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TYBCOM Sem 6 Cost Accounting Question Paper April 2023
[Time: 3 Hours] [Marks: 100]
N. B.
(1) All questions are compulsory.
(2) Figures to the right indicate full marks.
(3) Use of simple calculator is allowed.
(4) Working notes should form part of your answer.
Q1 A) Multiple Choice Questions: (Any 10) : (10 Marks)
1) In Contract costing loss of Material by Fire is credited to ________.
a) Financial Profit & Loss A/c
b) Costing Profit & Loss A/c
c) Contract A/c
d) Contractee’s A/c
2) Cost ledger contains _________.
a) All personal A/c
b) All impersonal A/c
c) All nominal A/c
d) All real A/c
3) If cash received is 80% of work certified which is Rs. 4,80,000, Work certified will be ____________
a) Rs. 4,80,000
b) Rs. 6,00,000
c) Rs. 6,20,000
d) Rs.3,40,000
4) If sales are Rs. 5,00,000; variable costs are Rs. 2,00,000, the P/V ratio will be
a) 60%
b) 40%
c) 20%
d) 45%
5) Normal loss is calculated at a certain percentage of the ________.
a) Units introduced in the process
b) Direct materials
c) Cost of input
d) Direct labour
6) Output is 2,500 units. Normal loss is 300 units. Abnormal loss is 200 units. The input is __________.
a) 2,000 units
b) 3,000 units
c) 1,500 units
d) 2700 units
7) If standard cost of labour is Rs. 96,000 & actual cost incurred on labour is Rs. 97,800, the labour cost varience is _________.
a) 1,800 F
b) 1,800 A
c) 1,93,800 A
d) 1,93,800 F
8) Process costing is applicable to ___________.
a) Paper Industry
b) Transport Company
c) Printing Press
d) Repair works
9) Stores ledger control account includes __________.
a) All overheads incurred in process
b) All wages incurred in process
c) All purchases of material for the stores
d) All indirect expenses incurred in process
10) An activity which generates cost is a ________.
a) Cost drivers
b) Cost unit
c) Cost pool
d) Cost centre
11) If contract price is Rs. 15,00,000, work certified is Rs. 9,00,000. The amount transferred to Profit & Loss A/c would be ______.
a) 1/3 of Notional profit* Cash received / Work certified
b) 2/3 of Notional profit* Cash received / Work certified
c) 60% of Cash price
d) 60% of work certified
12) In marginal costing, increase in selling price _____.
a) Does not affect BEP
b) Lowers the net profit
c) Increases BEP
d) Lowers the BEP
Q1 B) True or False (Any 10) : (10 Marks)
- Contract price is equal to work certified.- False
- Abnormal gain is credited to Process Account.- False
- Margin of safety is the excess of Breakeven sales over actual sales.- False
- Direct wages are debited to Wages Control Account.- True
- Work certified is a part of WIP.- True
- Process account is credited by scrap value of normal loss.- True
- WIP ledger shows cost of goods unfinished.- True
- Angle of incidence is angle between total sales line and total cost line drawn in Break Even Chart.-True
- In Target costing, wasteful activites are eliminated.- True
- A Variance Analysis is a difference between standard cost and actual cost.- True
- Idle time variance is always adverse.- True
- Non-integrated accounting is called Interlocking accounting system.- True
Q.2) Following information is related to a building contract undertaken by Moonlight contractors for Rs. 25,00,000 and for which 80% of work certified by the architect is being paid by the contractee.
Particulars | Year I | Year II | Year III |
Material issued | 3,00,000 | 3,62,000 | 2,10,000 |
Direct expenses | 12500 | 42500 | 15000 |
Direct wages | 275000 | 387500 | 275000 |
Subcontract charges | 5000 | 6500 | 1250 |
Plant issued | 35000 | – | – |
Material at site | 5000 | 12500 | 20000 |
Work Certified (Cumalative) | 587500 | 1875000 | 2500000 |
Work Uncertified | 7500 | 20000 | – |
The value of plant at the end if year I,II,III was Rs.28,000, Rs. 17,500 and Rs.7500 respectively.
You are required to prepare Contract Account for all the three years.
OR
Q.2B) Twinlight Contractors Limited obtained two contracts C1 & C2. Following information was extracted from their books for the year ended 31st March, 2023.
Particulars | Contract CI | Contract C2 | |
Date, of Commencement | 1″‘October, 2022 | 1″ December, 2022 | |
Contract Price | 1,05,00,000 | 22,50,000 | |
Cash received | 80% of WC | 85% of WC | |
Work Certified | 21,00,000 | 13,50,000 | |
Work uncertified | 78,000 | 42,000 | |
Material issued | 5,37;000 | 2,98,800 | |
Material returned to stores | 21,000 | – | |
,Indirect Material | 2,20,000 | 2,43,900 | |
Direct wages | 4,42,500 | 2,66,250 | |
Direct expenses | 2,04,750 | 46,050 | |
Sub contract charges | 41,250 | 33,750 | |
Administratiye charges | 4,08,750 | 2,21,250 | |
Supervision Charges | 95,550 | – | |
Architect.fees | 78,000 | 40,500 | |
Electricity charges | 73,200 | – | |
Plant issued at the commencement | 33,75,000 | 18,00,000 | |
Material at site at the end | 1,09,500 | 81,000 |
Provide depreciation @ 20% per annum, on the original cost of the plant.
