CA Inter doubt
Ch 7 how to solve memorandum reconciliation ques
Ch 7 how to solve memorandum reconciliation ques Is there any trick to learn the points which is added or subtracted
Asked by Riddhi··2 answers
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Yes. Use one question for every item: does it make financial profit higher or lower than costing profit? Starting from costing profit: - Makes financial profit higher: ADD - Makes financial profit lower: LESS Add: - Over-absorbed overheads in cost books - Income only in financial books (interest, dividend, rent received) - Notional expenses only in cost books (notional rent or interest) Less: - Under-absorbed overheads - Expenses only in financial books (fines, loss on sale of asset, goodwill written off) Stock: higher closing stock means higher profit; higher opening stock means lower profit. If you start from financial profit, reverse every sign.
Divyaaa
U can watch akash kandoi sir revision lectures
Some items appear only in financial books, some notional items appear only in cost books, overheads may be over- or under-absorbed, and stock may be valued differently.
It is added, because cost books charged more overhead than actual, so financial profit is higher.
A higher closing stock value in financial books raises financial profit, while a higher opening stock value lowers it.
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