Annamalai University december 2014 question paper
B.Com. DEGREE EXAMINATION December 2014
(THIRD YEAR)
(PART – IV)
350: COST ACCOUNTS PAPER – I
(Old Regulations)
(Common for Double Degree)
Time: Three hours Maximum: 100 marks
Answer any FIVE questions. (5 × 20 = 100)
1. What are the requisites of a good costing system?
2. Enumerate the essential of Material Control.
3. Describe the different methods of Time Keeping.
4. What do you understand by ‘Allocation’ and ‘Apportionment’ of overheads?
Distinguish between them.
5. How do you treat the following inc contract accounts (a) Material (b) Plant?.
6. The following cost data are available from the books for the year ended
31.12.2010.
Rs.
Direct Material 9,00,000
Direct Wages 7,50,000
Profit 6,09,000
Selling and distribution overheads 5,25,000
Administrative overheads 4,20,000
Factory overheads 4,50,000
Prepare a cost sheet indicating the prime cost, works cost, production cost, cost of
sales, and sales value.
7. Compute the various stock levels from the following data:
Maximum consumption in a month – 300 Units
Minimum usage in a month – 200 Units
Average usage in a month – 225 Units
Time-lag for procurement of materials:
Maximum 6 months
Minimum 2 months
Reorder quantity 750 Units
2
8. From the following particulars prepare a statement of labour cost showing the
cost per day (8 hours).
(a) Monthly salary – Rs. 9,000.
(b) Leave Salary – 5% of (a)
(c) Employer’s contribution to Provident Fund 8% of (a) and (b).
(d) Employer’s contribution to ESI – 3% of (a) and (b).
(e) Pro rata expenditure on amenities to labour Rs. 1,000 per head per month.
(f) No. of working hours in a month of 25 days – 8 hours per day.
9. Apportion the overheads among the departments P, Q, R and S.
Rs.
Work’s Manager’s Salary 4,000
Contribution to P.F. 9,000
Plant maintenance 4,000
Canteen expenses 12,000
Power 21,000
Depreciation 20,000
Rent 6,000
Additional Information:
Particulars P Q R S
No. of employees 16 8 4 4
Area occupied (sq.ft.) 2000 3000 500 500
Value of Plant (Rs.) 75000 100000 25000 --
Wages (Rs.) 40,000 20,000 10,000 5,000
Horse Power 3 3 1 --
10. The following are the expenses of Balaji & Co., in respect of a contract which
commenced on 1st January 2008.
Rs.
Materials purchased 50,000
Materials on hand 2,500
Direct wages 75,000
Plant issued 25,000
Direct expenses 40,000
The contract price was Rs. 7,50,000 and the same was duly received when
the contract was completed in August 2008. Charge indirect expenses at 15%
on wages; provide Rs. 5,000 for depreciation on plant and prepare the contract
account.
B.Com. DEGREE EXAMINATION December 2014
(THIRD YEAR)
(PART – IV)
350: COST ACCOUNTS PAPER – I
(Old Regulations)
(Common for Double Degree)
Time: Three hours Maximum: 100 marks
Answer any FIVE questions. (5 × 20 = 100)
1. What are the requisites of a good costing system?
2. Enumerate the essential of Material Control.
3. Describe the different methods of Time Keeping.
4. What do you understand by ‘Allocation’ and ‘Apportionment’ of overheads?
Distinguish between them.
5. How do you treat the following inc contract accounts (a) Material (b) Plant?.
6. The following cost data are available from the books for the year ended
31.12.2010.
Rs.
Direct Material 9,00,000
Direct Wages 7,50,000
Profit 6,09,000
Selling and distribution overheads 5,25,000
Administrative overheads 4,20,000
Factory overheads 4,50,000
Prepare a cost sheet indicating the prime cost, works cost, production cost, cost of
sales, and sales value.
7. Compute the various stock levels from the following data:
Maximum consumption in a month – 300 Units
Minimum usage in a month – 200 Units
Average usage in a month – 225 Units
Time-lag for procurement of materials:
Maximum 6 months
Minimum 2 months
Reorder quantity 750 Units
2
8. From the following particulars prepare a statement of labour cost showing the
cost per day (8 hours).
(a) Monthly salary – Rs. 9,000.
(b) Leave Salary – 5% of (a)
(c) Employer’s contribution to Provident Fund 8% of (a) and (b).
(d) Employer’s contribution to ESI – 3% of (a) and (b).
(e) Pro rata expenditure on amenities to labour Rs. 1,000 per head per month.
(f) No. of working hours in a month of 25 days – 8 hours per day.
9. Apportion the overheads among the departments P, Q, R and S.
Rs.
Work’s Manager’s Salary 4,000
Contribution to P.F. 9,000
Plant maintenance 4,000
Canteen expenses 12,000
Power 21,000
Depreciation 20,000
Rent 6,000
Additional Information:
Particulars P Q R S
No. of employees 16 8 4 4
Area occupied (sq.ft.) 2000 3000 500 500
Value of Plant (Rs.) 75000 100000 25000 --
Wages (Rs.) 40,000 20,000 10,000 5,000
Horse Power 3 3 1 --
10. The following are the expenses of Balaji & Co., in respect of a contract which
commenced on 1st January 2008.
Rs.
Materials purchased 50,000
Materials on hand 2,500
Direct wages 75,000
Plant issued 25,000
Direct expenses 40,000
The contract price was Rs. 7,50,000 and the same was duly received when
the contract was completed in August 2008. Charge indirect expenses at 15%
on wages; provide Rs. 5,000 for depreciation on plant and prepare the contract
account.
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