BCom TY BCom Sem 6 BCom Sem 6 (2018 2019) April 2019 FINACIAL ACCOUNTING AUDITING PAPER IX COSTING ACCOUNTING Question Paper - Mumbai University | munotes

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Questions asked in this paper

(2) Figures to the right indicate full marks

Q1 A_ Fill in the blanks (Attempt any Eight ) 8 marks
- 1. If the actual cost is more than standard cost variance is
- 2. Contribution is equal to Sales
- 3. In system the Cost Accounts are distinct from Financial Accounts
- 4. Value of the work certified but not paid is known as money
- 5. The first step in the process of benchmarking is
- 6. is the person for whom Contract job is undertaken
- 7. Selling overhead recovered is credited to Alc
- 8. Cost of material lost or destroyed is to the contract a/c
- 9. loss is treated as cost of production
- 10. cost is the amount by which total costs change if the output is changed by one unit State whether the following statements are True or False ( Attempt any seven) (07)
- 1. Break even point is the point at which total revenue is equal to total cost
- 2. Invisible waste have sale value
- 3. Uncertified work is not valued at cost
- 4. The main purpose of Standard Costing is Cost Control
- 5. Process Cost system is applicable to Paper mills
- 6. Integrated accounting is also called as Interlocking accounting system
- 7. In Contract costing each contract is a Cost Unit
- 8. Traditional costing system are generally more accurate than ABC costing
- 9. Marginal Costing is a method of costing
- 10. Work in Progress ledger contains accounts of Individual jobs
Q2 Ram Enterprises provides you the following information for the month of March 2019 about Process and III Selling Price per Unit of the Output sold at the | 32 44 70 Output is transferred to next process at cost ._You are required to prepare Process Accounts 15 marks
Q2 B Ltd manufactures a chemical product which passes through three processes. The cost records shows the following particulars for the year ended 30" Input to Process A 20,000 units @ Rs. 28 per unit for each process 15 marks
Q3 Mahesh Ltd. has undertaken two contracts A and B. The following particulars are available as on 31-3-2019: Date of Commencement Ist July,2018 1st Dec.2018 Materials sent to site 1,60,000 60,000 Closing stock if materials at site 22,000 8,000 Plant installed at site 80,000 72,000 During the year materials costing Rs.9,000 have been transferred from contract A to contract B, the Contractee charges depreciation @25% p.a. on plant You are required to prepare contract accounts, working for profits, if any, and show how the relevant items would appear in the Balance-sheet assuming that Contractee had paid 90% of the work certified 15 marks
Q3 M/s. Rajendra construction obtained a contract to build a Fly-over Bridge contract price — of Rs. 150 lacs. The contractee agrees to pay 90% of value of the work done as certified by the architect immediately on receipt of the certificate and to pay the balance on completion of the contract. The contractor commenced the work on Ist May 2017 and it is estimated to be completed by 31st December, 2018. The actual expenditure upto 31st March, 2018 and subsequent estimated expenditure upto 31st December, 2018 is furnished below: Closing Material at site 4,10,000 A special machinery costing Rs. 13,40,000 was bought for the contract and the estimated scrap value of the machinery at the end of the contract would be Rs. 1,40,000. It is decided that the Profit to be taken credit for should be that proportion of the estimated net profit to be realized on completion of the contract which the certified value of work as on 31st March, 2018 bears to the total contract price You are required to prepare the Contract A/c for the period ending 31st March, 2018 and show your calculation of the Profit to be credited to the Profit and Loss A/c for the period ended 15 marks
Q4 A_ From the following information Calculate: Even Sales 4. Profit at Sales of Rs.30,00,000 manufacturing concern which has adopted standard costing furnishes the following (07) 8 marks
- 1) Standard Materials for 70 Kg finished products is 100 Kg
- 2) Standard price of material Rs.1 per kg
- 5) Cost of Material Rs.2,52,000
Q4 Ltd maintains separate set of books for financial accounts and cost information is furnished for the year 2013 Transactions for the year are: Materials issued as: Wages paid allocated as: Prepare necessary control accounts in the books of Costman Ltd 15 marks
Q5 A What are the advantages of Marginal Costing? What is Product Life Cycle Costing ? Describe its Characteristics. (07) 8 marks
Q5 Write Short notes (Answer any 3) 15 marks
- 1. Labour variances
- 2. Retention Money
- 4. Process Costing
- 2) fasht ast
- 2) Aes
- 9) ale chet HAS ERM & Hale fe

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