practice paper of cost accounting Specially for b.com third sem student | Exams Cost Accounting

(B.COM 3rd Semester)- Cost Accounting

Test Paper

TIME- 3 HOURS MARKS -76

Section A: Attempt Any 7 Questions 7X8=56

1. Prepare stores Ledger Account as per FIFO Method from the following data receipts of Materials

Receipts of matrrial Issued of material

Date

Units

Rate

Date

Units

Mar-01

Ope.Bal

1000

Mar-04

3000

Mar-02

5000

Mar-06

2000

Mar-12

3000

Mar-15

1500

The weekly stock taking on march 7, 2007 shows a shortage of 150 unit.

2 Calculate EOQ and total inventory cost from the following

Annual Usage = 3,600 units,

Ordering cost = Rs. 1,000,

Purchase Price = Rs. 200,

Carry Cost = 10 %

3 A lorry starts with a load of 20 tonnes of goods from station A. It unloads 8 tonnes at station B and

rest of goods at station C. It reaches back directly to station A after getting loaded with 16 tonnes

of goods at station C. The distance between A to B, B to C to A are 80 kms., 120 kms and 160 kms.

Respectively. You are required to compute absolute tonnes-kms. And commercial tonnes-kms.

4 From the following information, calculate total kms. And total passangers kms:

No.of Buses 8,

Days operated in the month 26,

Trips made by each bus 2,

Distance of route 40 kms. (one side),

Capacity of bus 50 passangers,

Normal Passangers Travelling 75% of capacity.

5 On the basis of the following information compute the total remuneration and labour cost of the

worker in each condition under Rowan Premium Plan:

Rate of Wages Rs. 5,

Standard Time 8 Hrs.,

Standard Production 10 units,

% of Bonus 40 %

Unit produced A=8 UNIT, B=10 UNIT C=12 UNIT D=15 UNIT

6 A manufacturer finds that an advance in the cost of production has taken place and that where as

formerly his goods, cost : Raw Materials is 30%, Wages 20%, Rent and Rates 5%, Fuel 10 % and

General Exp. 15%. Now there has been an increase of 50% in fuel, 30% in raw materials, 25% in

wages and 20% in rent and rates.

He consults you as to what percentage he must add to the selling price in order to obtain

the same percentage of profit?

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(B.COM 3rd^ Semester)- Cost Accounting

Test Paper

TIME- 3 HOURS MARKS - 76

Section A: Attempt Any 7 Questions 7X8=

Prepare stores Ledger Account as per FIFO Method from the following data receipts of Materials Receipts of matrrial Issued of material Date Units Rate Date Units Mar- 01 Ope.Bal 1000 5 Mar- 04 3000 Mar- 02 5000 6 Mar- 06 2000 Mar- 12 3000 5 Mar- 15 1500 The weekly stock taking on march 7, 2007 shows a shortage of 150 unit. 2 Calculate EOQ and total inventory cost from the following Annual Usage = 3,600 units, Ordering cost = Rs. 1,000, Purchase Price = Rs. 200, Carry Cost = 10 % 3 A lorry starts with a load of 20 tonnes of goods from station A. It unloads 8 tonnes at station B and rest of goods at station C. It reaches back directly to station A after getting loaded with 16 tonnes of goods at station C. The distance between A to B, B to C to A are 80 kms., 120 kms and 160 kms. Respectively. You are required to compute absolute tonnes-kms. And commercial tonnes-kms. 4 From the following information, calculate total kms. And total passangers kms: No.of Buses 8, Days operated in the month 26, Trips made by each bus 2, Distance of route 40 kms. (one side), Capacity of bus 50 passangers, Normal Passangers Travelling 75% of capacity. 5 On the basis of the following information compute the total remuneration and labour cost of the worker in each condition under Rowan Premium Plan: Rate of Wages Rs. 5, Standard Time 8 Hrs., Standard Production 10 units, % of Bonus 40 % Unit produced A=8 UNIT, B=10 UNIT C=12 UNIT D=15 UNIT 6 A manufacturer finds that an advance in the cost of production has taken place and that where as formerly his goods, cost : Raw Materials is 30%, Wages 20%, Rent and Rates 5%, Fuel 10 % and General Exp. 15%. Now there has been an increase of 50% in fuel, 30% in raw materials, 25% in wages and 20% in rent and rates. He consults you as to what percentage he must add to the selling price in order to obtain the same percentage of profit?

