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lV Semester B.Com. Examination, April/May 2015 (Semester Scheme) (Freshers + Repeaters) (2013-14 and Onwards) Commerce
- 4.4: COST ACCOUNTING
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Paper Time : 3 Hours
Max. Marks : 100
lnstruction : Answers should be written completely either in English or lGnnada. SECTION
-A
Define costing.
(10x2=20)
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1. a)
marks.
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Answerany ten sub-questions. Each sub-question carriestwo
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b) What do you mean by controllable costs ? Give example.
c) What is a purchase requisition ? To whom it is submitted '\.-, &HIJ..r$ftU,i'3'
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d) what are the objective, ,,
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Define the term material control.
g) What
ed
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e) Name anyfourtechniques of inventory control.
t To T\lv,r \/
is variable
orerfieads ? Give two examples.
How do you calculate bonus under
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h) Name the methods of labourtumover.
Halsey plan ?
ii)
Rowan plan ?
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i) Give the meaning of Cost Apportionment.
k) Define Overheads. r)
What ls meant by purely financlalexpenses ? Give examples. P.T.O.
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SECTION
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Briefly state the differences between Cost Accounting and Financial Accounting.
3'
From the following particulars prepare a statement of Cost and profit.
t 80,000
Direct wages
T
50,000
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10,000 hours
Machine hour rate
t 2 per hour
Office overheads
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20Y" on works cost
Selling overheads
2 per unit sold
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T
Units produced
9000 units
10,000 units
att 25 per unit
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Units sold
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Raw materials consumed
Machine hours worked
4' Following information
is available with respect to a particular type of labour.
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a) Monthly salary
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i) Basic pay t
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ii)
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(4x8=32)
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Answeranyfour questions. Each question carries eight marks.
2,000
DA 75"/" of Basic pay
b) House RentAllowancet 400 per month.
c)
Leave salary earnedt3500
d) CCAt 200 per month.
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10% of Basic + DA
Employer's contribution to PF 5% of Basic + DA
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g) Employer's contribution to ESlzyz"/" of Basic + DA h) Pro-rata expenses on amenitiest 25 per month. of working hours in a month 200 Hours.
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i) Number
Calculate the Cost of Labour per day of 8 Hours.
5. Compute machine hour rate from the following data
:
t 1,00,000
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Cost of Machine lnstallation charges
10,000
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t 5,000 r 200
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Estimated scrap value after the expiry of life (15 years)
t
General lighting forthe shop per month
r 300
lnsurance premium forthe machine perannum
r 960
Repairs and maintenance forthe machine per annum
r 1000
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Rent and rates forthe shop per month
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Power consumption 10 units'per hour
r20
Rate of power per 100 units
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Shop Supervisor's salary per month
T
600
Estimated productive working hours 2000 hours p.a.
The machine occup tes
/O
of the total area of the shop. The supervisor is expected
to devote y'S U his time for supervising this machine.
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a) ABC Company Ltd. gives the following details about the materialX. Monthly consumption 200 units, Average cost per order t 40. AveraEe price per unitt 20,
Determine EOe.
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Holding cssl24"/" per year.
b) From the followinE particulars calculate
i)
Reorder Level
ii) Minimum Level
:
Maximum consumption 1S0 units per day
Minimum consumption 50 units per day Reorder period 25
-
30 days.
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SECTION _ C
Answeranythree of the following. Each question carriessixteen
'
t t
Direct wages
T 5,00,000
Factory overheads
T 3,00,000
Administrative overheads
t
Selling overheads
< 2,24,AA0
Distribution overheads
t
1,40,000
Profit
{
4,20,000
.p
Cost of Materials
w w
w
(3x16=4g)
ln respect of a factory the following figures have been obtained for the year
ed
7
marks.
6,00,000
3,36,000
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Awork order has been executed and the following expenses have been incurred.
Wages
8,000 5,000
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t t
Materials
Assuming that in 2005, the rate of factory overheads has increased by 20"k. Distribution overheads have gone down by 10% and selling and administratlon overheads have each gone up by
1ZYzo/o.
At what price should the product be
sold so as to earn the same rate of profit on the selling price as in 2A04.
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Factory overheads is based on direct wages while all other overheads based on
factory cost.
8. The profit as per cost accounts ist
1
,15,000 the following points are found out on
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eomparison between cost accounts and financial accounts.
CostAccounts
Particulars
FinancialAccounts
t
a) Opening stock
:
10,000
10,500
Work-in-progress
15,000
12,000
14,000
13,000
Materials
12,000
11,000
Work-in-progress
20,000
21,500
Finished goods
30,000
28,000
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Materials
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Finished goods
b) Closing stock:
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c)
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Directors fee paid T 1 ,500 Reserve for bad debts { 600 interest paid t 1 000. Transfer fees received T 800, Dividend received t 400 are exclusively taken in financiar accounts but ignored in cost accounts.
d) Rent charged in costing but not in FA { 5000. e)
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Goodwill
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5000 and preliminary expenses Rs. 2000 have been written off during the year.
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f) Overheads incurred Rs. 50,600 but overheads absorbed amounted tot 4g,100. Find out the profit as per financial accounts by preparing Reconciliation Statement.
The following purchases have been extracted in respect of material ,ExE,. prepare Stores LedgerAccount under LIFO Method of pricing of material issues.
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Receipts:
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3-1a-2014 purchased
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500 units at t 4 per unit 4-10-2014 purchased 100 units atr 4.20 per unit 10-10-2014 purchased s0 units at t 4.25 per unit 13-10-2014 purchased 900 units at t 4.80 per unit 23-10-2014 purchased BsO units at r B.B0 per unit
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lssues:
5-10-2014 lssued
400 units
10-10-?014 lssued 50 15-10-2014 lssued
units
900 units
25-10-2014 lssued 450 units
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10. lndia Company Ltd. has three production departments and two service departments. The following figures for a certain period has been made available.
10,000
Rent and rates Lighting
1,200
lndirectwages
3,000
Power
3,000
5,000
lndirect materials
4,000
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lnsurance of stock
20,000
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Sundrycharges
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The following information is also available
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Floor Area (sq. ft.)
:
Production Department A
B
Service Department
c
x
Y
2000
2500
3000
2000
500
n
30
N
20
10
pa
60
100
20
24000
32000
40000
2000
2000
Direct wages
6000
4000
6000
3000
1000
Stock value
40m
3000
2000
600
400
Direct materials
s0@
6000
4000
3000
2000
Working Hours
4674
3020
3050
.p
Light points
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HP of machines
w
Cost of machine
w
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20,000
Depreciation
Particulars
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The expenses of Service Departments are to be charged as follows
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You are required to calculate the overhead absorption rate per hour in respect of
three Production Departments by preparing primary and secondary distribution summary
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