Question
Cost Accounting Question. The profit shown in the financial accounts is Shs. 18,592 and for the same period, the cost accounts showed a profit of
Cost Accounting Question.
The profit shown in the financial accounts is Shs. 18,592 and for the same period, the cost accounts showed a profit of 20,496. Comparison of the two sets of accounts revealed the following:
| Stock Valuations: | Cost Accounts | Financial Accounts |
| Raw Materials | Shs | Shs |
| Opening Stock | 6,841 | 7,269 |
| Closing Stock | 5,493 | 5,148 |
| Finished Goods |
|
|
| Opening stock | 13,281 | 12,915 |
| Closing stock | 11,410 | 11,141 |
Dividends and interest received of Shs.572 and a loss of 1,950 on the sale of a milling machine were not entered in the cost accounts
Required: Prepare a reconciliation of the two profits.
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Coffee Plus Math Equal To Audit
Authors: Marina Peters
1st Edition
B08BDSDFR6, 979-8654153418
