TYBCOM SEM 5 Cost Accounting Question Paper
TYBCOM SEM 5 Cost Accounting Question Paper

TYBCOM SEM 5 Cost Accounting Question Paper

November 2019
[3 Hours] [Total Marks: 100]

Please check whether you have got the right question paper.

N.B:
1)All questions are compulsory.
2) Figures to the right indicate full marks allotted to the question
3) Working note wherever necessary should form part of your answer.
4) Calculate figures up to two decimal points wherever required.

Q.1 A) Select the most appropriate option and rewrite the full sentence (Any Ten) (10 marks)
1) ____________ is the portion of total cost which cannot be identified and direct to them production cost.
a) Indirect cost
b) Direct cost
c) Fixed cost
d) Variable cost

2) Gold in Jewellery is the example of __________
a) Basic Raw material
b) Raw material
c) Semi finished goods
d) Finished goods

3) The method which doesn’t differentiate between efficient and inefficient worker is ____________
a) Time Rate
b) Price Rate
c) Rowan Plan
d) Halsey Plan

4) After receiving material inspection note, the receiving official will prepare ____________
a) Material Requisition
b) Goods Received Note
c) Receipt of Material
d) None of these

5) Salary of works manager is a ____________
a) Selling overhead
b) Office overheads
c) Factory overheads
d) Prime cost

6) The statutory provision regarding deduction from payroll pertain to _____________
a) Tax deduction at source
b) Professional Tax
c) Provident fund
d) All of the above

7) Under Time Rate System, the wages is equal to _____________
a) Labour hours x Labour Hour Rate
b) Price completed x Piece Rate
c) Actual output x Actual productive hours
d) None of these

8) Holiday pay is apportioned on the basis of _____________
a) No. of workers
b) Direct wages
c) No. of workers and Direct wages
d) None of these

9) Interest on Bank Deposit is ____________
a) Credited in Financial Profit and Loss A/C
b) Credited in Costing Profit and Loss A/C
c) Debited in Financial Profit and Loss A/C
d) Debited in Costing Profit and Loss A/C

10) ____________ is not included in the administrative cost.
a) Salaries of office staff
b) Telephone charge|
c) Office expenses
d) Salaries of foremen

11) In Reconciliation statement, closing stock over valued in Financial Account is ____________
a) Added to financial Profit
b) Deducted from financial loss
c) Added to costing profit
d) Deducted from costing profit

12) Production manager is an example of ____________
a) Production cost Centre
b) Personal cost Centre
c) Impersonal cost Centre
d) Service cost Centre

Q.1 B) State Whether the following statements are true or false (Any Ten) (10 marks)

  1. Cost Accounting is used only in Manufacturing industry.
  2. Earning under Halsey and Rowan plan are same.
  3. Under Perpetual inventory control, stock is verified periodically.
  4. Interest on capital is imputed cost.
  5. FIFO method is usually suitable in case of perishable material.
  6. Power failure is an abnormal Idle time.
  7. Drawing Office salaries is an item of Factory Overheads.
  8. Goods received Note is prepared by Storekeeper.
  9. Over absorption of overheads increases costing Profits.
  10. Transfer to general reserve is an item of Cost Accounts.
  11. Bin Card is same as Stores Ledger.
  12. Loss on Sale of Fixed assets is included in Cost for calculating profit.

Q.2 SAM Manufacturing Company gives following particulars for the year 2017 (15 marks)

                               Particulars        
Material5,00,000
Direct Wages3,00,000
Administrative Overheads (fixed)2,00,000
Sales24,00,000
Profit5,00,000
Factory Overheads: 
Fixed2,00,000
Variable4,00,000
Selling and Distribution overheads: 
Fixed1,20,000
Variable1,80,000

The Company has worked to its maximum capacity of 20,000 Units during 2017.
The management has decided to increase production capacity to 30,000 Units for the year 2018 and it estimated that :-
1. There will be all round rise in all variable expenditure by 10%
2.There will be increase of 20% in all fixed overheads
3. There will be no need to change the selling price for the year 2018.
Prepare a statement showing Total as well as Unit Cost and profit for 2017.
Also prepare a statement showing estimated profit for 2018 taking into consideration the changes in 2018.

                                                                                            OR

Q.2 A) Calculate the earning of Sky and Blue From the following Particulars for a month and allocate the labour cost of each job R, Sand T:

                Particulars Sky   Blue
Basic Wages₹ 200₹ 320
Dearness Allowance50%50%
Contribution to Employee State Insurance2%2%
Contribution to Provident Found (On Basic Wages)8%8%
Overtime (Hours)10

The normal working hours for the month are 400. Overtime is paid at double the total of normal wages and dearness allowance. Employer’s and Employee’s Contribution to State Insurance and Provident Fund are at equal rates. The Two workers were employed on Job R, S and T in the following proportions:

WorkerJobs  
   R   S  T
Sky40%30%30%
Blue50%20%30%

Overtime was done on Job S at the request of customers.

Q.2 B) Calculate the earnings of a worker using Halsey-and Rowan Plan based on the following information. (07 Marks)

Time allowed to complete the job                                                            180 hours
Time taken to complete the job                                                                144 hours
Rate of Wages per hour                                                                               20

Dearness allowances is  ₹40 per day of eight hours.

Q.3) BAT Ltd. Commenced Business on 1% April 2017, Cost and Financial records are maintained for the year ended 31% March, 2018, From the following information: (15 Marks)
1. Prepare Cost Sheet for the year ended 31st March 2018
2. Prepare Reconciliation Statement for the above period.

