Memorandum Reconciliation Accounts

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It is  an account form of reconciling the profitability of two records. The amount of profit as per cost records is credited to the Memorandum account. The items to be deducted are debited and those to be added are credited to this amount. The balancing figure is profit/loss of financial accounts.

The process of preparing reconciliation statement is worked out here in the form of problems.

 

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