BCom TY BCom Sem 6 BCom Sem 6 (2016 2017) April 2017 COST ACC. 5th Question Paper - Mumbai University | munotes

Questions asked in this paper

• 2. Figures to the right indicate full marks allotted to the question

1. Q3 Working Notes should form the part of your answer
2. Q1 (a) Select the most appropriate option and rewrite the full sentence. (Any Eight) 8 marks
3. Q1 is a person for whom contract job is undertaken
4. Q2 Cost driver for personnel are
5. Q3 Acompany has a sales of P/V ratio is 20% and Fixed cost is the profit will
6. Q5 work is completed to the extent of 20% of the contract price, profit to be credited to P & LA/c is e of profit e 2/3 of profit
7. Q6 An interlocking book keeping system e Asingle combined system containing both cost accounting and financial accounting Asystem combining cost accounting and management accounting e Asystem with high secured access where separate accounts are kept for cost accounting and financial
8. Q7 Cost of a contract is determined by preparing
9. Q8 Total cost incurred is =69,920, scrap value of Normal loss Input 1900 units, Normal loss 190 units, Abnormal loss is 30 units. Cost of Abnormal loss is
   • Q.P. Code :03183
10. Q9 The Standard hourly rate was The actual rate was The labour rate variance was favourable. The actual labour hours were
11. Q10 Abnormal Gain is equal to
    • b) State whether the following statements are True or False (Any Seven) 7
12. Q1 P/V Ratio is improved by decreasing variable cost
13. Q2 In Target Costing, wasteful activities are eliminated
14. Q3 If cash received from contractee is 80% of work certified, then the retention money
15. Q4 Direct wages are debited to Cost ledger control account
16. Q5 Normal loss in process costing is controllable
17. Q6 Standard costing is method of costing
18. Q7 Activities form the basis of ABC System
19. Q8 Standard costs are expressed on a per unit basis
20. Q9 When selling price is at cost, then contribution = Fixed cost
21. Q10 Sales value of Joint product is significant
22. Q2 A Chemical Company submits the following information in respect of its product which passes through three consecutive processes viz A, B & C for the Month of Jan 2017 Basic Raw Materials at per kg. 60,000 kgs Machine Expenses (=) | 80% of Direct labour | 150% of other 1,60,000 Stock and Process Output Value of Opening Stock per kg. (=) 29 70 145 Output during the month (Kgs) 46,500 31,000 | 19,000 Closing stock is to be valued at respective cost of each process during the month You are required to prepare Process accounts and Process Stock accounts 15 marks
    • Q.P. Code :03183
23. Q2 Parth Ltd. provides you the following information about their processes for the year ended Raw Materials introduced (In Units) 15,000 4,600 4,000 Cost of Raw Materials per unit (=) 40 48 55 Output during the year (Units) 14,000 12,000 8,800 Output transferred to next process (%) 60% 50% Output sold at end of the process (%) 40% 50% 70% Output transferred to Finished Stock (%) 30% (% of total input introduced in each process) 5% 8% 10% Direct Expenses (=) 30% of Direct | 40% of Direct | 50% Direct Selling price per unit of output sold (=) 94 118 163 15 marks
24. Q3 Radha Constructions Pvt. Ltd. obtained two contracts viz Contract P and Q. Contract P commenced on 1st April 2016 and Contract Q commenced on 1st June 2016. Following information extracted from their books for the year ended 31st March 2017 Architect’s fees (%) 4% on work certified 4% on work certified Plant issued at commencement (=) 50,00,000 60,00,000 Cash received (80% of work certified) (=) 90,00,000 1,44,00,000 Materials at site (=) 4,00,000 7,00,000 Materials returned to stores (=) 30,000 1,00,000 Inthe month of Jan. 2017, Material costing have been transferred to Contract P from Contract Q. Provide depreciation @ 20% p.a. on original cost of plant Prepare Contract Accounts for the year ended 31st March, 2017 15 marks
    • Q.P. Code :03183
25. Q3 Prepare the Contract Accounts and Contractee's Accounts from the following information relating to a contract for the contractee paying 80% of the value of work done as certified by the architect and the balance on completion Architect Fees 4% of work 4% of work 4% of work Work done but yet to be certified (=) Nil 80,000 Nil Plant at commencement (=) 80,000 Nil Nil Plant at the end of the year (=) 64,000 40,000 16,000 15 marks
26. Q4 Cost ledger of a company shows the following balances as on 1st April , 2016 Transactions for the year 2016-17 are as below: = Works overheads allocated to production 29,500 Stores issued to production 87,500 Goods finished during the year 2,30,000 Finished goods sold (No stock left at the year end) 2,75,000 Stores issued to factory repairs only 1,500 Carriage inwards on stores issued for production 600 You.are required to prepare: 15 marks
27. Q2 Cost of sales account
    • Q.P. Code :03183
28. Q4 a) Margin of safety is which is 40% of total sales and Profit Volume Ratio is 30% From the above, Calculate: 8
29. Q1 Total Sales
30. Q2 Profit on present sales
31. Q3 Sales to earn profit =3,00,000
32. Q4 Fixed Cost
    • b) From the following information, Calculate: 7 Standard cost for 100 units 800 Kgs
33. Q5 (a) Explain the steps in implementation of the Target Costing Process. 8 marks
    • (b) What are the advantages of Standard Costing? 7
34. Q5 Write Short Notes on any three. 15 marks
35. Q2 Margin of Safety
36. Q5 Abnormal Loss in process
    • Q.P. Code :03183
37. Q3 APT
    • Q.P. Code :03183
38. Q3 60% The a 24%
    • Q.P. Code :03183
39. Q2 fe. 38 ws
    • Q.P. Code :03183
40. Q2 Al
    • Q.P. Code :03183
41. Q3 ward
42. Q3 AH F 3,00,000

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