7 Find out the amount of material consumed from the following information. Total cost of production is Rs. 2,000, works cost is 80% of cost of production, works on-cost is 150 % of the office oncost. Material consumed is 25% of wages. 8 Compute M.H.R. from the follwong information, if the scrap value of machine is nil: Cost of Machine Rs. 1,20,000, Freight and Installation Charges Rs 8,250, Working LIfe 10 Years, Working Hours 1,350 Hrs. p.a, Repairing charges 50 % of Dep., Power-10 Units p.h. Rate 15 paise p.u. Lubricating Iol- 8 Hours Daily @ Rs. 6 Per day, Consumable Stores- 8 Hours Daily @ 10 Per day Wages of Operator- Rs. 4 per day. 9 Mr. Awkash manufactures three types of fans : Table Fans, Ceiling Fans and Man Cooler. The material and wages cost per unit are separated as follows: Materials Wages (Table Fans) 10 15 (Ceiling Fan) 15 20 (Man Cooler) 150 40 Total indirect expenses are Rs. 10,000 You are required to determine the factory cost of each type of fan after assuming that one ceiling fan is equivalent to two table fans and one man cooler is equivalent to five table fans for the purpose of overhead allocation. Manufactured fans are: (Table Fans) 800 , (Ceiling Fan) 400 , (Man Cooler) 80 10 Amit took a contract on 30th^ September, 2006. The books are closed on 31st^ March. Every year. On 1 st^ December, 2006 a plant was purchased for Rs. 27,500 and Rs. 2,500 were spent on its installation. On 31st^ march, 2007 one portion of the plant, the cost of which was Rs. 3,000 was sold for Rs. 2,500. On the same date a part of the plant costing Rs. 750 was returned to store Plant Costing Rs. 1000 was stolen. Show plant in contract A/c if depreciation is charged @ 10% p.a. 11 At the end of Process X carried on in a factory during the month ending 30th^ June, 2007, The Number of units produced was 850 excluding 50 units damaged at the end of the process. The damaged units realised Rs. 5 Per unit as scrap. A normal wastage of 10% occurs during the process. The wastage realised Rs. 2 per unit A unit of raw materials costs Rs 5 The other expenses for the month were: (Wages) 1, (Power) 600 (Genral Overhead) 1, 40% of the production is sold, so as to show a profit of 16 (^) 2/3% on the selling price. The rest of the output is transferred tp Process Y A/c. Prepare Process X A/c. 12 In a company works overheads are 60% of wages and office overhads are 20% of works cost. Following total expenditure were incurred: Materials 1,00,000, Wages 75,000, Works Expenses 49,000, Office Expense 42, 10% of the cost of output is in the stock. Total sales was 2,55,000. Stock is valuated in Financial Account at work cost. Prepare Reconciliations Account.

The product of a company passes through three distinct processes. They are known as A, B and C. From past experience it is ascertained that wastage is incurred in each process an under: Process A 2%, Process B 5%, Process C 10%, The wastage of each process possesses a scrap value. The wastage of process A and B is sold of Rs. 20 per 100 units and that of Process C at Re. 1 per unit. The output of each process passes immediately to the next process and the finished units are passed from Process C to stock. Following are the informations regarding the processes. Process A B C (Rs.) (Rs.) (Rs.) (Materials consumed) 18,000 12,000 8, (Wages) 28,000 24,000 18, (Manufacturing Exp.) 4,000 4,000 4, (Units issued ) 20,000 unit - - (Cost of units issued) 50,000 - - (Output) 19,500 unit 18,800 unit 16,000 unit Prepare Process A/cs.
In a manufacturing concern a certain product A yields By-products B and C. The joint expenses of manufacture are: (Materials) 30,000 (Labour) 21,600 (Overhead) 20,400 Total 72, Subsequent expenses are as follows: A B C (Rs.) (Rs.) (Rs.) (Materials) 4,480 3,360 2, (Labour) 3,360 2,920 1, (Overhead) 3,16 0 2,320 1, Total 11,000 8,600 5, (Selling Price) 80,000 48,000 32, (Estimated Profit on Selling Price) 40% 30% 20% How Would you apportion the joint expenses of manufacture? Prepare the necessary accounts.
In respect of a factory the following information’s have been obtained for the year 2007: Materials consumed 1 ,20, Direct wages 1,00, Factory Overhead 60,00 0 Office Overhead 67, Selling Expenses 44, Distribution Expenses 28,00 0 Profit 84, A work order has been executed in 2007 and materials valued Rs. 1,600 and wages for labour Rs. 1,000 have been incurred. Assuming that 2007 the rate for factory overhead has gone up by 10%; distribution charges have gone down by 5% and selling and administration charge (Office overhead) Have gone up by 10 ½% at what price should the product be sold, so as to earn the same rate of profit on the selling price as in 2007? Factory overhead is based on direct labour and administration, selling and distribution overhead on factory cost.

practice paper of cost accounting Specially for b.com third sem student, Exams of Cost Accounting

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Partial preview of the text

Download practice paper of cost accounting Specially for b.com third sem student and more Exams Cost Accounting in PDF only on Docsity!

(B.COM 3rd^ Semester)- Cost Accounting

Test Paper

TIME- 3 HOURS MARKS - 76

Section A: Attempt Any 7 Questions 7X8=