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4th Semester B.com.N Examination May/June 2013
(New Revised Scheme)
COMMERCE
Cost and Management Accounting - 2 (4.6)
Time : 3 Hours Max.Marks : 80
Instruction : Answer should be written either in English or in Kannada only
SECTION - A
Answer any ten sub question.Each question carry two marks. (2*10=20)
a) What is meant by absorption of overhead
b) Give four examples of office overhead
c) What is a variable overhead ? give to examples
d) What is memorandum of reconciliation statement
e) What do you mean by retention money
f) State any four items which are not included in cost accounts
g) Input to the process 4000. units estimated normal loss 8% weight loss 2% abnormal loss 80 units.
calculate normal and actual output of the process
h) Given current ration is 3.75 working capital is rs.357500 calculate the amount of current assets
current liabilities
i) State the components of the current assets
j) State the two main difference between a management accounting and cost accounting
k) Mention any four balance sheet ratios
l) What are national expenses ? Give examples
SECTION - B
Answer any three of following question. each question carries 5 marks (3*5=15)
2. Prepare reconciliation statement from the following data Rs
Net Profit as per cost account 344800
Net Profit as per financial account 4,32,090
Works overhead under recorded in costs 6,240
Depreciation over charged in cost 2,600
Administrative overhead recovered in cost Excess 3,400
Interest on Investment in costing books 17,500
Goodwill written of in financial books 11,400
Income tax provided only in cost in books 80,600
Stores adjustment (Cr) in financial account 950
Depreciation of stock charged in financial account 13,500
3. Following is the P/L a/c of SN Ltd. for year ending 31-3-2012
| Particulars | Rs. | Particulars | Rs. |
| To Salaries | 12500 | By G/P B/d | 80000 |
| Goodwill Written off | 2500 | Dividend | 5000 |
| Depreciation | 5000 | Tax Refund | 2500 |
| Discount on shares | 1500 | Profit on sale of land | 2500 |
| Rent | 5000 | ||
| Expenses | 7500 | ||
| Selling Expenses | 2500 | ||
| Loss on sale of machinery | 5000 | ||
| Provision for tax | 7500 | ||
| Net profit | 41000 | ||
| 90000 | 90000 |
Calculate cash flow from operation activities
4. The following information relating to a contract .
| Contract price | 600000 |
| Raw materials | 120000 |
| Wages | 164000 |
| Plant | 20000 |
| General expenses | 8600 |
5. Analyse the role of ration analysis in financial decision making
6. State various methods of absorption of overheads
SECTION - C
Answer any 3 question each question carry fifteen marks (3*15=45)
7. Prepare process a and b normal loss abnormal loss and abnormal gain A/cs from the following data
| A(Rs) | B(Rs) | |
| Materials | 30000 | 3000 |
| Labour | 10000 | 2000 |
| Overheads | 7000 | 8600 |
| Input(units) | 20000 | 70500 |
| Normal loss | 10% | 4% |
| Sale of waste for unit | Re.1 | Rs.2 |
8. 'A' Firm of contractors undertook 3 contract on 1-4-2011, 1-10-2011 and 1-1-2012. on 31-mar-2012 when there accounts where made of the position was as fallows
Contract
|
|||
| Particulars |
i
|
ii
|
iii
|
| Contract price | 400000 | 135000 | 150000 |
| Materials | 72000 | 29000 | 10000 |
| Wages | 110000 | 56200 | 7000 |
| Gen. Expenses | 4000 | 1400 | 500 |
| Plant | 20000 | 8000 | 6000 |
| Materials on hand | 4000 | 2000 | 1000 |
| Wages out standing | 3400 | 1800 | 800 |
| Work certified | 200000 | 80000 | 18000 |
| Cash received | 150000 | 60000 | 13500 |
| Work countrified | 6000 | 4000 | 1050 |
| Gen. Expenses out standing | 600 | 200 | 100 |
Prepare contract accounts.
9. The modern Co. is having 4 departments ABC are producing departments and D is a servicing department. The actual cost for period as fallows
Rent 2000, Repair 1200, Depreciation 900
Light 200, Super vision 3000, Insurance on stock 1000,
Employees insurance 300, Power 1800
The following data are also available in respect of 4 department
| Dept | Dept | |||
A
|
B
|
C
|
D
|
|
| Area in sq.ft | 150 | 110 | 90 | 50 |
| Number of workers | 24 | 16 | 12 | 08 |
| Total wages(R.s) | 8000 | 6000 | 4000 | 2000 |
| Value of Plant (R.s) | 24000 | 18000 | 12000 | 6000 |
| Value of stock (R.s | 15000 | 9000 | 6000 | -- |
| Hp | 8000 | 6 | 4 | -- |
10. Following are the summarized B/S of ABC private Ltd as on 31-03-2011 and 2012 Mar 31
| Rs | Rs | |
| Liabilities | 31-3-2011 | 31-3-2012 |
| Share capital | 500000 | 500000 |
| General reserve | 125000 | 150000 |
| Profit /Loss A/c | 76250 | 76500 |
| Term loan | 175000 | 155000 |
| Sundry creditors | 275000 | 231000 |
| Provision for tax | 84250 | 76500 |
| 1235500 | 1189000 | |
| Assets | ||
| Premises | 500000 | 475000 |
| Machinery | 375000 | 422500 |
| Equipment | 45000 | 40500 |
| Stock | 100000 | 74000 |
| Sundry Debt | 200000 | 160000 |
| Cash | 3000 | 7000 |
| Bank | -- | 10000 |
| Goodwill | 12500 | -- |
| 1235500 | 1189000 |
Other information :
a) Interim Dividend of Rs. 25000 was paid during the year
b) Depreciation on premises is provided at 5%
c) Machinery of Rs. 75000 was acquired during the year
d) Income tax provision for the year was Rs. 75000
Prepare cash flow statement
11. The summarized balance sheet of SS traders ltd for the year ended 31-3-2010 is given below
(Rs. Lakhs)
| Capital and Liabilities | Assets | ||
| Equity share capital (fully paid up) | 140 | Fixed assets (at costs) | 210 |
| Reserves and surplus | 45 | Less; Depreciation | 25 |
| P/L A/c | 20 | Current Assets | |
| Provision for taxation | 10 | Stock | 25 |
| Sundry Creditors | 40 | Debtors | 30 |
| Cash | 15 | ||
| 255 | 255 |
The following further particulars are also given for the year
(In Lakhs)
Sales 120
EBIT - Earnings Before Iterest and Tax 30
PAT - Net profit after tax 20
Caluculate;
- Current ration
- Liquidity ratio
- Profitabality ratio
- Profitabality of funds Employed
- Return on Equity
Posted by : Manjunath V.M 
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