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The comparison between cost accounts and financial accounts reveals the following information:
a. Net profit as per cost account: Rs. 3,50,000
b. Bank interest credited in financial records: Rs. 2,000
c. Work overhead under-recorded in cost account: Rs. 10,000
d. Income tax recorded in financial account: Rs. 80,000
Required: Prepare a Cost Reconciliation Statement.
Explain any five elements of computer system in accounting.
Required:
a) Profit or Loss Statement based on NFRS
b) Statement of Financial Position based on NFRS
What is batch costing?
What is a private company?
Required:
(a) Multi-step Income Statement
(b) Statement of Financial Position
of the above question
A manufacturing company showed the following details of its production cost for 2,000 units:
Raw materials:
Direct — Rs. 2,00,000
Indirect — Rs. 60,000
Wages:
Direct — Rs. 1,50,000
Indirect — Rs. 20,000
Carriage inward — Rs. 25,000
Carriage outward — Rs. 10,000
Factory expenses — Rs. 30,000
Salaries — Rs. 40,000
Insurance — Rs. 10,000
Selling expenses — Rs. 5 per unit sold
Profit — 25% of selling price
Stock details:
Particulars | Opening (Rs.) | Closing (Rs.) |
|---|---|---|
Raw materials | 50,000 | 40,000 |
WIP | 40,000 | 30,000 |
Finished goods | 500 units | 300 units |
Required:
Cost Sheet
ABC Manufacturing Company provides the following cost information:
Raw material purchases — Rs. 3,60,000
Productive labour — Rs. 2,00,000
Factory expenses — 50% of productive labour
Depreciation on furniture — Rs. 24,000
Salaries of salesmen — Rs. 15,000
Freight on purchases — Rs. 20,000
Direct expenses — Rs. 1,50,000
Office rent — Rs. 18,000
Selling and distribution overheads — Rs. 10,000
Expected profit — 15% on cost
Item | Beginning (Rs.) | Ending (Rs.) |
|---|---|---|
Raw material | 35,000 | 40,000 |
Work-in-progress | 60,000 | 38,000 |
Finished goods | 80,000 | 50,000 |
Required: Prepare a cost sheet showing:
(a) Cost of raw material consumed
(b) Prime cost
(c) Factory cost
(d) Cost of production
(e) Cost of goods sold
(f) Cost of sales
(g) Profit amount
(h) Total sales amount
Why is a trading account prepared?
Write about computer software.
Write about authorised capital.
Share application
Following information are given:
Annual material requirement — 50,000 kg
Economic order quantity — 2,000 kg
Required:
No. of orders
Following information are given:
Net income — Rs. 2,00,000
Non-cash expenses — Rs. 40,000
Decrease in current Assets — Rs. 50,000
Required:
Cash flow from operating activities using indirect method.
Depreciate furniture by Rs. 10,000.
Required: Adjustment Entry
What is labour cost?
A company issued 5,000, 8% debentures of Rs. 1,000 each at 10% premium and redeemable after 5 years at par.
Required:
Journal Entries for issue and redemption of debenture.
Write about codification of material.
Share final call
Himal Company issued 1,000 shares at Rs. 50 per share including premium of Rs. 10 each to acquire plant of Rs. 1,00,000.
Required:
Entry for purchase of plant by issuing share.