Veer Narmad South Gujarat University 2011-2nd Year B.Com Cost Accounting - -1, ,- , Veer Narmad South University - Question Paper
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University: Veer Narmad South Gujarat University
Program Name :Second Year B.Com
Course Name: SB:0408 - Cost Accounting : Paper-1, 2nd Year B.Com Examination, March-2011, Veer Narmad South Gujarat University.
examination Month and Year: March-2011.
Duration : three hours
Maximum marks:- 70
Attachment :- PDF file containing SB:0408 - Cost Accounting : Paper-1, March-2011.
Second Year B. Com. Examination March / April - 2011 Cost Accounting : Paper - I
Hours] [Total Marks
Time
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M 6iR<a tnsiLnLLwO. Rpicii S-ruqtil u?
Seat No.:
Fillup strictly the details of signs on your answer book.
Name of the Examination :
S. Y. B. Com.
Name of the Subject:
Cost Accounting - 1
Student's Signature
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-Subject Code No.: |
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-Section No. (1,2,.....): Nil |
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SB-0408] 4 [Contd.
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Instructions : (1) As per the instruction No. 1 of Page No. 1.
(2) Q. No. 1 is compulsory.
(3) Answer six questions including Q No. 1
(4) Show your necessary calculations.
(c) From the following information find out material turnover rate :
Opening stock.....................Rs. 1,20,000
Closing stock..........................Rs. 84,000
Purchase of material.........Rs. 3,95,000
Generally stock are valued at cost price plus (+) 20%
(d) From the following data, you are required to
determine E.O.Q. and also state how many times during the year order should be placed :
Bi-monthly consumption................ 1500 units
Cost per unit........................................Rs. 200
Cost of placing an order.....................Rs. 400
Per unit cost of annual storage expenses 10%.
The books of Krishna Manufacturing Co. present the following data for the month of April 2010 :
12
Direct labour cost Rs. 1,75,000 being 175% of works overheads. Cost of goods sold excluding administrative expenses Rs. 5,60,000.
Inventory accounts showed the following opening and closing balances :
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Particular |
April 1st Rs. |
April 30 Rs. |
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Raw Materials Work-in-Progress Finished goods |
80,000 1.05.000 1.76.000 |
1,06,000 1.45.000 1.90.000 |
Other data are : Rs.
Selling expenses..........................................................35,000
Administrative expenses............................................25,000
Sales for the month................................................7,50,000
You are required to :
(i) Compute the value of materials purchased
(ii) Prepare a statement showing the various elements of cost and also the profit earned.
2 Hetal Co. Ltd. certain raw-materials passes through
three process A, B and C and becomes finished goods :
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From the following particular prepare all the process accounts and also prepare abnormal loss account and abnormal gain account. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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The units introduced in process A at Rs. 75 per unit were transferred into 6,300 units at the end of the process B.
3 The following is the summary of entries in a contract 12
ledger of Kaival as on 31 December 2010 in respect of
contract No. 786 :
Rs.
Direct Materials......................................................... 1,60,000
Materials from stores...................................................40,000
Direct Wages................................................................. 60,000
Direct Expenses............................................................40,000
Establishment charges apportioned............................ 20,000
Plant on Dt. 1-1-2010 ............................................... 1,20,000
(including special plant of Rs. 40,000)
Cost of sub-contract........................................................8,000
Sale of scrap .................................................................12,000
Additional Informations :
(i) Accurals on 31st December 2010 were :
Wages.....................................Rs. 21,600
Direct expenses......................Rs. 12,000
(ii) The cost of work uncertified was l/10th of the certified work.
(iii) On 30-6-2010 plant worth Rs. 32,000 was sold for Rs. 30,800.
(iv) On 30-09-2010 the special plant was completely destroyed by Fire Insurance Company admitted a claim of Rs. 16,000.
(v) Materials worth Rs. 8,000 were partly destroyed by fire.
They were sold for Rs. 3,200.
(vi) On 31.12.10 materials at side were Rs. 4,000.
(vii) Cash received from the contractee was Rs. 3,60,000 being 75% of work certified.
(viii) Contract price was Rs. 6,00,000.
(ix) Depreciation on plant is to be calculated at 10% per annum.
(x) Transfer 3/4 the profit on cash basis to P&L Account. Prepare contract No. 786 Account.
3 The financial accounts of Prakash Co. Ltd. for the year 12
ended on 31-3-2011 is as under :
To Raw materials consumed.................................... 4,20,000
To Direct Wages........................................................ 1,80,000
To factory overhead expenses.................................. 1,50,000
To Administrative expenses..................................... 1,35,000
To Selling and Distribution expenses........................ 60,000
To preliminary expenses written off.......................... 90,000
Bad Debts...................................................................... 52,500
Op. Stock of finished goods (500 units)..................... 30,000
Closing stock of finished goods (500 units).............. 48,750
Sales (8,000 units)................................................... 10,50,000
Interest received.............................................................5,250
Rent received..................................................................6,000
Information received from cost accounts is as under :
(i) Raw materials and wages are charged at actual cost.
