The profit as per financial accounts are ₹84,700. The values of opening and closing stock as shown in cost accounts and financial accounts are as under : Details Financial Accounts (₹) Cost Accounts (₹) Raw Materials Ope
CS Executive · Cost and Management Accounting · PYQS · December 2014
The profit as per financial accounts are ₹84,700. The values of opening and closing stock as shown in cost accounts and financial accounts are as under : Details Financial Accounts (₹) Cost Accounts (₹) Raw Materials Opening 54,000 52,000 Closing 60,000 59,400 Work-in-progress Opening 26,000 29,600 Closing 20,000 17,500 From the above information, the profit as per costing records is —
Answer & Explanation:
Correct Answer: Option (C)
Correct answer: (C) ₹80,000. Costing profit = 84,700 + 2,000 − 600 − 3,600 − 2,500 = 80,000.
Topics: Cost Accounting Systems
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