Bachelor Of Management Studies (BMS) SEM IV 2016 2017 March 2017 ADVANCED COSTING AUDITING Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 Figures to right indicates full marks
2. Q3 Use of simple calculation is allowed Answer any two. (7.5 marks each) 15
   • A) Product X is obtained often it is processed through two distinct processes The following information is available for the month of March, 2014 Normal loss on inputs 10% 20% Value of Scrap per unit 2 4 2000 units at 4 per unit were introduced in process I. You are require to prepare
   • B) The following is the summary of the entries in a contract ledger as an 31st Dec. 2013 in respect of contract no.51 Materials (From Stores) 13,000 Sale of scrap 3,640 You are given the following information :
3. Q1 Accruals on 31-12-13 are wages %1,600 and Direct expenses
4. Q2 Depreciation on plant up to 31-12-13 is = 17,100
5. Q3 Included in the above summary of abstract are wages and other expenses %3,000 since certification. The value of the material used since certifications is 4,160
6. Q4 Materials on site on 31-12-13 cost 20,000
7. Q5 Work certified was 1,25,000 Prepare contract Account for the year ended 31* Dec. 2013
   • C) Explain the advantages and disadvantages of process costing 2 Answer any two. (7.5 marks each) 15
   • A) From the following particulars calculates
   • B) From the following information calculates Number of hours 360 400
   • C) Explain merits and demerits of standard costing
8. Q3 Answer any two. (7.5 marks each)
   • A) Describe briefly about financial statement and user of financial information
   • B) Describe the procedure of vouching of sales, (Credit)
   • C) Describe briefly the procedure of certification of loan taken from Bank against security
9. Q4 Answer any two. (7.5 marks each)
   • A) Describe briefly steps in verification of Plant and Machinery
   • B) Describe briefly clerical errors
   • C) Describe points to the considered while checking of voucher
10. Q5 Answer the following : Jadhav Constructions undertook contract for %5,00,00, 000 on ist August, 2012 The contract was completed on 31st March, 2014. The contractor closes his accounts on 31st March. The details of the contract are as follows : Particulars For the period For the year ended Material Returned to Stores 1,32,400 2,44,300 Material at Site 1,00,600 Architect’s Fees 4% of Work Certified 4% of Work Certified The Plant and Machinery purchased on 01-08-2012 for the contract was %84,25,000 and the estimated Scrap value of the Plant and Machinery at the end of the contract was 4,25,000. It realised on completion of contract at its estimated scrap value You are required to prepare
    • a) Contract Account for the period ended 31* March, 2013 and
    • b) Contract Account for the year ended 31* March, 2014

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