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Cost Reconciliation Statement | Ashmita old is gold solution

COST RECONCILIATION STATEMENT

Ashmita OLD IS GOLD Solution of account grade 12

NET PROFIT AS PER FINANCIAL ACCOUNT

2076 Set B Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

80000

Add:

: - Office overhead under recovered in financial account

 

 

10000





15000

:- A profit on the sale of fixed assets was shown on the financial account

 

5000

 

Less:

:- Works overhead under recovered in cost account

 

 

 

5000

95000

 

 

 

 

:- Depreciation undercharge in cost account

 

6000

 

(11000)

Net profit as per financial account

 

84000


2076 Set B Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

122000

Add:

: - Dividend received recorded in financial account

 

 

25000

 

 

 

 

:- Overvaluation of closing stock in financial account

 

15000


40000

 

Less:

:- Works overhead over recorded in financial account 

 

 

 

30000

162000

 

 

 

:- office overhead under-recorded in cost account

 

20000

 

(50000)

Net profit as per financial account

 

112000

 

2075 GIE Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

46500

Add:

: - Over depreciation charge in the cost account

 

 

4000

 

 

:- Dividend credited in financial account

 

3000

:- Overvaluation of closing stock in financial account

 

6000

:- Office expense over recovered in cost account

 

8000

 

20000

Net profit as per financial account

 

57500

 

2074 Set A Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

60000

Add:

: - Closing stock has been over valued in Financial Account

 

 

5000

 

 

5000

 

Less:

:- Factory overhead over recovered in financial account

 

 

 

10000

65000


:- Selling overhead has been under recovered in cost Account

 

2000

:- Income tax paid

7000

(19000)

Net profit as per financial account

 

46000

 

2072 Supp. Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

80000

Add:

: - works overhead over recovered in cost account

 

 

30000

 



40000

:- Interest from investment

10000

 

Less:

:- office overhead overcharge in financial account

 

 

 

20000

120000

 

 

 

:- Overvaluation of opening stock in financial account

 

15000

 

(35000)

Net profit as per financial account

 

85000

 

2071 Set C Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

160000

Add:

:- Interest from investment

 

3000

 

 

 

: - Administrative Expenses under recovered in the financial account

 

10000


13000

 

Less:

:- Factory expenses under recovered in cost account

 

 

 

2000

173000

 

:- Income tax paid

12000

(14000)

Net profit as per financial account

 

159000

 

2071 Set D Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

20500

Add:

: - Admin expenses over recovered in financial account

 

 

3000

 

 

 23500

 

Less:

:- Direct wages under  recovered in cost account

 

 

 

3000

23500

 

 

 

 

:- Factory expenses undercharge in the cost account

3000

 

:- Overvaluation of closing stock in cost account

3000

 

:- Bank interest paid

1000

(10000)

Net profit as per financial account

 

13500

 

2068 Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

120000

Add:

: - Depreciation overcharge in financial account

 

 

4000

 

 

 

:- Interest income credited in financial account

 

5000

 

9000

 

Less:

:- Works overhead over recovered in financial account

 

 

 

5000

129000

 

 

 

:- Income tax paid in financial account

 

10000

 

(15000)

Net profit as per financial account

 

140000

 

2067 Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

44250

Add:

: - Interest on investment receive

 

3500


:- Work overhead overcharged in cost account

 

5000 

:- Undervaluation of closing stock in cost account

3000

 11500

 

Less:

:- Administration overhead over charged in Financial account

 

 

 

2500

 

55750

 

:- Overvaluation of closing stock in cost account

2000

 

(4500)

Net profit as per financial account

 

51250

 

2066 (C) Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

150000

Add:

: - Bank interest created in financial account  

 

 

6000

 

 


:- Opening stock over the show in cost account

 

10000

:- A profit on the sale of the machine was dealt in financial account

 

10000

 

26000

 

Less:

:- Works overhead under recovered in cost account

 

 

 

15000

176000


 



(20000)

:- Provision for doubtful debt in financial account

 

5000

Net profit as per financial account

 

156000

 

2066 Supp. Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

150000

Add:

: - Amount credited for dividend in financial account

 

 

15000

 

 

 

:- Depreciation show in cost account is high

 

9000

 

24000

 

Less:

:- Factory expenses undercharge in cost account

:- Goodwill written off shown in financial account

 

 

 

5000

 

8000

 

174000

 

 

 

 

(13000)

Net profit as per financial account

 

161000

 

2064 supp. Q. No. 22

Particular

Detail

Amount

Profit as per cost account

 

100000

Add:

: - Administrative overhead over absorbed in cost account

 

 

8000

 

 

 

:- Bank interest credited in financial account

 

10000

 

18000

 

Less:

:- Works overhead over recovered in financial account

 

 

 

5000

118000

 

 

 

:- Income tax paid

20000

(25000)

Net profit as per financial account

 

93000

 

NET PROFIT AS PER COST ACCOUNT

2075 Set A Q. No. 22

Particular

Detail

Amount

Profit as per financial account

 

60000

Add:

: - Factory overhead under-recorded in cost account

 

 

8000

 

 

 




25500

:- Interest expenses recorded in financial account

 

3000

:- Overvaluation of opening sock in financial account

 

