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
Lindon Company is the exclusive distributor for an automotive product that sells for $43 per unit and has a CM ratio of 35%. The company''s fixed expenses are $421,400 per year. Th
Shortflower Ltd currently publishes, prints and distributes a range of catalogues and instruction manuals. The management has now decided to discontinue printing and distribution a
Hello, I''m currently doing a research on a company and planning an Activity Based Costing system since the company is using Traditional Costing system to allocate the overhead to
what is the different between Financial accounting and management accounting?
cite some example on how to to calculate variable cost
contribution per unit 8 fixed cost=800.find B.E.P?
Slash and Burn is a monopolist that can sell its output at these prices and with these total costs: Output Price Total Cost
Standard costing System has the following main advantages or benefits: 1. The process in itself often discloses inefficiencies, because the setting of standards requires a thoro
Constant Gross Margin Rate This method assumes that every product contributes an equal percentage of gross profit for every shilling of sales. It works back from gross margin
What is the major value of the weighted cost of capital calculation for the firm?
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: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd