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ST. JOSEPH’S COLLEGE OF COMMERCE (AUTONOMOUS) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
END SEMESTER EXAMINATION – MARCH /APRIL 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B.B.M. – IV SEMESTER | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M1 11 401: COST ACCOUNTING | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Duration: 3 Hours Max. Marks: 100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECTION – A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
I) | Answer ALL the questions. Each carries 2 marks. (10×2=20) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1. | Find EOQ from the following:
Annual usage: 6,000 units Cost of Material per unit: Rs. 20 Cost of Placing and receiving an order: Rs. 60 Annual carrying cost: 10% of inventory value. |
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2. | Give any two functions of Purchase Department. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3. | What is the appropriate Cost Unit for the following industries
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4. | What type of costing would you adopt for:
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5. | What is Abnormal Gain? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6. | What is ABC Analysis? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
7. | How is Job Analysis different from Job evaluation? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
8. | What is the difference between allocation and absorption? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9. | Give 2 examples each for the following
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10. | Mention appropriate basis of apportionment for:
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SECTION – B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
II) | Answer any FOUR questions. Each carries 5 marks. (4×5=20) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11. | A machine is purchased for cash at ` 9,200. Its working life is estimated to be 18,000 hours after which its scrap value is estimated at `200. It is assumed from past experience that:
i) The machine will work for 1,800 hours annually. ii) The repair charges will be `1,080 during the whole period of life of the machine. iii) The power consumption will be 5 units per hour at 6 paise per unit. iv) Other annual standing charges are estimated to be: ` a) Rent of department (machine occupies 1/5th of total space) 780 b) Light (12 points in the department -2 points engaged in the machine) 288 c) Foreman’s salary (1/4th of his time is occupied in the machine) 6,000 d) Insurance premium (fire) for machinery 36 e) Cotton waste 60 Find out the machine hour rate on the basis of the above data for allocation of the works expenses to all jobs for which the machine is used. |
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12. | The information given below has been taken from the cost records of a factory in respect of Job No 808
Direct Material Rs 4,010 Wages: Department A: 60 hrs @Rs. 3 per hr B: 40 hrs @ Rs. 2 per hr C: 20 hrs @ 5 per hr The variable overheads are as follows: Department A: Rs. 5000 for 5000 hrs B: Rs. 3000 for 1500hrs C: Rs. 2000 for 500 hrs Fixed expenses estimated at Rs. 20, 000 for 10,000 working hrs. Calculate the cost of Job and the price to be quoted is a profit of 25% on the selling price is expected. |
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13. | A worker completes a job in a certain number of hours. The standard time allowed for the job is 10 hours, and the hourly rate of wages is ` 1. The worker earns at the 50% rate a bonus of ` 2 under Halsey Plan.
Ascertain his total wages under the Rowan Premium Plan.
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14. | The following transactions took place in respect of an item of material:
Record the above transactions in the Stores Ledger, pricing the issues at Weighted Average Rate
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15. | The cost accountant of Y Ltd. has computed labour turnover rates for the quarter ended 31st March, 2010 as 10%, 5% and 3% respectively under Flux Method, Replacement method and Separation Method. If the number of workers replaced during the quarter is 30, find out the number of (1) workers recruited and joined and (2) workers left and discharged.
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16. | Explain in detail the steps involved in overhead accounting. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECTION – C |
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III) | Answer any THREE questions. Each carries 15 marks. (3×15=45) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
17. | Strongman Ltd. has three production departments P1, P2 and P3 and two service departments S1 and S2.
Following particulars are available for the month of March, 2010 concerning the organization: Rent 15,000; Municipal Taxes 5,000; Electricity 2,400; Indirect Wages 6,000; Power 6,000; Depreciation on Machinery 40,000; Canteen Expenses 30,000; Other Labour Related Costs 10,000. Following further details are also available:
The expenses of service departments are to be allocated in the following manner:
You are requested to calculate the overhead absorption rate per hour in respect of the three production departments. |
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18. | Prestige ltd Is engaged in 2 contracts. A and B during the year. The following particulars are obtained at the year end (31st December)
During the period, materials amounting to Rs.9,000 have been transferred from Contract A to B. You are required to calculate the amount of profit transferred to the Profit and Loss account after preparing: a) Contract A account b) Contract B account |
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19. | A product passes through three processes A, B and C. the normal loss of each process is as follows:
Process A – 3%, Process B-5%, and Process C – 8%. Loss of Process A was sold at 25 paise per unit, that of B at 50 paise per unit and that of C at ` 1.00 per unit. 10,000 units were introduced to Process A at ` 1.00 per unit. The other expenses were as follows:
Prepare the Process Accounts, assuming that there were no opening or closing stocks. |
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20. | A person owns a bus which runs from Delhi to Chandigarh and back for 10 days in a month. The distance from Delhi to Chandigarh is 150miles. The bus completes a trip from Delhi to Chandigarh and back on the same day. The bus goes another 10 days in a month towards Agra. The distance from Delhi to Agra is 120 miles. The trip is also completed in the same day. For the rest 4 days of its operation in a month it runs on the local city. The daily distance covered in the local city is 40 miles.
Calculate the rate the person should charge a passenger when he wants to earn a profit of 33 1/3 % on his takings. The other information is given below:
The bus is generally occupied 90% of the capacity when it goes to Chandigarh and 80% when it goes to Agra. It is always full when it runs within the city. Passenger tax is 20% of his net takings.
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21. | Bring out in detail the differences between:
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SECTION – D |
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IV) | Case Study – Compulsory question. (1×15=15) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
22. | Calculate Prime Cost, Factory Cost, Cost of Production, Cost of Sales and Profit from the following particulars:
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