TYBCOM Sem 6 Cost Accounting Question Paper April 2024 PDF with Solution
The TYBCOM Sem 6 Cost Accounting Question Paper April 2024 is an essential resource for students preparing for thier final examinations. This paper not only assesses the knowledge acquired throughout the course but also helps student identify key areas for improvement.
In this blog post, will provide a comprehensive overview of the question paper along with solutions, ensuring that students have acess to valuable study materials. By utilizing these resources, candidates can enhance thier understanding of accounting concepts and improve thier performance in exams. Stay tuned as we explore further into the specifics of the question paper and offer insights into effective preparation strategies.
Q.1 A) Multiple Choice Questions (answer any ten)
1) Standard Quantity of Materials is 1,000 kg, Actual Quantity 900 kg, Standard Price
is Rs. 12 per kg, Actual Price is Rs.16 per kg. Find material price variance _______
a) Rs. 2400(A)
b) Rs.3,600(A)
c) Rs. 1,2OO(F)
d) Rs. 2,100(F)
2) In standard costing, Labour Rate Variance affects __________.
a) Material Cost Variance
b) Material Price Variance
c) Labour Cost Variance
d) Labour Efficiency Variance
3) Material Cost Variance = ________ Plus Material Usage Variance.
a) Labour Efficiency Variance b) Material Price Variance
c) Material Mix Vanance
d) Material Yield Variance
4) Cost drivers are ________.
a) group of individual costs whose total is allocated
b) used to assign costs
c) selected to minimize allocated costs
d) equivalent to cost pools
5) The process of Benchmarking begins with the _______ place.
a) Data collection
b) Analysis
c) Review
d) Plan
6) The full form of ABC is ________.
a) Activity Based Costing
b) Action Based Costing
c) Activity Business Costing
d) Accounting Based Costing
7) Marginal costing is mainly concerned with ________.
a) Fixed cost
b) variable cost
c) semi fixed cost
d) Estimated cost
8) Contribution is equal to ________.
a) Sales+ Variable cost
b) Fixed Cost – Profit
c) Sales x P/V ratio
d) Sales – profit
9) A company has sales of Rs. 4,00,000, P/V ratio is 20% and fixed cost is Rs. 30,000, the profit will be Rs._________.
a) Rs.50,000
b) Rs.40,000
c) Rs.70,000
d) Rs.80,000
10) Opening balance of WIP is recorded on __________
a) Debit side of Stores ledger control account
b) Credit side of Stores ledger control account
c) Debit side of WIP ledger control account
d) Credit side of WIP ledger control account
11) Subcontract Cost paid for the Contract is debited to ________
a) Contractee Account
b) Contract Account
c) Sub- Contact Account
d) Costing Profit and Loss Account
12) Process Output is 50,000 units, Normal Loss is 6,000 units, Abnormal Loss is 4,000 units. the Input is __________.
a) 40,000 units
b) 30,000 units
c) 60,000 units
d) 75,000 units
B) State whether the following statements are True or False. (any ten)
- Material usage variance is calculated on the basns of difference between the standard price and the actual price.
- The standard cost and the estimated cost are the synonyms of each other.
- Standard cost denotes cost which is pre determned on the basis of specifications
laid down by the management. - Machine setup is normally considered batch level activity.
- ABC does not lead to control over overhead costs.
- Overheads are allocated on the basis of direct labour cost only.
- Contribution is the sum total of fixed cosl and profit
- The selling price reduction result in reduction of P/V ratio.
- At no profit no loss Contribution is s equal to fixed cost.
- When raw material is purchased the stores ledger account is debited.
- In Contract Costing, the amount of work done after the certification by the architect is known as work certified.
- Normal loss s treated as normal cost of production.
Q.2 A) M/s. Akshay & Company has undertaken two contracts one at Mumbai and another at Nasik The details of the contracts are given below for the year- ended 31% March 2023:
| Contract at Mumbai | Contract at Mumbai | |
| Date of commencement | 1st July, 2022 | 1st October, 2022 |
| Contract Price’ ” 20,00,000 | 10,00,000 | 20,00,000 |
| Direct Labour | 2,60,000 | 1,90,000 |
| Material.issued from stores s | 2,00,000 | 2,20,000 |
| Material returned to stores | 15,000 | 18,000 |
| Plant installed atsite | 2,50,000 | 4,00,000 |
| Direct Expenscs | 50,000 | 40,000 |
| Office Overheads | 20,000 | 15,000 |
| Material Sold (Cost Rs.10,000) | 12,000 | |
| Material at Site | 25,000 | 35,000 |
| “Cash received from Contractee = (representing 80% of work certified) | 5,00,000 | 2,40,000 |
| Work Uncertified | 15,000 | 12,000 |
| Architect Fees | 10,000 | 5,000 |
Provide depreciation on plant at 25% p.a.
During the year materials costing Rs.16,000 were transferred from Nasik Contract to Mumbai Contract.
Prepare Mumbai Contract A/c & Nasik Contract A/c.
OR
| Particular | Actual Expenditure (1/9/2021 upto 31/3/2022) | Estimated Additional Expendlture (1/4/2022 to 31/3/2023) |
| Direct Material | 1,95,600 | 1,40,000 |
| Indirect Material | 1,14,500 | 1,27,000 |
| Direct Wages | 4,22,000 | 4,15,000 |
| Supervision Charges | 1,40,000 | 55,000 |
| Architect Fees | 1,81,000 | 1,15,000 |
| Construction overheads. | 1,35,800 | 21,750 |
| Administrative Overheads | 15,160 | 24,000 |
| Closing Material at site | 75,000 | * |
| Work Uncertified at the end o the year | 1,14,800 | – |
| Work Certified during the year | 12,50,000 | 14,50,000 |
Contract Price was Rs.27,00,000
- The value of Plant & Machinery sent to site Was Rs 6,00 000 whereas the scrap value of the plant &
- Machinery at the end of the project was estimated to be Rs.30,000
- It was decided that the profit to be taken credit for should be that proportion of the estimated profit to be realized on completion of the project which the certified value of work as on 31/3/2024 bears to the total contract price.
