LOYOLA COLLEGE  (AUTONOMOUS),  CHENNAI – 600 034.

DEPARTMENT OF COPORATE SECRETARYSHIP

SECOND INTERNAL ASSESSMENT TEST

CR 5501  –   COST ACCOUNTING

 

III  B.A. (Corporate)                                                                                                                               Max. Marks  :  40 marks

Date : 16/10/2003                                                                                                                  Time  :  5.15 – 6.45 p.m.

 

 

PART – A

Answer any THREE questions:                                                                                         ( 3 x 8 = 24 )

 

1. The following details pertain to the Production Department of XYZ Ltd;

 

Material Consumed             –               Rs.45,000

Direct Wages                        –               Rs.60,000

Overheads                             –               Rs.90,000

Direct Labour Hours            –               15,000  hours

Machine hours                     –               30,000  hours

 

Find out different overhead absorption rates.

 

2. Work out the MHR for the following Machine whose scrap value is Nil.

 

1. Cost of Machine Rs.3,60,000.
2. Fright and installation Rs.40,000.

• Working Life – 10 years

1. Working hours :  8,000 per year
2. Repair Charges : 50% of depreciation.
3. Power :  10 units per hour @ 10 paise per unit.

• Lubricating Oil @ Rs.2 per day of 8 hours.
• Consumable stores @ Rs.10 per day of 8 hours.

1. Wages of operator @ Rs.4 per day.

 

 

3. Describe various reasons which cause difference between the profits disclosed by cost & financial accounts.

 

4. From the following data valuing to vehicle ‘X’ compute the cost per running km.

 

Rs.

Cost of Vehicle                     –               25,000

Road License (Annual)       –                    750.

Insurance (Annual)             –                    700

Garage rent (Monthly)        –                      50

Supervision & Salaries (Monthly)  –     100

Driver Wages per hour       –                        3

Cost of Petrol per Litre        –                        3

Repairs & Maintenance per km.        –        1.65

Tyre allocation per km.        –                        0.80

Estimated Life of vehicle (kms)-  1,00,000

Kilometres run (annual)      –               15,000

Kilometres run per litre        –                       20

The vehicle runs 20 km. per hour on an average.

 

 

5. What is escalation clause? ( 2 marks )

Distinguish between job costing and Contract Costing.                    ( 6 marks )

 

 

PART – B

 

Answer any ONE question:                                                                                                             ( 1 x 16 = 16 )

 

5. a) How much Profit, it any, you would allow to be considered in the following case.

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