(ii) Factory overhead expenses are charged at 80% of wages.
(iii) Administrative overheads are charged at 20% of factory cost.
(iv) Selling and distribution expenses are charged at Rs. 4.50 per unit sold.
(v) Op. stock of finished goods is valued at Rs. 70 per unit.
(vi) Closing stock of finished goods is a part of production of the year
Prepare :
(i) Cost sheet
(ii) Profit and Loss Account
(iii) Reconcilation statement of profit or loss.
4 From the following information relating to two different 12
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vehicles A - GJ-21-2622 and B - GJ-21-1314. Calcualte the cost per tonne-km (Calculate per annum) : | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Interest charge at 10% p.a. on capital investment.
The vehicles run 20 km. per hour on an average.
OR
4 The following annual charges are incurred in respect of 12 machine in Nisarg Limited, where work is done by means of five machines of exactly similar type and specification :
(i) Rent and rates (space occupied by machine)... Rs. 10,000
(ii) Depreciation on each machine's........................Rs. 600
(iii) Repairs and maintenance for five machines ....Rs. 2,000
(iv) Power consumed as per metre
at Rs. 1.00 per unit.....................................Rs. 60,000
(v) Electric charges for lighting...........................Rs. 2,000
(vi) Attendants : They are two attendants for
the five machines and they are each
paid Rs. 2,000 p.m........................................Rs. 4,000.
(vii) For the five machines there is one
supervisor who is paid Rs. 3,000 p.m.
(viii) Sundry supplies..................................................Rs. 500.
(ix) Hire-Purchase Instalment payable for
the machine (idncluding
Rs. 500 as interest)........................................Rs. 2,500
(x) The machine uses 10 units of powers per hour.
Calculate the machine hour rate for the machine.
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5 (a) The standard labour hours and rates of payment 6 per article A of Atul Co. Ltd. were as follows : | ||||||||||||||||||||
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The actual production was 1,000 |
Article A for which the actual hours worked and wages are given below :
|
Labour |
Total Hours |
Total Rs. |
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Skilled Labour |
9,000 |
36,000 |
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Semi - skilled Labour |
8,400 |
12,600 |
|
Unskilled Labour |
20,000 |
18,000 |
To calculate the above information
(i) Labour cost variance
(ii) Labour rate variance
(iii) Labour Efficiency variance.
(b) The following informations have been obtained 6
from the costing records of Dhruvi Co. Ltd. is respect of Job No. 444.
Materials ........................................Rs. 52,000
Wages :
Dept. X : 180 hours at Rs. 30 per hour Dept. Y : 120 hours at Rs. 50 per hour Dept. Z : 60 hours at Rs. 20 per hour Variable Overheads :
Dept. X : Rs. 1,00,000 for 5,000 direct labour hours Dept. Y : Rs. 90,000 for 3,000 direct labour hours Dept. Z : Rs. 40,000 for 2,000 direct labour hours Fixed Overheads :
Estimated Rs. 3,00,000 for 10,000 normal working hours.
Calculate the cost of Job No: 444 and also find the price to be charged so as to earn a profit 25% on selling price.
OR
5 (a) The following information available from the 6
personnel department of Virag Silk Mills Ltd. Calculate labour turnover rate :
(i) By Replacement method
(ii) By separation method
(iii) Equivalent Annual labour turnover method
Number of workers on 1-4-2010 :........................4380
Number of workers on 30-4-2010 :......................3720
During the month of April 2010 :
Number of workers resigned...................................380
Number of workers retired......................................460
Number of workers dismissed.................................320
Number of workers newly appointed.....................500
(of which 140 workers were taken under expansion plan)
(b) Re-order period 3 to 5 days. 6
Daily consumption 200 to 800 units.
E.O.Q. 90% of re-order level Compute :
(i) Re-order level
(ii) Minimum level
(iii) Maximum level
(iv) Average stock level (on the basis of EOQ)
(v) Safety stock level.
6 Write short notes : (any three) 12
(i) Cost unit and cost centre
(ii) Principles of Determining wage rate
(iii) Benefits of job costing method
(iv) Periodic Inventory
(v) Important of standard costing.
SB-0408] 15 [ 16000 ]
(a) Manhar has taken 72 hours to complete a job. The 3 wage rate per hour is Rs. 10. If he has received Rs. 864 as total wages according to Rowan plan, what would be the amount of wages earned by him according to Halsey Plan.
(b) A truck started its journey from Pardi to Surat with 3 a load of 20 tonnes of goods. 5 tonnes were unloaded at Valsad and a fresh load of 3 tonnes was loaded. 8 tonnes were unloaded at Navsari. It was fully unloaded at Surat. On its return journey it started with 10 tonnes from Surat directly to Pardi and it was fully unloaded. The distance between Pardi to Valsad, Valsad to Navsari and Navsari to Surat, 12 kms, 80 kms and 60 kms respectively. Calculate total tonnes kms for the above journey.
SB-0408] 8 [Contd...
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Attachment: |
| Earning: Approval pending. |
