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   The need for reconciliation arises due to the following reasons: ‡ To find out the reasons for the difference in the profit or loss in cost and financial accounts. . ‡ To ensure the mathematical accuracy and reliability of cost accounts in order to have cost ascertainment. cost control and to have a check on the financial accounts.

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    ‡ Basis if Inventory Valuation ‡ Recovery of Overheads ‡ Depreciation .

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iii) Penalties payable for late completions iv) Damages payable by Law etc. ± i) Losses of capital assets ii) Interest of Bank loans. debentures etc. ‡ Ä .

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 i) Interests. Rents etc. dividends. ii) Profits made on capital assets. Etc. ‡   .

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 i) Taxation ii) Funds iii) Reserves iv) Written offs  .

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        For example: Notional interest/ Rent etc. .

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