BCom In Accounting & Finance (BCAF) SEM V 2019 20 Nov 2019-20 COST ACCOUNTING III Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q1 A) Fill in the blanks (Any 8) 8 marks
   • 1. The objective of is to maximize
   • 2. is a technique of evaluating the performance of in an industry
   • 3. In service costing, salary of driver is
   • 4. In Non- Integrated system, purchase of material for cash is debited to
   • 5. costing is used to ascertain.the cost of providing a service
   • 6. In Ledger an account is maintained for each job
   • 7. Under Integrated system for recording depreciation on furniture, A/c is debited is a costing method that identifies activities in an organization and assigns the cost of each activity to all products according to the actual consumption by 9, is the name of a system whereby-cost and financial accounts are kept in the same set of books calculated by dividing equivalent cost by equivalent quantity State Whether the following statements are True or False. (Any 7) 7 1, Material lost is debited to Profit & Loss A/c in Integrated system of Accounts 2, Fare in case of taxi is based on cost per km 3, Uniform Costing helps to control cost
   • 4. Overheads can be over/under absorbed 5, Normal loss is unavoidable
   • 6. Process Costing is a method of marginal
   • 7. Loss on sale of car is not recorded in Integrated system of accounting
   • 8. WIP Control Account will always have a credit balance
   • 9. Equivalent production is a method of Service costing
   • 10. Stores Ledger Control Account is credited when material is returned to stores
   • A) CAS Ltd operates separate cost accounting and financial accounting system The following is the balance as on 30" September 2019 in the cost ledger 15 Trial Balance as on 30" September 2019 Transactions for the month of September 2019 were as under :
   • 4. Material issued to Factory Rs.25,000
   • 5. Finished goods at cost Rs.2,05,000
   • 6. Cost of goods sold Rs.1,90,000
   • 7. Material issued to Production Rs.1,20,000
   • 12. Office expenses & selling overheads to be transferred to costing P&L A/c You are required to prepare
   • 2. WIP Control A/c
2. Q2 B) Riya enterprises furnishes the following information for process for the month of August 2019. Units Introduced in process- 11,000 units at 22,360 Expenses debited to Process account Unit transferred to next process- 10,200 units (Degree of Completion: Material-80%, Labour-60%, Overheads- 60%) Units 400 units, scraped units were sold at %1 per unit Expected loss- 4% of units introduced
   • 1) Statement of Equivalent unit
   • 2) Statement of equivalent Cost per unit
   • 3) Statement of Cost apportionment
   • 4) Process account
3. Q3 A) LPG LTD an oxygen producing company removes waste lime through following trucks: truck takes 6 trips a day and in each trip covers an average distance of 5 Kms. Each truck carries waste lime 60% of its capacity. Taking an annual average, 20% of the trucks remain held up for repairs, maintenance etc. every day The following are monthly charges incurred for the month of June 2019 on transport: Salary of the superintendent Rs 4000 Salary of 3 foremen Rs 1000 each Wages of 70 drivers Rs 300 each Wages of 140 workers Rs 150 each Rent of garage Rs 6000 Superintendent devotes 50% of his time for this job. This department has also to bear Rs 21000 p.m. for services borrowed from the other department Calculate cost per ton Km for removing waste lime taking a month of 30 days Pass Journal entries for the following transaction of Virat Ltd for the month of August 2019 under Integrated system of Accounting. 15
   • 3. Wages paid to worker 1,00,000
   • 4. Wages applied to production 70,000
   • 9. Cost of goods produced 2,80,000 \ KK Transport Co. owns a bus which runs between Mumbai to Nashik and back, for 15 \ 15 days in a month. The distance between Mumbai to Nashik is 120 kms. The bus completes the trip from Mumbai to Nashik and back on the same day. Remaining !5 days bus runs between Mumbai to Pune . The distance between Mumbai to Pune is 150 kms The bus. completes the trip from Mumbai to Pune and back on the same day i The following information is available : Cost of bus Rs. 30,00,000 Salary of Driver Rs. 30,000 p.m Salary of Cleaner p.m Salary of Conductor Rs. 15,000 p.m Diesel consumption is 15 kms per litre of diesel and cost of diesel per litre is Tax is Rs 84,000 p.a Lubricants is Rs 6 per 50 kms Repairs and maintenance Rs. 18,000 p.m Normal capacity of bus is 50 person The bus generally has 80% of its capacity occupied when it goes to Nashik and 75% of its capacity occupied when it goes to Pune Calculate the Charges to be made if a profit at 25% is to be earned on his takings
4. Q4 B) From the following information extracted from the books of Parle-G Ltd forthe month of June 2019 , 10 Opening WIP as on 1* June 2019 2000 units @ Rs. 10 per unit, Degree of completion: Material 100% Labour and Overheads 50%
   • 3. Outputs transferred to the next process 11,000 units Closing WIP as on 30“ June 2000 units Degree of completion : Material 100% Labour and Overheads 60%,
   • 5. Cost of Material Rs. 2,00,000 Labour Rs. 91,800, Overheads Rs. 61,200 Prepare the following under FIFO Method
   • 1. Statement of Equivalent Production
   • 2. of Equivalent Cost per unit
5. Q4 ) C) Pass Journal entries (without narration) for the following transaction of CSR Ltd for the month of July 2019 under Non-Integrated system of Accounting. 5 Material purchased from A & Co 4,00,000 applied to Facto 1,00,000
   • 3._ Paid for purchase of pen , pencil and files 20,000
   • 4. Material damage havin no scrap value 10,000
6. Q5 (A) What are the features of Integrated System of Accounting?
   • (B) What is Inter-firm comparison and its advantages and limitation?
   • (C) Write short notes on (Any 3) 15 System of accounting
   • 3. Abnormal Wastage

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