ParticularsAs per Financial Records (₹)As per Costing Records (₹)
Direct Material Consumed1,58,7501,58,750
Direct Wages1,27,5001,26,875
Factory Overheads61,25020% of Prime Cost
Administrative Overheads1,60,000₹ 5 Per Unit of production
Preliminary expenses written off4,625                   –
Dividend received4,400                   –
Interest received on fixed deposit5,950                   –
Selling and Distribution O/H2,34,625₹ 8 Per Unit Sold
Reserve for Bad Debts475                   –
Closing stock of Finished goods (1250 units)22,500?
Closing stock (WIP)5,5005250
Sales (1,30,000 units)7,50,0007,50,000

In Cost Accounts, Closing stock of Finished Goods is valued at Cost of Production. The profit as per financial records for the year ended 31st March 2018 was ₹ 41,125/-

OR

Q.3 A) Tomco Ltd. Manufactures a special product called “A” and provides you the following information: (08 marks)

Annual Demand2,000 Units
Cost per unit₹ 20
Other holding cost15%
Pilferage while holding inventory10%
Order Processing cost for each order₹ 25
Inspection cost per order₹ 10
Follow up cost of each order ₹ 15

Calculate:-
i) Economic order quantity (use formula method)
ii) Total ordering and carrying cost at EOQ level

Q.3 B) From the following information calculate Material Turnover Ratio and express it in 07 number of Days. You are required to consider 365 days in a year. (07 marks)

ParticularsMaterials A ₹Materials B ₹Materials C ₹
Opening Stock13,00014,00017,000
Purchases94,0001,76,0002,96,000
Closing Stock7,00010,00013,000

Q.4) GUM Ltd. has three Production Departments X, Y, Z and Two Service departments S1 and S2. The following details are extracted from the books of accounts in respect of indirect expenses incurred for the month ended March, 2018. (15 marks)

Particulars                        ₹
Supervision10,000
Insurance on stock12,000
Indirect wages9,000
Lighting1,200
Rent and rates12,000
Electric Power6,000
Depreciation2,400
Sundry Expenses7,800

Following further details are collected for distribution of the above Costs:

Particulars                                                                   Department
 XYZS1S2
Value of Machinery      (₹)60,00050,00080,00010,000
Horsepower of Machines4045605
Light Points (Nos)2030402010
Floor Space (sq. Meters)15020025010050
Direct Wages                 (₹)30,00020,00040,0004,0006,000
No. of workers2030301010
Value of stock4,0003,0002,0002,0001,000

Prepare statement showing Primary Distribution of Overheads.

OR

Q.4 A) Calculate the Machine Hour Rate from the following information: (08 marks)

Cost of Machine₹ 8,00,000
Cost of Installation₹ 2,00,000
Scrap value₹ 2,00,000
Effective life of the machine10 years
Rent and rates for a quarter for the shop₹ 30,000
General lighting Expenses2,000 per month
Shop Supervisor’s Salary₹ 60,000 per quarter
Insurance premium for a Machine₹ 6,000 per annum
Estimated repairs₹ 10,000 per annum
Power 2 units per hour@ ₹ 5 per 10 units
Estimated working hours2,000 per annum

The machine occupies 1/4th of the total area of the shop. The supervisor is expected to devote 1/6 of his time for supervising the machine.

Q.4 B) A Manufacturer supplies you the following information: (07 marks)

Consumption of Raw Material Half Yearly15,000 kg
Cost of placing an order₹ 44
Cost of Raw Material₹ 4 per kg
Follow up cost of each order₹ 4 per kg

Carrying cost is 8% of average inventory
You are required to ascertain the Economic Order Quantity using Formula Method and also state the number of orders to be placed in the year.

Q.5 A) From the following data of Textile factory machine room, compute an hourly Machine Rate assuming that the machine room will work on 90% capacity throughout the year & that a breakdown of 10% is reasonable. There are three days holiday at Deepawali, 2 days at holi & 2 days at Christmas exclusive of Sundays. The factory works 7 hours a day & 5 hours on Saturday. (08 marks)

Expenses per annum                                           ₹
Power4,68,000
Salaries to Foreman1,80,000
Lubricating oil9,900
Light96,000
Depreciation1,17,840
Repairs to machine2,16,900

Number of machines (each of same type) — 50

Q.5 B) The standard time fixed fora job is 40 hours and the wage rate is ₹ 40 per hour, The worker completed the job in 32 hours. Calculate the wages and effective rate of earnings per hour as per Halsey Premium plan and Rowan Premium plan. (07 marks)

OR

Q.5 C) The following are the receipts and issues of coal in factory during March 2018. (15 marks)

DateTransactions
01-MarOpening Stock 200 Tons ₹ 460 per Ton
02-MarIssued 140 Tons
06-MarPurchased 350 Tons @ ₹ 450 per Ton
08-MarIssued 80 Tons
09-MarIssued 210 Tons
16-MarCondemned due to deterioration all quantity
20-MarPurchased 400 Tons @ ₹ 470 per Ton
24-MarIssued 200 Tons
27-MarPurchased 100 Tons @ ₹ 480 per Ton
29-MarIssued 150 Tons
31-MarExcess found is stock 50 tons due to wrong weighing during the month

The Maximum Level fixed is 400 Tons, Ed Minimum Level 75 Tons and the Reordering level is 100 Tons.
Prepare Store Ledger Account under FIFO Method and Weighted Average Method.

Q.6 A) Explain the classification of Cost on the basis of functions: (10 marks)
Q.6 B) What is meant by Labour Turnover. Explain its causes. (10 marks)

OR

Q.6) Write short notes on any four of the following:- (20 marks)
1) Objectives of Cost Accounting
2) Advantages of Material Control
3) Tabular method of EOQ.
4) Selling Overheads
5) Gantt Task Bonus Plan
6) Purpose of Reconciliation.

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