The following is the summarized version of trading and profit and loss account of Continental Enterprises Limited for the year ended 31 March 1998.

Rs Rs To materials 48,000 By sales 96,000 To wages 36,000 By closing stock of finished goods 20,400 To works expenses 24,000 By work-in-progress:
To gross profit c/d 14,400 Material 3,000 Wages 1,800 Work expenses 1,200 6,000 1,22,400 1,22,400 To administration expenses 6,000 By gross profit b/d 14,400 To net profit 8,400 14,400 14,400 During the year, 6,000 units were manufactured and 4,800 of these were sold.
The costing records show that works overheads have been estimated at Rs 3 per unit produced and administration overheads at Rs 1.50 per unit produced. The costing books show a profit of Rs 11,040.
Prepare a statement a cost and profit and reconcile the profit as per cost accounts and financial books.