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Following facts were discovered from cost and financial accounting:
a. Net profit as per financial account = Rs. 77,000
b. Over valuation of opening stock in cost account = Rs. 20,000
c. Administrative expenses under absorbed in cost account = Rs. 30,000
d. Dividend received recorded in financial account = Rs. 20,000
Required:
Prepare cost reconciliation statement.
Cost information for manufacturing a product is given below:
Direct material: 20,000 kgs @ Rs. 10 per kg
Direct labour cost: 80% of cost of material
Factory overhead: Rs. 64,000
Administrative overhead: Rs. 42,400
The following estimations were made for submitting a tender:
Estimated cost of materials: Rs. 30,000
Direct labour: Rs. 24,000
Factory overheads are absorbed on the basis of direct labour
Administrative overheads are absorbed on the basis of factory cost
A profit of 20% on selling price is estimated
Required:
Prepare:
Statement of Cost
Tender Sheet
Give the meaning of cost accounting and mention any three objectives of cost accounting.
Mention any two important documents of a company.
Write the meaning of contract costing.
List out any two limitations of financial statements.
State any two advantages of time wage system.
Classify overhead according to controllability.
a. Profit or Loss statement based on NFRS
b. Statement of financial position based on NFRS
The Balance Sheet of a company on 31st December were given below:
Liabilities | Year I (Rs.) | Year II (Rs.) | Assets | Year I (Rs.) | Year II (Rs.) |
|---|---|---|---|---|---|
Share capital | 300,000 | 300,000 | Fixed Assets | 250,000 | 325,000 |
Retained earnings | 20,000 | 60,000 | Inventory | 10,000 | 35,000 |
Creditors | 20,000 | 30,000 | Debtors | 40,000 | 12,500 |
Expense payable | 25,000 | 17,500 | Bank balance | 65,000 | 35,000 |
Total | 365,000 | 407,500 | Total | 365,000 | 407,500 |
Additional Information:
i. Sales – Rs. 300,000
ii. Cost of goods sold – Rs. 180,000
iii. Sales of fixed assets – Rs. 25,000
iv. Purchase of fixed assets – Rs. 110,000
v. Dividend paid – Rs. 30,000
vi. Operating expense – Rs. 40,000
Required:
Cash flow statement using direct method
The opening and closing balance of inventories are as below:
Inventories | Opening | Closing |
|---|---|---|
Finished goods | Rs. 40,000 | Rs. 45,000 |
Work-in-progress | Rs. 25,000 | Rs. 20,000 |
Raw materials | Rs. 40,000 | Rs. 50,000 |
The other information provided by the company for the month ended was as follows:
Purchase of raw material – Rs. 350,000
Direct labor cost – Rs. 420,000
Profit – 25% on sales
Factory overhead – 50% of direct labor cost
Selling expenses – 12% of factory cost
Administration overhead – 15% of factory cost
Required:
Cost sheet
The time allowed to produce 80 units of output is 2 hours. A worker produced 400 units during the month. Wages rate per hour is Rs. 800.
Required: Wages of a worker
Write the meaning of Cost Accounting.
Following are the store transactions for the month of May:
May 1: Beginning inventory 150 units @ Rs. 20
May 2: Purchased 400 units @ Rs. 25
May 20: Purchased 650 units @ Rs. 30
Sales during May: 850 units
Required:
Cost of ending inventory and cost of goods sold using FIFO method under periodic inventory system.
State the meaning of material classification with suitable examples.
Explain the features of accounting software.
A Co. Ltd. issued , debentures of Rs. each at a premium of redeemable at a premium of 10% after 5 years.
Required:
Journal entries for issue and redemption of debentures.
Following information was taken from a company as on 31st Ashad, last year is given as:
Additional Information:
a. Proposed dividend =
b. Prepaid insurance expired =
Required:
Profit and Loss account and Profit and Loss Appropriation account
The Trial Balance of a Co. Ltd. as on 31st Chaitra last year is given below:
Additional Information:
i. Salary payable =
ii. Unearned income earned =
Required:
Worksheet
Following information are given:
Net profit =
Non-operating expenses =
Decrease in current liabilities =
Required: Cash from operating activities under indirect method.