The profit as per cost accounts is $1,50,000. The following details are ascertained on comparison of cost and financial accounts. Cost Accounts Financial Accounts (a) Opening stock: $ $ Materials 10,000 15,000 Finished goods 18,000 16,000 (b) Closing stocks: Materials 12,000 13,000 Finished goods 20,000 17,000 (c) Interest charged but not paid $10,000 (d) Write off: Preliminary expenses $500; Goodwill $1,500 (e) Dividend on Unit Trust of India received $1,000. (f) Indirect expenses charged in financial accounts $80,000 but $75,500 recovered in cost accounts. Find out the financial profit by preparing a Memorandum Reconciliation Account