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There are lots of items which are shown in costing profit and loss account only when we calculate profit as per cost accounting.
Reconciliation of cost and financial accounts ppt. Reconciliation of Cost and Financial Accounts ensures that No Expense or Income has been left to record. Dhrumil Shah SYBBA Div 2 Roll No- 101 Reconciliation of Cost Financial Accounts Cost Accounting 2. Reconciliation The cost financial accounts are maintained separately by firms so when the profits of both the accounts do not match there is a need to reconcile them.
1 Ascertain the reasons of difference between cost accounts and financial accounts. Reconciliation of Cost and Financial Accounts Meaning Need Reconciliation of Costing and Financial Results Memorandum Reconciliation Account In a business concern cost accounts and financial accounts can be maintained on the basis of non-integral system or. ILLUSTRATIONThe Net Profit of a company for the year ended on 31st March 2004 was Rs.
The Cost Accounts disclosed a. Reconciliation of cost and financial accounts mean tallying the profit or loss revealed by both set of accounts. This can be done by adopting integral or integrated accounts in the organisation wherein only one set of books is operated recording both financial and cost accounts.
The following procedure is adopted for preparing a Reconciliation Statement. Reconciliation of Cost and Financial Accounts is the process to find all the reasons behind disagreement in profit which is calculated as per cost accounts and as per financial accounts. 56600 as shown by the financial Books.
Cost and financial accounts are maintained separately the difference between the end result of these two are required to be reconciled. About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy Safety How YouTube works Test new features Press Copyright Contact us Creators. Therefore it becomes necessary that periodically the profit or loss shown by the two sets of accounts.
Reconciliation of cost and financial accounts 1. The cost and financial accounts are reconciled by preparing a Reconciliation Statement or a Memorandum Reconciliation Account. The Need for Reconciliation of Cost and Financial Accounts are as follows-It is done to make the arithmetical accuracy between the two accounts.
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