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Posted By: Jyothi Member Level: Diamond Posted Date: 17 Dec 2007
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2007 Bangalore University B.Com Methods and Techniques of Cost Accounting Question paper
V Semester B.Com. Examination, Nov./Dec. 2007
(New Semester Scheme)
COMMERCE
(Paper - 5.1) Methods and Techniques of Cost Accounting
Time : 3 Hours Max. Marks : 90
Instructions : Answer should be written completely either in Kannada or in English.
SECTION - A
Answer any ten of the following. Each question carries 2 marks.
(10x2=20)
1. a) Define Marginal Cost.
b) State any two features of marginal costing.
c) Differentiate between cost of goods sold and cost of sales.
d) What do you mean by works on cost ?
e) How do you calculate realised profit ?
f) State any two running expenses in operating costing.
g) Differentiate between favourable and unfavourable variance.
h) Define Standard Costing.
i) State any two objectives of budgetary control.
j) Distinguish between fixed and flexible budget.
k) What do you mean by internal process profit ?
l) What is normal process loss?
SECTION - B
Answer any five questions. Each question carries 5 marks.(5x5=25)
2. Kumar Transport Limited is running four buses between two towns which are fifty miles apart. Seating capacity of each bus is 40 passengers. Actual passengers carried were 75% of the seating capacity. All the four buses ran on 25 days in the month. Each bus made one round trip per day.
Calculate the total passenger kms. covered during the month.
3. From the following particulars calculate material variances :
Quantity of materials purchased 3,000 units
Value of materials purchased Rs. 9,000
Standard quantity of materials required per ton of output 30 units
Standard rate of materials Rs. 2.5 per unit
Closing stock of materials 500 units
Output during the period 80 tons.
4. Prepare a cost sheet for the following data :
Raw materials consumed Rs. 15,000
Direct labour Rs. 9,000
Machine hour worked 900
Machine hour rate Rs. 5
Administrative overhead 20% on works cost
Selling overhead Rs. 0.50 per unit
Units produced 20,000
Units sold 18,000 at Rs. 4 per unit.
5. In a certain period 500 units of main product are purchased and 400 units are sold at Rs. 50 per unit. The by-product emerging from the main product is sold at Rs. 1000. The total cost of production of 500 unit is Rs. 15,000. Calculate the amount of gross profit after crediting the product value.
a) to cost of production
b) to cost of sales.
6. Given the following information :
Units of output 5,00,000
Total fixed cost Rs. 7,50,000
Variable cost per unit Rs. 2
Selling price per unit Rs. 5
You are required to determine :
i) The break even point
ii) The profit if 4,00,000 units are sold at Rs. 6 per unit.
7. Write a note on 'Batch Costing'.
8. State the reasons for labour efficiency variances.
9. What are the limitations of budgetary control ?
SECTION - C
Answer any three questions. Each question carries 15 marks.
(3x15=45)
10. The sales and total costs for two years are as below :
Year Sales (Rs) Total Costs (Rs.)
2005 10,00,000 10,50,000
2006 14,00,000 12,50,000
Calculate :
a) Break Even Point
b) P/V Ratio
c) Sales required to earn a profit of Rs. 2,00,000
d) Variable costs for two years
e) Profit when sales are Rs. 12,00,000.
11. Prepare a cash budget for three months commencing 1st June, when the bank balance was Rs. 1,00,000.
Sales Purchases Wages Factory Selling
(Rs) (Rs) (RS) Expenses (Rs) Expenses (Rs)
April 80,000 41,000 5,600 3,900 10,000
May 76,000 40,000 5,400 4,200 14,000
June 78,000 38,000 5,400 5,100 15,000
July 90,000 37,000 4,800 5,100 17,000
August 95,000 35,000 4,700 6,000 13,000
20% of the sales are on cash basis. Customers are allowed 2 months credit. Suppliers allow one month credit.
Lag in payment of wages - 1 month.
Lag in payment of factory expenses - 1/2 a month.
Lag in payment of selling expenses - 1/4 month.
12. The following information relates to a building contract for Rs. 10,00,000
2005 (Rs.) 2006 (Rs.)
Materials issued 3,00,000 84,000
Direct wages 2,30,000 1,05,000
Direct expenses 22,000 10,000
Indirect expenses 6,000 1,400
Work certified 7,50,000 10,00,000
Work uncertified 8,000 ----
Plant issued 14,000 2,000
Materials at site 5,000 7,000
Cash received from contractee 6,00,000 10,00,000
The value of plant at the end of 2005 and 2006 was Rs. 7,000 and Rs. 5,000 respectively.
Prepare : i) Contract account
ii) Contractee account for two years.
13. A product passes through three processes A,B and C. The normal wastage of each process is as follows :
Process A = 3%, B = 5%, C = 8%.
Wastage of process A was sold at Rs. 2.50 per unit, that of B at Rs. 5 per unit and that of C at Rs. 10 per unit. 10,000 units were introduced to process A at Rs. 10 per unit, the other expenses were as follows ;
Process
A (Rs.) B (Rs.) C (Rs.)
Sundry materials 10,000 15,000 5,000
Labour 50,000 80,000 65,000
Direct expenses 10,500 11,888 20,000
Actual output (in units) 9,500 9,100 8,100
Prepare process accounts.
14. Usha Company manufactured and sold 1,000 sewing machines in 2006. Following are the particulars obtained from the records of the company :
Rs.
Cost of materials 80,000
Wages paid 1,20,000
Manufacturing expenses 50,000
Salaries 60,000
Rent, rates and insurance 10,000
Selling expenses 30,000
General expenses 20,000
Sales 4,00,000
The company plans to manufacture 1,200 sewing machines in 2007. You are required to submit a statement showing the price at which machines would be sold so as to show a profit of 10% on the selling price. The following additional information is supplied to you :
a) The price of materials will rise by 20% on the previous year's level
b) Wages rates will rise by 5%
c) Manufacturing expenses will rise in production to the combined cost of materials and wages.
d) Selling expenses per unit will remian unchanged.
e) Other expenses will remian unaffected by the rise in output.
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