You are required to prepare Contract Cl & Contract C2 Account for the period ended 316` March, 2023.
Q.3) A product passes through three processes vitX, Y and Z.the following details are available from the books and records for the year ended 31st March 2023 (20 Marks)
Particulars | X | Y | Z |
Unit Produced | 32,000 | ||
Cost per unit | 16 | ||
Sundry Materials (Rs.) | 36,000 | 24,400 | 22,000 |
Direct Labour (Rs.) | 10,000 | 14,000 | 13,200 |
Direct Expenses (Rs.) | 20,800 | 10,000 | 7,500 |
Production Overhead | 50% of sundry material | 40% of direct Labour | 6,800 |
Normal Loss (%) | 5% | 10% | 12% |
Scrap value Per unit (Rs.) | 12 | 10 | 15 |
Actual Output | 30,000 | 27,500 | 22,800 |
The output of each process passes directly to the next process and finally to the finished stock. You are required to prepare
- Process account
- Normal Loss Account
- Abnormal Loss Account
- Abnormal Gain Account
OR
Q 3) M/s. Flowers Enterprises Ltd provides you with the following information for the month of March,2023 about process A, B & C: (20 Marks)
Particulars | Process A | Process B | Process C |
Basic Raw Material introduced ( unit) | 20,000 | 4,000 | 2,000 |
Cost of Raw Material per unit (Rs.) | 20 | 12 | 18 |
Actual output ( unit) | 18,500 | 18,000 | 11,000 |
Direct Expenses-(Rs.) | 1,65,000 | 1,75,000 | 1,95,000 |
Direct Wages -(Rs.) | 1,30,000 | 1,08,720 | 1,28,132 |
Indirect Material (Rs.) | 21,500 | 9,200 | 6,500 |
Factory Overheads(Rs.) | 68,500 | 50,210 | 80,000 |
Normal Loss ( as % of total No. of units input | 5% | 10% | 12% |
Scrap Value per unit (Rs.) | 6 | 4 | |
Output Transferred to Next Process (%) – | 70% | 60% | — |
Output Sold at the end of process (%). | 30% | 40% | 100% |
Selling price per unit of the output sold at the end of the Process (Rs) , | 44 | 55 | 90 |
You are required to prepare Process Accounts
Q 4) Following are the balances in Cost ledger of Amrit Manufacturing Company on 1″
April, 2022 (20 Marks)
Debit(Rs) | Credit(Rs) | |
Stores Ledger Control Account | 34,000 | |
WIP control account | 45,600 | |
Finished Stock Ledger control Account | 24,000 | |
Cost Ledger Control Account | 1,03,600 |
Following are the transactions for the year ending on 31″ March, 2023:
Particulars | Rs |
Purchase of Raw material | 1,00,000 |
Material issued to production | 94,000 |
Direct Wages | 1,40,000 |
Factory Overheads incurred | 80,000 |
Selling & Distribution overheads incurred | 32,000 |
Factory Overheads recovered | 88,000 |
Selling & Distribution overheads recovered | 31,500 |
Sales | 4,00,000 |
Stock of WIP at end | 50,000 |
Stock of Material at end | 40,000 |
Stock of finished goods at end | 30,000 |
You are required to prepare following Cost Control Accounts:
- Cost ledger control Account
- Stores Ledger Control’ account
- WIP Control Account
- Finished Stock Ledger Control Account
- Costing Profit & Loss Control Account
OR
Q 4 A) From the following particulars, you are required to calculate: (10 Marks)
1) Profit Volume Ratio
2) Break Even Point
3) Profit when sale is Rs.2,50;000
4) Sales required to earn .profit of Rs. 50,000
5) Margin of Safety in 2nd Year.
Year | Sales (Rs.) | Profit (Rs.) |
I | 3,75,000 | 25,000 |
II | 4,50,000 | 40,000 |
Q.4 B) Calculate Material Cost Variance, Material Usage Variance, Material Price Variance from the following Data: (10 Marks)
Standard Quantity per 10 units of production
Material 70 kgs @ Rs. 5 per kg.
Actual Production for the month 12,000 Units
Actual Material price per kg @ Rs.5.5
Material used during the month 80,000
Refer for TYBCOM Sem 6 Cost Accounting Question Paper Solutions – Click Here
Q.5 A) Explain in detail about features of Contract costing. (10 Marks)
Q.5 B) What do you mean by Life cycle costing. (10 Marks)
OR
Q.5) Short Notes (Any 4) (20 Marks)
- General Ledger Adjustment Account
- Normal & Abnormal Loss
- Labour Efficiency Variance
- Significance of variance analysis
- Marginal costing
- Activity Bases Costing
TYBCOM Sem 6 Question Paper April 2023
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- Don’t waste too much time on any one question: keep an eye on the time. If you start to struggle, leave it and return to it later.
- Review your exam after you’re done: After you’re finished, review your paper for a while. By doing this, you’ll be able to correct any mistakes you may have made and provide any answers you’re not sure about.
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