6000

:- Income tax paid

8500

Net profit as per financial account

 

85500

 

2075 Set B Q. No. 22

Particular

Detail

Amount

Net loss as per financial account

 

(30000)

Add:

: - Income tax paid

 

40000

 

 

:- Administrative expenses over charged in a financial account

 

20000

 

 

:- Depreciation overcharged in

 financial account

9000

 

69000

 

Less:

:-  Interest on investment credited in the financial account

 

 

 

(5000)

39000

 

 

(5000)

Net profit as per financial account

 

34000


2074 Supp. Q. No. 22

Particular

Detail

Amount

Net profit  as per financial account

 

50000

Add:

: - Overvaluation of closing stock in cost account

 

 

10000

 

 

 

:- Administration expenses over charged in a financial account

 

20000

 

30000

 

Less:

:- Interest on investment

 

 

5000

80000

 

 

:- Depreciation overcharged in financial account

 

5000

 

(10000)

Net profit as per financial account

 

70000


2073 Supp. Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

60000

Add:

:- Overvaluation of opening stock in financial account

 

 

5000

 

 

5000

 

Less:

:- Works overhead over recovery in cost account

 

 

 

20000

65000


 

 

:- Depreciation overcharged in cost account

5000

 

 :- Interest received from investment

8000

 

(33000)

Net profit as per financial account

 

32000

 

2073 Supp. Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

60000

Add:

: - Factory overhead over recovered in financial account

 

 

40000

 

 

40000

 

Less:

:- Administrative expenses undercharged in the financial account

 

 

 

12000

86000


 

 

:- Closing stock overvalued in financial account

 

9000

:- Depreciation overcharged in financial account

15000

(36000)

Net profit as per financial account

 

34000

 

2073 Set D Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

90000

Add:

:- Dividend paid shown in financial account

 

 

20000

 

 

20000

 

Less:

:- Selling expenses overcharged in cost account  

 

 

 

10000

110000

 

 

 

 

 

:- Store overvalued in financial account

 

5000

:- Interest on investment credited in financial account

 

15000

 

(30000)

Net profit as per financial account

 

80000

 

2072 Set C Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

60000

Add:

: - Works overhead under recovered in cost account

 

 

5000

 

 

 

:- Income tax paid

15000

20000

 

Less:

:- works overhead under recovered in cost account  

 

 

 

3000

80000

 

 

 

:- Depreciation overcharge in financial account

 

1000

 

(4000)

Net profit as per financial account

 

76000

 

2072 Set D Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

200000

Add:

: - Selling overhead were not recorded in the cost account

:- Goodwill written off shown in

 

 

20000

 

 

 

 

 

 

 financial account

5000

:- Tax paid

30000

55000

 

Less:

:- Overvaluation of closing stock in financial account

 

 

 

25000

255000

 

 

(25000)

Net profit as per financial account

 

230000

 

2072 Set E Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

90000

Add:

: - Overvaluation of closing stock in cost account

 

 

20000

 

 

 

:- Factory overhead undercharged in cost account

 

15000

 

35000

 

Less:

:-  Depreciation overcharged in cost account

 

 

 

10000

125000

 

 

 

:- Interest from investment

8000

(18000)

Net profit as per financial account

 

107000

 

2071 Supp. Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

150000

Add:

: - Works overheads under recovered in cost account

 

 

10000

 

 

 

 

:- Tax paid

20000

:- Opening stock undervaluation in cost account  

 

5000

 

35000

 

Less:

:- Dividend credited in financial account

 

 

 

3000

185000

 

 

(3000)

Net profit as per financial account

 

182000

 

2070 Supp. Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

69000

Add:

: - Administrative overhead under absorbed in cost account

 

 

2500

 

 

 

 

:- Closing stock over-evaluation in cost account

 

3800

 

63000

 

Less:

:- Factory overhead over absorbed in cost account

 

 

 

800

75300

 

 

 

:- Selling overhead over absorbed in cost account

 

6500

 

(7300)

Net profit as per financial account

 

68000

 

2070 Set D Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

130000

Add:

:- Administrative expenses Over charged in a financial account

 

 

10000

 

 

 

:- income tax paid shown in financial account

 

7000

 

17000

 

Less:

 

:- Depreciation overcharged in cost account

 

 

 

 

8000

147000

 

 

 

 

:- Interest on investment credited in financial account

 

5000

 

(13000)

Net profit as per financial account

 

134000

 

2070 Set D Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

270000

Add:

: - Administrative expenses under recovered in cost account

 

 

15000

 

 

 

:- Payment of dividend shown in financial account

 

25000

 

40000

 

Less:

:- Depreciation overcharged in financial account

 

 

 

13000

310000

 

 

 

:- Bank interest credited in financial account

 

10000

 

(23000)

Net profit as per financial account

 

287000

 

2069 Supp. Set A Q. No. 22

Particular

Detail

Amount

Net profit as per financial account

 

70000

Add:

: - Factory overhead over recovered in financial account

 

 

10000

 

 

10000

 

Less:

:- Administrative expenses undercharged in a financial account

 

 

 

14000

80000


 

 

:- Closing stock overvalued in financial account

 

18000

:- Dividend received

16000

(48000)

Net profit as per financial account

 

32000

=