B.Com. (Financial Management) SEM IV 2018 19 May 2018-19 COST ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q5 Remuneration to director Semi variable cost
2. Q7 Insurance of office premises Office and administrative overheads
3. Q8 Printing and stationary Selling and distribution overheads A product passes through the distinct process A & B and thereafter it is transferred to finished stock. The output of A passes to B.and B to finished accounts. (15) Input in Process A (units) 40,000 Input in process a (Value) 40,000 Normal wastage percentage of input 5% 10% Value of normal wastage per unit 0.20 0.85 A contractor prepares his accounts for the year ending December each year. He commenced a contract on 1* April, 2018. The following information relates to the contract as on December, Salary to Foreman 81,300 A supervisor, who is paid Rs.8,000/- p.m. has devoted one-half of his time to this contract Materials in hand at site cost Rs.35,400/- on December, 2018 The contract price is Rs.20 lakhs. On December, 2018 two thirds of the contract was completed. The Architect issued certificates covering 50% of the contract price and the contractor had been paid Rs.7,50,000/- on account Prepare Contract A/c and show how much profit or loss should be included in financial accounts Q-3 The following figures have been extracted from the financial accounts of a manufacturing firm for the first year of its operation. (15) Interest on Deposit received 20,000 Work in Progress The Cost Account for the same period reveal that the Direct Material consumption was Rs.56,00,000/-, Factory overhead is 20% on Prime Cost, Administration overhead is recovered @ Rs.6/- per unit of production and Selling and Distribution overheads are recovered @ You are required to prepare costing and Financial Profit & Loss Accounts and reconcile the difference in the Profits as arrived at in the two sets of accounts Classify the following items into Direct and Indirect cost (05)
4. Q1 Material used
5. Q2 Postage
6. Q3 Salary to Accountant
7. Q4 Productive Wages
8. Q5 Printing
   • b] Classify the following items into fixed or Variable or Semi Variable cost 5
9. Q1 Electricity
10. Q2 Rent
11. Q3 Raw Material
12. Q4 Office salary
13. Q5 Insurance of Office Equipments
    • c] Classify the following items into Factory or Office and administration or Selling or
14. Q1 Directors fess
15. Q2 Advertisement
16. Q3 Depreciation on Machinery
17. Q4 Salesman salary
18. Q5 Bank Charges Q no 4 Product Z is obtained after it passes through three distinct processes. You are required to prepare Process accounts from the following information. (15) 1,000 units @ Rs.5/- per unit were introduced in process A Production overhead to be distributed as 100% on direct wages Actual Unit Value of Q Ajay, Bharat and Chetan are partners doing business as engineers sharing profit and losses in the ratio of 2: 1: 1 respectively. Ajay is a sleeping partner, Bharat looks after factory and Chetan looks after the administration. The following futures are extracted from their books for the year ended 30.6.2018 (15) Rent, Rate, Taxes etc for Works 1/10 for Office) 10,000 Salary to Partners: Building is occupied 9/10 by factory and 1/10 by office You are requested to prepare a detailed cost statement assuming that 1,00,000 units were produced during the year Qno5 a) Explain the concept of Normal Loss & Abnormal Loss. (08)
    • b) Explain the various types of costs 7
19. Q5 Short Note (Any 3) 15 marks
    • A] Process costing
    • C) Reconciliation of costing Records

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