BCom In Accounting & Finance (BCAF) SEM III 2014 2015 2014-15 COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 A Company’s trading and profit and loss A/C is as follows To purchases 37815 By Sales To wages (Direct) 15750 To works Expenses 18195 By product on sale of Machinery | 3 To Selling expenses 10650 To net profit 30450 The Profit as per cost A/C’s was Rs.29655.Preapare Reconciliation Statement to reconcile co with financial profit further information as per cost A/C’s
   • a] Closing stock was taken at Rs. 6420 works expenses were taken at 100% of Direct wages and Administration Expenses were charged at 10% of sales and at Rs. 0.10 per unit Deprecation was taken at Rs, 1200 A product passes through 2 distinct Process. The product of the first process becomes raw materia second process. All by-products are sold off directly from the factory Factory overheads 80% of wages 75% of wages Sales of By-product 190 tonnes at Rs.20 per ton 85 tonnes at Rs. per ton
2. Q3 A product passes through three process A,B and C. The normal wastage of each process is as Follows Process A-3%,Process B-5%,Process C-8% wastage of process A was sold at 25 paise per unit, that of B at 5 paise per unit and that of C at Rs. | per unit. 10000 units were introduced to process A at Rs. 1.00 per unit other expenses were as follows The MCC undertook the constructions of a building at a contract price of Rs. 12.00,000. The contract commenced on April 2007. The following cost information is for the year ended 31/3/2008 Materials Sent to site 3.00,000 Material at site at the year end 10,000 Cash recei\ ed from contractee | 9.45,000 (being 90% of work certified) Materials destroyed by fine | 5,000 Plant at cost 2,00,000 7 (purchased on July 2007, the estimated working life being Ten years having residual value Rs.20000 at the end) Prepare contract A/C for the year ended March 2008 Ltd had undertaken a contract for construction which started on 2007. For the year ended December 2007 given that: Materials Issued on site 945000 Accrued wages on 31/12/2007 75000 Insurance charges for the contract 40000 Work uncertified 5% of work certified Cash received from contract 1875000 osing stock of 100000 Plant installed on the contract on January 2007 costing Rs.180000 on which installation expenses 25.2000 paid on the same date. It is to be depreciated p.a. prepare contract C for the year ended 5 A] What are the advantages of cost statement? (8)
   • B] What are the features of contract costing? ).5 Short Note(Any 3) (15) 1)Treatment of profit and loss on Incomplete contracts 7
3. Q2 Abnormal gain 3)Cost shut
4. Q4 Work certified and retention 5)By-Products

Read from the scan above, so a character or two may differ. The scan is the original.