P.R.S. is a statement prepared to reconcile the difference between :
A) Net profit as per Cost Accounts ( as per cost – sheet )
AND
B) Net profit as per Financial Accounts ( as per profit and loss A/c )
When net profit as per cost – accounts for a particular period ( generally a year )
is compared with net – profit as per financial accounts for the same period, it is generally
found that the two profits figures are not the same even if they are for the same period.
What is Profit Reconciliation Statement?
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