You are required to prepare Contract A/c for the period ended 31st March, 2022 along with the working of profit to be taken credit for and estimted contract A/c for the year ending 31/3/2023.
Q.3 A) Abhijeet Itd. Follows non- mlcg,raled syslcm of accountmo Following is the trial balance as on1-1-2023 (20 Marks)
| Particulars | Dr. ₹ | Cr. ₹ |
| Cost Ledger Control a/c | 12,00,000 | |
| Stores Ledger Control a/c | 3,75,000 | |
| W-I-P Control’a/c | 3,00,000 | |
| Finished Goods Control a/c | 5,25,000 |
Following are the transactions during the month of January 2023.
Material purchased 11,25,000
Material issued to production 4,50,000
Material issued to factory 60,000
Material issued to office 15,000
Total Wages paid 4,50,000
Direct Wages charged to Production-. 3,75,000
Indirect Wages 75,000
Office Overheads Paid . 45,000
Office Overheads applicd to Finished Goods 57,000
Selling and Distribution overheads incurred 45,000
Selling and Distibution overheads applied to Cost of Sales 46,500
Factory Overheads charged (o Productlou @35% of Direct Wages
Finished Goods Produced Y R 12,00,000
Cost of goods sold %3 ” 15,00,000
Sales o 18,00,000
Prepare the following ledger accouuls for the month of Jduuary 2023
- Stores Ledger control a/c
- Work-In-Progress control a/c
- Finished Goods Ledger control. a/c
- Cost Ledger Control a/c
- Factory Overhead Control a/c
- Office Overhead Control a/c
- Selling and Distribution overhead Control a/c
- Costing Profit and Loss a/c
OR
Q.3 B) Product M is manufactured after it passes through three processes The following information is obtained from the records of a company for‘the year ended 31st March, 2023.
| Particulars | Process A | Process B | Process C |
| Direct Material | 1250 | 1000 | 1500 |
| Direct Labour | 1000 | 1500 | 2000 |
500 units at ₹ 5 each were introduced to Process A. There was no stock of materials or work in
progress at the beginning and at the end of the year The output of each process direct to the next process and finally to the Finished Slock A/c The following additional data is available:
| Particulars | Output during the week | Percentage of the normal loss to input | Value of scrap per unit (₹) | Production overhead (₹) |
| Process A | 475 | 5% | 3 | 1000 |
| Process B | 420 | 10% | 5 | 1500 |
| Process C | 375 | 10% | 5 | 2000 |
Prepare Process Cost Accounts and Abnormal Gain or Loss Accounts for the year ended 31st
March, 2023.
Q4.A.1 (10 Marks)
In a company:
- Direct Material Rs 4 Per Unit.
- Direct Labour Rs 3 Per Unit.
- Direct Expenses 100% of Direct Labour.
- Selling Price Rs 20 Per Unit.
- Fixed Overheads Rs 50000.
Calculate the following:
- Break Even Point in units.
- What should be the Selling Price Per Unit if the Break Even Point is to be brought down to 4000 units?
- How many units must be sold to earn a ProflLbf Rs 10000 ?
Q4.A.2. (10 Marks)
The following data is available for the company dealing in 2 products A and B Find the relevant Variances.
| Particulars | Product A | Product B |
| Standard Material | 10000Kg. | 15000Kg |
| Standard Price | Rs.1.5 per Kg | Rs.2.00 per Kg |
| Actual Material required | 8000 Kg | 12000Kg |
| Actual Price | Rs.160 per Kg | Rs.2.20 per Kg. |
Q4. B 1. Pass necessary Joumal entries in the books cost records of the companies from the
following information uhder non-integrated system (10 Marks)
| Particulars | ₹ |
| Raw Material Purchased on Credit | 205000 |
| Wages Incurred | 50800 |
| Manufacturing overheads Incurred | 64000 |
| Materials issued to Production | 44400 |
| Materials returned to suppliers | 24800 |
| Manufacturing overheads charged to Production | 21000 |
| Finished goods produced | 450000 |
| Selling and Distribution overheads Incurred | 47000 |
| Selling and Distribution overheads charged to production | 26900 |
| Sales | 700000 |
Q.4.B.2. (10 Marks)
Product ‘D” is obtained after it is processed through process P & Q.
The following cost information is available for the month ended 3 Ist March, 2023
| Particulars | Process | |
| P | Q | |
| Number of Units Produced in the process | 250 | – |
| Rate per Unit of units introduced (₹) | 4 | – |
| Cost of Material (₹) | 1300 | 1000 |
| Direct Wages (₹) | 1125 | 1840 |
| Production Overheads (₹). | 1125 | 1840 |
| Normal Loss (% on units mtroduced in each process ie. ( Input) | 10% | 20% |
| Value of Scrap per unit (?) | 2 | 4 |
| Outpur in units | 225 | 180 |
There is no stock in any process. You are required to prepare the Process Accounts
.Q5 Answer the following questions.
A) Explain the concept of Target Costing in detail? (10 Marks)
B) Explain the concept of Normal Loss Abnormal Loss and Abnormal Gain i in Process costing ? 10
OR
Q.5) Write short notes (Any four out of six). (20 Marks)
a) Benchmarking
b) Stages of Life Cycle Costing
c) Cost Ledger Control Account.
d) P/V ratio.
e) Variance
f) National Profit.
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