|||
|
Administrative expenses |
1, 70, 000 |
|||
|
Selling and Distribution expenses |
2, 20, 000 |
|||
|
Preliminary expenses written off |
75, 000 |
|||
|
Debenture interest |
30, 000 |
|||
|
Net profit |
1, 63, 000 |
|||
|
Total |
17, 68, 000 |
Total |
17, 68, 000 |
|
Statement of Reconciliation of Profit as per Financial and Cost Accounts
|
Particulars |
Amount Rs. |
Amount Rs. |
|
Profit as per financial accounts |
1, 63, 000 |
|
|
I] Difference in valuation of stock |
||
|
Add: Raw materials –closing stock |
1, 200 |
|
|
Work-in-progress –opening stock |
1, 300 |
|
|
Finished goods – opening stock |
2, 000 |
|
|
Closing stock |
1, 500 |
|
|
Total [A] |
5, 500 |
|
|
Less: Raw materials – opening stock |
1, 650 |
|
|
Work – in –progress –closing stock |
750 |
|
|
Total [B] |
2, 400 |
|
|
A – B |
3, 100 |
|
|
II] Other items |
||
|
Add: Preliminary expenses written off |
75, 000 |
|
|
Debenture interest |
30, 000 |
|
|
Less: Miscellaneous receipts |
45, 000 |
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
i. Raw Material Control A/c
ii. Work –in – progress Control A/c
iii. Finished Goods Control A/c
iv. Cost of Sales A/c
v. Costing Profit and Loss A/c