BCom TY BCom Sem 6 2022 2023 Apr 2023 FINANCIAL ACCOUNTING AND AUDITING PAPER IX COSTING ACCOUNTING Question Paper - Mumbai University | munotes

Questions asked in this paper

• (2) Figures to the right indicate full marks

1. Q1 (A) Match the Followings (any eight): 8 marks
2. Q1 (B) State whether the following statements are True or False (any seven) 7 marks
3. Q1 Variable Cost is constant for the layout capacity
4. Q2 The overhead accounts show balance at the year-end under nonintegrated costing
5. Q3 Under nonintegrated costing system work in process account is credited for the cost of direct wages
6. Q4 Balance of a complete contract is proportionately transferred to profit and loss
7. Q5 Process cost system is generally applicable where all the operations are performed in a single department
8. Q6 Machine set up is normally considered a unit level cost
9. Q7 ABC removes all arbitrary cost allocations
10. Q8 Normal loss is controllable
11. Q9 Standard cost and actual cost is same in case of negative variance
12. Q10 P/V ratio is improved by increasing variable cost
13. Q2 Ambika Ltd. follows non-integrated system of Accounting. Following is the Trial Balance as on 01-01-2022: (15) Following were the transactions during the month of January: Factory overheads allocated to WIP 11,700 Goods Finished at Cost 36,800 Direct wages allocated to WIP 18,400 Cost of goods sold 45,000 Raw materials issued to Production 17,500 Raw materials credited by suppliers 1,500 WIP rejected with no scrap value 1,900 Finished goods returned by customers (Cost) 3,000 Prepare the following accounts for the Month of January 2022:
    • b) Work in Progress Control A/c
14. Q2 (A) M/S. Rahul furnishes the following information: From the above calculate the following: 8 marks
15. Q1 P/V Ratio
16. Q2 Fixed Cost
17. Q4 Sales to Earn Profit Rs. 2,25 000
18. Q2 (B) From the following information calculate: li) Labour Rate Variance and 7 marks
19. Q3 M/s. Jagdamba Constructions undertook contract for Rs.5,00,00,000/- On Ist August, 2020. The contract was completed on 31st March, 2022. The contractor closes his accounts on 31st March. The details of the contract are as follows:- (15) The Plant and Machinery purchased on 01-08-2017 for the contract was Rs. 84,25,000 and the estimated scrap value of the Plant and Machinery at the end of the contract was Rs. 4,25,000. It realized on completion of contract at its estimated scrap value You are required to prepare:
    • a) Contract Account for the period ended 31st March, 2021 and
    • b) Contract Account for the year ended 31st March, 2022
20. Q3 Hinduja Construction Company undertook the construction of a building at a contract price of Rs. 1,00,00,000/ The date of commencement of contract was 1“ May, 2021 The following cost information is given for the period ended March 2022:
21. Q1 Direct Materials sent to the site Rs. 2,500 tons @ Rs. 1.50 per kg
22. Q4 Indirect Labour charged at 7.5% of Direct Labour
23. Q5 Sub contract charges charged at 15% of indirect materials
24. Q6 Direct Materials Returned to stores 10 tons
25. Q7 Direct Materials Lost in an accident 2.5 tons Fees charged at 2% of Work Certified
26. Q11 Plant and Machinery installed at site on the date of commencement of contract at a cost of Rs. 7,50,000 which is to be depreciated@ 20% p.a. under original
27. Q12 Cash received from contractee Rs. 63,00,000 which is equal to 90% of Work
28. Q13 Direct Material at site as on 31st March 2022 — 7.5 tons
29. Q14 of work done but not certified was Rs. 1,02,250 on 31st March 2022 You are required to prepare a contract Account for the period ended 31st March, 2022 in the books of Hind Construction Company and show what profit or loss should be taken into account for the period ended 31st March, 2022. (15)
30. Q4 A product of a manufacturing concern passes through two processes viz. A and B and then to finished stock. The following figures have been taken from its books for the
31. Q4 Unique Ltd. provides you the following information for the month of March, 2019 about its process X, Y and Z. (15) Cost of Basic Raw Material Per Unit Rs.) 24 28 32 Factory Overheads 40% of Basic 40% of 40% of Normal Loss (% on total number of units 3% 5% 71% Output Transfer to the Next Process (%) 10% 60% Output sold at the end of the process (%) 30% 40% 100% Selling Price Per Unit of Output sold (Rs.) 65 88 110
32. Q5 (A) Explain elements and suitability of Activity Based Costing (ABC). 7 marks
    • (B) Explain the process of Bench-marking. 8
33. Q5 Write Short notes (any three): 15 marks
    • b) Work Uncertified
    • c) Angle of incidence
    • d) Normal loss Time: Hours Marks: 75
    • (3) STR SATS,
    • (8) APT
34. Q6 at
35. Q2 fa. 1/1/2022 15 marks
    • a) ware
36. Q3 AT AT ii) iii)
37. Q1 Ye 2,500 1.50
38. Q6 10 Sa
39. Q7 2.5 St Ae
40. Q12 WE 63,00,000 90% SATS
41. Q13 31 2022 Ye — 7.5 SA

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