BCom TY BCom Sem 5 BCom Sem 5 (2012 2015) Mar 2015 B Com Cost Account. .v Question Paper - Mumbai University | munotes

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(2) Figures to the right indicate full marks allotted to the question

Q1 manufactures a Chemical Product. Which passes through three processes. The cost records show the following particulars for the year ended 31st March, 2013 Basic Raw Material introduced in units 10,000 4,600 1,500 Cost of Raw Material per unit in 5 6 8 Output transferred to next process (%) 60% 50% Nil Selling Price of output per unit = 18 Transferred to finished stock (%) Nil Nil 30% % of normal loss and % of weight loss are based on total input in the process. Prepare 15 marks
Q1 VAMA Industries Ltd. is manufacturing a product which passes through three consecutive processes i.e. process M, Process P and Process S. The following figures have been taken from their books for the year ended 31st March, 2013 No. of Units Introduced 96,000 = Rate per unit of units Introduced 5 = Production overheads 40% of 50% of 60% of Normal waste in process 3% 1% 1% as % of input Sale value of waste per unit 2 3 5 Actual output during the year 93,000 92,200 91,500 Prepare the three process accounts and Abnormal Loss and Abnormal Gain Account 15 marks
Q2 The fancy Toys company manufactures two types Manus, costs for the year ended 31st March, 2013 were There was no work-in-progress at the beginning or at the end of the year It was ascertained
- (a) Direct Materials per toy for type ‘A’ cost twice as much as direct toy in type
- (b) Direct Wages per toy for type 'B' were 60% of those for type
- (c) Administration overheads for each type was 200% of direct labour cost Manufacturing overheads were 30 paise per toy for both type 'A’ andy
- (e) Selling overheads were 25 paise per toy sold for each type
- (f) Production Sales during the year Type A 80,000 toys of which 72,000 were sold Type B 2,40,000 toys of which 2,00,000 wee sold
- (g) Selling price Type A @ 14 per toy and Type B @ 10 per toy Prepare a statement showing the total cost and cost per toy for each type of toy and in each type of toy,
Q2 Following is the Profit and Loss Acc Ount as per financial records /s for the year ended 31st March, 2013. P To Opening Stock 90,000 | By Sales 5,31,250 1250 By Closing Stock 35,000 To Raw Materials 1,00,000 (Finished Goods To Productive Wages 1,50,000 | By Interest received 17,000 ) To Carriage outwards 12,500 To Power and fuel 5,000 To Trade fair expenses 12,500 To Other Indirect Expenses To Expenses on free samples 12,500 To Printing & Stationery 14,000 To Repairs & Maintenance 20,000 To Loss on sale of 15,000 To Net Profit 80,250 For the same period, Cost Accounting records showed the following —
- (1) Factory Depreciation has been recorded at 10,000
- (2) Opening Stock of finished goods has been valued at 1,00,000
- (3) Closing Stock of finished goods has been valued at cost of Production
- (a) Detailed cost statement for the year ended 31st March, 2013 showing total cost (excluding per unit) and profit
- (b) Statement of Reconciliation of Profits (Starting with Profit as per Cost Sheet) contract on Apri
Q3 KNP Infrastructures Ltd. ane to be completed on 31st December, I price was for 18,50,000 and it 1s subsequent estimated expenditure Upto 3 December, 2013 are as given below Expenses prepaid at end 15,000 Plant returned to store (Original cost) 50,000 1,00,000 at end of the period Material at site 20,000 50,000 The plant is subject to annual depreciation @ 25% of original cost to be taken credit for should be that portion of the estimated as on 31 March sed on completion of the contract which the certified value of work You are 013 bears to the total contract price to prepare Contract Account fi
- i. show your calculation of Profit to be credited or the year ended 31st March, 2013 and ended 31st March, 2013 ed to the Profit & Loss Account for the yea!
Q3 (a) From the following information calculate : ‘Standard : For 10 units of Actual Production for the month — 24,000 units Material used during the month 1,56,000 kgs The following information is available from the records of MK Company as at 7 in Lacs | in Lacs
- (i) P/V Ratio (ili) Break Even Sales in
- (iv) Sales required to earn Profit of 95 Lakhs A (v) Profit for sales of 280 Lakhs
- (vi) Margin of safety when sales is = 100 lakhs
Q4 (a) Select the most appropriate option and rewrite the full sentence 8 marks
- (1) If the actual cost is lower than the Standard Cost the variance
- (2) Indirect Costs are known as e Overheads e None of the above
- (3) Marginal costing is e a method of costing e a technique of costing e similar to absorption costing e None of the above
- (4) Under ABC technique of inventory contro! 'A' stands e Low value items e None of the above
- (5) Interest received on Costing Profit
- (6) Abnormal loss is equal
- (7) The degree of completion of work is determined by comparing the Work in Progress e Cash received
- (8) Trade Fair expenses 18 example of Administrative overhead e None of the above
- (b) State whether the following statements are True or False :—
- (i) Administration costs are always indirect in nature
- (ii) Bin Cards are not a part of Accounting records
- (iii) Depreciation on Plant is an example of works orverhead
- (iv) Estimated cost sheet is prepared for submitting quotations
- (v) In contract costing, the cost unit is a contract
- (vi) The main purpose of standard costing is cost control
- (vii) Abnormal losses are not included in cost sheet
Q4 Write short notes on any three of the following
- (a) Margin of Safety
- (b) Advantages of Standard Costing
- (c) Piece rate system of Wages
- (e) Abnormal Gain in Process Account

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