Acharya Nagarjuna University (ANU) 2006 B.Com Part II - Commerce, III - COST AND MANAGEMENT ACCOUNTING - - Question Paper
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every ques. carries 20 marks.
13. Prepare stores ledger account using FIFO method:
2005 June 1 Balance 1000 units at Rs.100 per unit.
6 Issued 500 units.
10 Purchased 400 units at Rs.95 per unit.
15 Returned to stores 30 units issued on sixth June
18 Issued 360 units
22 Purchased 480 units at Rs.95 per unit.
23 Issued 600 units
24 Purchased 640 units at Rs.95 per unit
25 Purchased 400 units at Rs.85 per unit
26 Issued 230 units
27 Returned to vendors 100 units purchased on 24th June
31 Stores audit showed a shortage of 10 units
14. Wilson Ltd. has three production departments P, Q, R and 2 service departments A, B. subsequent particulars are available for month of March, 2005.
Rs. Rs.
Rent 15,000 Municipal taxes 5,000
Electricity 2,400 Indirect wages 6,000
Power 6,000 Depreciation on machinery 40,000
Canteen expenses 30,000 Other labour related costs 10,000
subsequent further details are also available:
Total P Q R A B
Floor space (sq.mts) 5,000 1,000 1,250 1,500 1,000 250
Light points (Nos) 240 40 60 80 40 20
Direct wages (Rs.) 40,000 12,000 8,000 12,000 6,000 2,000
Horse power of machine (Nos) 150 60 30 50 10 ----
Cost of machine (Rs.) 2,00,000 48,000 64,000 80,000 4,000 4,000
Working hours 2,335 1,510 1,525
The expenses of service departments are to be allocated in subsequent manner:
P Q R A B
A 20% 30% 40% -- 10%
B 40% 20% 30% 10% --
You are needed to compute overhead absorption rate per hour in respect of three
production departments.
15. From the subsequent particulars you are needed to work out the earnings of a worker for the week under (a) Straight piece rate (b) Differential piece rate (c) Halsey premium scheme (50%
sharing) and (d) Rowan premium scheme.
Weekly working hours 48
Piece rate per unit Rs.3
Hourly wage rate Rs.7.50
Normal time taken per piece 20 minutes
Normal output per week - 120 pieces
true output for the week - 150 pieces
Differential piece rate - 80% of piece rate when output is beneath normal and 120% of piece rate when output is above normal.
16. Madhucan Ltd. has 2 contracts which were commenced on 1.4.05 and 1.9.05 respectively. subsequent particulars are found at the end of 2005:
Contract I Contract II
(Rs.) (Rs.)
Contract price 24,00,000 20,00,000
Materials issued 6,40,000 2,40,000
Materials returned 16,000 8,000
Materials on site (31.12.05) 88,000 32,000
Direct labour 6,00,000 1,68,000
Direct expenses 2,64,000 1,40,000
Establishment expenses 1,00,000 28,000
Plant installed at site 3,20,000 2,80,000
Value of plant (31.12.05) 2,60,000 2,56,000
Cost of contract not certified 92,000 40,000
Value of contract certified 16,80,000 5,40,000
Cash received from contractee 15,12,000 5,00,000
Architect.s fee 8,000 4,000
During the period materials costing to Rs.36,000 have been transferred from Contract I to Contract II. You are needed to prepare contract accounts.
17. From subsequent profit and loss accounts and the Balance sheet of Swastik Ltd. for the year ended 31.12.04 and 2005, you are needed to prepare comparative income statement and a comparative balance sheet.
Profit and Loss Account (Rs. in lakhs)
Particulars 2004 2005 Particulars 2004 2005
(Rs.) (Rs.) (Rs.) (Rs.)
To Cost of goods sold 600 750 By Net sales 800 1,000
To Operating expenses:
Administrative 20 20
Selling 30 40
To Net profit 150 190
800 1,000 800 1,000
Balance Sheet as on 31st December (Rs. in lakhs)
Liabilities 2004 2005 Assets 2004 2005
(Rs.) (Rs.) (Rs.) (Rs.)
Bills payable 50 75 Cash 100 140
Sundry creditors 150 200 Debtors 200 300
Tax payable 100 150 Stock 200 300
6% Debentures 100 150 Land 100 100
6% Preference capital 300 300 Building 300 270
Equity capital 400 400 Plant 300 270
Reserves 200 245 Furniture 100 140
1,300 1,520 1,300 1,520
18. subsequent is Trading and Profit and Loss account of Lavanya Trading House for the year ended 31st March, 2005:
Particulars Rs. Particulars Rs.
To Stock (1.4.04) 75,000 By Sales 5,00,000
To Purchases 3,10,000 By Stock on 31.3.05 1,00,000
To Freight 15,000
To Gross profit c/d 2,00,000
6,00,000 6,00,000
Particulars Rs. Particulars Rs.
To Administrative Exp. 85,000 By Gross profit b/d 2,00,000
To Selling and distribution expenses 40,000 By Interest on investments 5,000
To Financial expenses 6,000
To Other non-operating exp. 3,000
To Net profit 71,000
2,05,000 2,05,000
You are needed to calculate:
(a) Gross profit ratio
(b) Net operating profit ratio
(c) Operating ratio
(d) Administrative expenses ratio
(e) Selling and distribution expenses ratio.
| Earning: Approval pending. |
