FACULTY OF COMMERCE
B.Com. V - Semester (CBCS) Examination, November / December 2019
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(Common Paper for General / Computers /Computer Applications / Advertising / Foreign Trade and Tax Procedure Courses)
Subject: Cost Accounting
Paper Code - BC - 503
Time: 3 Hours Max.Marks: 80
PART - A (5x4 = 20 Marks)
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[Short Answer Type]
Note: Answer any five of the following questions.
- Cost Sheet
- Just in Time (JIT)
- Indirect Labour Cost
- Features of Job Costing
- Abnormal Gain
- From the information given below calculate EOQ
- Annual usage 8000 units
- Purchase Price per unit Rs. 10
- Ordering Cost per Order Rs.80
- Carrying Cost 20% p.a. per Unit Cost
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- The following information is extracted from the job ledger of Devi Enterprises in respect of Job No. 454
- Materials Rs. 6,800; Wages 100 hours @ Rs. 5
- Variable Overheads incurred for all Jobs Rs.10,000 for 5,000 labour hours
- The output of process X was 5000 units, normal loss allowed was 10% of input. Abnormal loss was 400 units. The following further information is obtained.
- Material Rs. 5 per unit, Overheads Rs. 6,700, Labour Rs.8,000, Wastage realized Rs 2.50 per unit
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PART - B (5x12 = 60 Marks)
[Essay Answer Type]
Note: Answer all the questions.
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- a) Define Cost Accounting? Explain objectives and scope of Cost Accounting.
OR
b) Discuss the difference between Cost Accounting and Financial Accounting. - a) Discuss the various types of Inventory Control Techniques.
OR
b) From the following details, prepare the Store Ledger using “Weighted Average” method of valuing the issues.- 3 Issued 1,500 units to production department
- 5 Received 4,500 units @ Rs. 6.00 each
- 10 Issued 1,600 units
- 12 Returned to stores 100 units by Production Department (from the issue of Nov. 3)
- 16 Received 2,400 units @ Rs. 6.50 each
- 19 Returned to supplier 200 units out of quantity received on Nov. 5.
- 20 Received 1,000 units @ Rs. 7.00 each
- 24 Issued to production 2,100 units
- 27 Received 1,200 units @ Rs.7.50 each
- 29 Issued to production 2,800 units.
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- a) A worker takes 48 hours to do a job for which the time allowed is 60 hours. His wage rate is Rs.10 per hour. Calculate the works cost of the job under the following methods of payment of wages
- a) Halsey plan
- b) Rowan Plan
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- Material Cost Rs. 1,000
- Overheads @ 150% of wages
OR
b) In a manufacturing concern there are four departments viz A, B, C & D. A and B are production departments and C & D are Service Departments. C renders service worth Rs. 12,000 to D and Balance to A & B in the ratio of 3:2. D renders service to A and B in the ratio of 9:1. The overhead expenses incurred in a year are as follows:- Depreciation Rs. 95,000
- Rent, Rates and Taxes Rs. 18,000
- Insurance Rs. 7,600
- Power Rs. 10,000
- Canteen Expenses Rs. 5,400
- Electricity Rs. 2,400
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From the above particulars prepare a statement showing overhead expenses of production Departments A and B after distribution of Service Department’s expenses.A B C D Direct Material Rs. 6,000 5,000 3,000 2,000 Direct labour Rs. 20,000 10,000 10,000 5,000 Floor Space occupied (Sq.ft) 5,000 4,000 1,000 2,000 Value of Assets (in lakhs) 10 5 3 1 H.P. of Machines 1,000 500 400 100 No. of workers 100 50 50 25 Light and Fan Points 50 30 20 20 - a) Following information in respect of Job No. 222 is given below:
- Materials Rs.5,800
- Wages
- Department A — 100 hours @ 5 per hour
- Department B — 200 hours @ Rs. 3 per hour
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- A) Variable Overheads:
- Department A — Rs.10,000 for 5,000 direct labour hours
- Department B — Rs. 30,000 for 10,000 direct labour hours
- B) Fixed Overheads:
- Rs. 50,000 for 50,000 normal working hours.
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OR
b) From the following, prepare a Cost Sheet and Quote a suitable prices.- Total production 5,000 tons
- Cost of Raw Material Rs.20,00,000
- Carriage Inwards Rs. 2,00,000
- Direct wages Rs.20,00,000
- Indirect wages Rs. 1,00,000
- Office Expenses Rs.10,00,000
- Selling Overheads Rs.10,00,000
- Payment of Income Tax Rs. 3,00,000
- Dividend paid Rs.5,00,000
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- a) From the following information prepare
- a) The Contract Accounts
- b) Contractee’s Accounts
- Materials sent to site 85,349
- Labour engaged on site 74,375
- Plant installed at cost 15,000
- Direct Expenditures 4,126
- Establishment charges 3,167
- Materials returned to stores 549
- Work Certified 1,95,000
- Cost of work not certified 4,500
- Material on hand, Dec. 31 1,883
- Wages accrued on Dec. 31 2,400
- Value of plant on Dec. 31 11,000
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OR
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b) Product X is obtained after it passes through 3 district processes. You are required to prepare process accounts from the following information.
1,000 units @ Rs.6 per unit were introduced in Process-I. Production Overheads are to be distributed at 100% on Direct Wages.Total Process-I Process-II Process-III Material 15,084 5,200 3,960 5,924 Direct Wages 18,000 4,000 6,000 8,000 Production Overheads 18,000 - - - Actual Output Normal Loss Value of Scrap per unit Process-I 950 5% Rs.4.00 Process-II 840 10% Rs.8.00 Process-III 750 15% Rs.10.00
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