Indira Gandhi National Open University (IGNOU) 2010-1st Year B.Com Elements of Costing - Question Paper
No. of Printed Pages : 7 ECO-IO
BACHELOR'S DEGREE PROGRAMME
y Term-End Examination
June, 2010
O
ELECTIVE COURSE : COMMERCE
ECO-IO : ELEMENTS OF COSTING
Time : 2 hours Maximum Marks : 50
(Weightage : 70%)
Note : Attempt any two questions from section-A and any two questions from section-B
SECTION-A
1. "Various defeciencies and limitations of financial accounting give rise to the need for cost accounting." Elaborate on this statement, and state the importance of cost accounting. 6+4=10
2. (a) Name the four main steps taken for
distribution of factory overheads and explain briefly any one of them.
(b) Explain weighted average cost method of pricing the materials with the help of an example. 5+5=10
3. Write short notes on any two of the following :
(a) Treatment of idle time in cost accounts
(b) Perpetual Inventory System
(c) Methods of Time Booking
(d) Bill of Materials 5+5=10
SECTION-B
4. From the following Particulars/prepare cost sheet 15 showing :
(a) cost of materials consumed
(b) prime cost
(c) works cost
(d) cost of production and
(e) cost of sales (total cost)
Output and sales for the month 500 units
Rs.
Stock of raw materials (opening) 15,000
Stock of raw materials (closing) 20,000
Counting house salaries (office) 6,000
Drawing office salaries (factory) 9,000
Direct wages paid 58,000
Direct Expenses 20,000
Purchase of raw materials 92,000
Carriage inwards 3,000
Carriage outwards 4,500
Cash discount allowed 1,500
Power used 12,000
Indirect wages 15,000
Lighting of factory 5,500
Repairs of plant and machinery 6,500 Depreciation of plant and machinery 5,000
Office rent 12,000
Director's fees 6,000
Travelling expenses 7,500
Salesmen salaries 18,000
Office salaries 7,000
General expenses 9,000
Advertisement 10,000
Outstanding direct wages 2,000
Sales proceeds of factory scrap 3,000
5. (a) Compute Labour hour rate from the
following information. 6+9=15
Total number of workers is 50 in the department. The number of working days are 300 in a year and the working hours are 8 hours per day. Idle time is 4% of the total number of days. The overheads of the department amounted to Rs. 2,60,800.
(b) Estimated overheads in Department B were Rs. 21,000 fixed and Rs. 39,000 variable. Estimated machine hours were 30,000. Actual machine hours worked were 28,500. Actual overheads incurred were Rs. 24,000 fixed and Rs. 30,000 variable. Find out the under absorbed/over absorbed amounts of overheads based on predetermined rates, and state as to how will you dispose off the under absorption and over absorption of the overheads ?
6. (a) Explain the need for reconciliation of cost
and financial accounts. 6+9=15
(b) 600 kgs. of a material was charged to process
I at the rate of Rs. 40 per kg. The direct labour accounted for Rs. 2,000 and the other departmental overheads amounted to Rs. 7,600. The normal loss is 10% of input and the net production was 500 kgs. Assuming that the scrap is sold for Rs. 20 per kg., prepare the process I Account showing clearly the values of normal and abnormal loss. Also prepare the Abnormal Loss Account.
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1. fo#r #tit +rn4) T3=f Trniarf % fi Wra I3T 3FTT l=l4idl tsHt 11 sn fawk chY cTTf % f=Ft <*14, 1 6+4=10
2. (a) % fsRTTT % %
%fetr ttstt 3 fast fr wfa 3 (b) irmftRTf % *nfcf aftera wtm
TTj%tT7 <i<|U| cjfr WfSI<Jdl 3 H\*sH\ ftfa'TJ, I
5+5=10
3. PlHfefeti fepttt ?f W. TTTH rfuM! P-lRslU I
(a) cTPTrT 3T 3 fH<*hl4 W1 F1 WNR
(b) Mr ttm-tj# wft (C) w cft faftrai
(d) y l H iii 3iT ffeT 5+5=10
|
(a) |
4>1 jI!p >H 1Mif) <=bl dHId (b) |
*i<rl dHId |
|
(c) |
c'TPTd (d) |
TrqiT cTP |
|
(e) |
fasb-i) eTFTcl dlJld) | |
|
p; cTFTcT fcTOT sHI | ||
|
<*| dd4l<H Tf'ffTS 300 chlT | ||
|
eI (nfffi) |
15,000 | |
|
=h Hid +1 !<+> (<HPdH) |
20,000 | |
|
6,000 | ||
|
ISJI <*>l CM ()=td<l) |
9,000 | |
|
y<SI HO *| i|dH |
58,000 | |
|
20,000 | ||
|
TTfcT T sfTI |
92,000 | |
|
3TFra to mtst |
3,000 | |
|
PiJ[t1 Hid 'TFgl |
4,500 | |
|
<i Jr| |
1,500 | |
|
<fcl <444l' 1 |
12,000 | |
|
ye< |
15,000 | |
|
q th?hi vi <*w |
5,500 | |
|
W 4 HRhO *1 HWd |
6,500 | |
|
'-elId H-iO $1 |
5,000 | |
|
+ <=bl r=h<mi |
12,000 | |
|
fnvi=hf '1 >hl |
6,000 | |
|
7,500 | ||
|
4)1 c|cM |
18,000 | |
|
chWfdJ dH |
7,000 | |
|
WTR1 |
9,000 | |
|
ftyim |
10,000 | |
|
T<jm qTl |
2,000 | |
|
ft >NH (scrap) cbl k*1 |
3,000 | |
5. (a) ft Hfdftsld FTT% 3TTOR (Labour
Hour Kate) nR.'tnrt't : 6+9=15
ffFT 3 ?rfiTf cT TTTT 50 11
% fT 300 f cTTT yPdfcd 8 11
J;C-1 H04I T1 4% fdk*>f4 ?Fra (idle time) % I fa WT % cmRoilifi Tlftl 2,60,800 ?. 11
(b) fTFT B 3 SHlPld 21,000
aft* 39,000 ?. MfWd'T I Afpfacf *T#T 30,000 I R<R 3 28,500 #1 3TFF f3TT I 'OTfTR 24,000 ?. sfk
30.000 ?. HRddT $ I ftsrffa Tf % 3TTOR m 3-3Tfrw/3Tf-3T?ftT Wl TlfT Wi TTi, cttt rt fa 3tn .i'-iiVi %
3q3RT/3T% 3TjhTJI cfft TTf9T feH ?
6. (a) eTFTcT T 7'f % TTmH
(reconciliation) 'STraRuTT oTnSFfT <b\fm.\ 6+9=15
(b) I 3' 40 $. Trftf PWlilFT % fplR 3
600 r+dliJIH TTFTTTf eFTlf I srftiniT #
2.000 cfSJT 7,600 ?. fawffa o!PT| sftFwrPfSlftlOTlfiRRT
11 dcMKd f3TT 500 fWlUIH I
*TH fa (scrap) 20 f%#0TR %
tTR 3 fT *TTcft f, 3fflFn I Ml TR cfftftpT WM TJcf STFFTP TTfFTf VFZ
3TWTPl?lftWT'iftRTI
ECO-IO 7
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Attachment: |
| Earning: Approval pending. |
