Gain More Ltd. showed a net loss of Rs. 6,30,000 as per the financial accounts for the
Question:
Gain More Ltd. showed a net loss of Rs. 6,30,000 as per the financial accounts for the year ended 31st March, 2004. The cost accounts however disclosed a loss of Rs. 5,00,000 for the same period. On scrutiny of the two accounts the following are available:
Transcribed Image Text:
Factory overheads under-recovered Administration overheads over-recovered Depreciation charged to financial accounts Depreciation charged in cost accounts Interest on investment not included in cost accounts Income Tax provided in financial accounts Stores adjustments (credit in financial accounts) Prepare a Memorandum Reconciliation Account. Rs. 70,000 30,000 1,50,000 1,20,000 30,000 1,00,000 10,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
Dr GAIN MORE LTD Memorandum Reconciliation Account for ...View the full answer
Answered By
Emel Khan
I have the ability to effectively communicate and demonstrate concepts to students. Through my practical application of the subject required, I am able to provide real-world examples and clarify complex ideas. This helps students to better understand and retain the information, leading to improved performance and confidence in their abilities. Additionally, my hands-on approach allows for interactive lessons and personalized instruction, catering to the individual needs and learning styles of each student.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Assume that you are the auditor of ABC Inc, for the fiscal year 2006. No audit procedures have been performed other than general information gathering. Please read all the information given below...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Citigroup Inc. (Citi) is a leading global financial services company with over 200 million customer accounts and operations in more than 140 countries. Its operating units Citicorp and Citi Holdings...
-
Attijari Wafa Bank distributed on May 2022 a dividend per share of 5 MAD / share. The company is planning to have next 3 years a growth rate of 5% then after 7%. If the required rate of return is 12%...
-
Bluegrass Landscaping specializes in lawn installations requiring California bluegrass sod. The sod comes in 1-yard squares. To evaluate performance in laying sod, Bluegrass Landscaping uses the...
-
What potential challenges do you see in Bainess layout strategy? How would you recommend overcoming those challenges? LO2
-
Why is the number of features of a product or software system not necessarily the best measure of that systems quality? AppendixLO1
-
Modify the guessing-game program so that the user thinks of a number that the computer must guess. The computer must make no more than the minimum number of guesses, and it must prevent the user from...
-
Consider the following transactions for Hampton Drug Store: Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions Explanations are not required 2. In the...
-
Use the following data to calculate the variances in the following questions. Standard Cost Profile Lab Treatment SU #12 Expected Treatments= 1,000 Standard Cost Profile Lab Treatment SU #12 Expected...
-
What is a reconciliation statement?. Give reasones for the difference in profit as per cost accounts and financial accounts.
-
Describe in brief the conditions which necessitate reconciliation of financial and cost records.
-
A Ferris wheel of radius 20 feet is rotating counterclock-wise with an angular velocity of 1 radian per seconds. One seat on the rim is at (20, 0) at time t = 0. (a) What are its coordinates at t =...
-
Management is what tradition used to call a liberal art: "liberal" because it deals with the fundamentals of knowledge, self-knowledge, wisdom, and leadership; "art" because it is a practice and...
-
Draft a five hundred and twenty five- to seven hundred-word internal communication planthat appropriately details your proposed solution to the internal team at CVS PHARMACY. In your communication...
-
Christopher Awnings was founded by Christopher Aminim in the early days of the retirement boom in the Okanagan to build and install custom retractable awnings for retirees to keep the sun out of the...
-
Leaders are responsible for making decisions that have long-term ramifications; thus, making the appropriate decisions can be stressful and leaders' decisions may vary. They often enhance employee...
-
Employee longevity A large insurance company has developed a model to identify the factors associated with employee turnover. The dependent variable is number of years an employee stays with the...
-
Take a look at panel (a) of Figure 10-6. In the absence of a change in aggregate demand, what effect does economic growth have on the price level over time, other things being equal? Why?
-
Imagine you are the HR manager at a company, and a female employee came to you upset because she felt a male coworker was creating a hostile work environment by repeatedly asking her out on dates...
-
The Zwatch Company manufactures trendy, high-quality moderately priced watches. As Zwatchs senior financial analyst, you are asked to recommend a method of inventory costing. The CEO will use your...
-
Absorption and variable costing. (CMA) Osawa, Inc., planned and actually manufactured 200,000 units of its single product in 2009, its first year of operation. Variable manufacturing cost was $20 per...
-
Electron, Inc. is a semiconductor company based in San Jose. In 2009, it produced a new router system for its corporate clients. The average wholesale selling price of the system is $1,200 each. For...
-
Slow Roll Drum Co. is evaluating the extension of credit to a new group of customers. Although these customers will provide $198,000 in additional credit sales, 13 percent are likely to be...
-
Wendell's Donut Shoppe is investigating the purchase of a new $39,600 conut-making machine. The new machine would permit the company to reduce the amount of part-time help needed, at a cost savings...
-
1.Discuss the challenges faced with Valuing Stocks and Bonds. As part of this discussion, how will the selected item be implemented in an organization and its significance? 2. Discuss how Valuing...
Study smarter with the SolutionInn App