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ECO-1.0j
BACHELOR'S DEGREE PROGRAMME
Term-End ExaminationDecember, 2009
O ELECTIVE COURSE : COMMERCE
OECO-10 : ELEMENTS OF COSTING
Time : 2 hours Maximum Marks : 50
(Weightaye : 70%)
Note : Attempt any two questions from section A and any two
questions from section B
SECTION A
Distinguish between cost accounting and financial 10accounting.
(a) What are the advantages and disadvantagesof Time Wage System ? 5+5=10
(b) Describe the technique of ABC analysis ofinventory control.
3. Write notes on any two of the following :
Time Booking.
Abnormal Loss.
Components of total cost.
Absorption of factory overheads.
5+5=10
ECO-10 1 P.T.O.
SECTION B
4. The following are the particulars relating to a 10+5contract which has begun on 1 st January 2007,
at a contract price of Rs. 5,00,000. Theaccounting year ended on 31 st December, 2007.
Particulars Rs.Machinary 30,000
Materials 1,70,600
Wages paid 1,48,000Direct expenses 6,330
Out Standing wages 5,380Uncertified Work 9,000
Overheads 8,240Materials returned to stores 1,600
Materials on hand(31st Dec.2007) 3,700
Machinary on hand(31st Dec.2007 22,000Work certified 3,90,000Cash received 3,51,000
Prepare contract account for the period ended31st Dec, 2007 showing the amount of profit thatmay be taken to the credit of P/L a/c of the year.Also show the amount of the work-in-progressas it would appear in the balance sheet of the year.
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5. (a) Calculate the inventory turnover ratios ofmaterials X and Y for the year 2007 fromthe following information : 8+7=15
Material X Material Y
Rs. Rs.Opening Stock 40,000 60,000
Purchase during theperiod 2,80,000 80,000
Closing Stock 20,000 40,000
(b) The following is the record of receipts andissues of a certain material in the factoryduring october 2006 :
1/10/2006 Balance 10,000 Units @ Rs.10.007/10/2006 Received 4,000 Units @ Rs.12.5014-10-06 Received 6,000 Units @ Rs.15.0016-10-06 Issues 16,000 Units24-10-06 Received 8,000 Units @ Rs. 16.5028-10-06 Issues 10,000 Units
Prepare stores Ledger Account on"Weighted Average" Basis.
ECO-10
3 P.T.O.
6. (a) From the following information prepare acost sheet : 7+8=15
ItsMaterials Consummed 21,800Direct Wages 17,200
Direct Expenses 1,200
Administrative overhead 3,500Selling overhead 3,900
Sales 69,700Factory overhead 9,900 j
(b) Explain the main features of Taylor'sDifferential piece rate system and Merrick'sdifferential piece rate system.
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ECO-10 4
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5+5=10
(b) F.-N=1u] 14-1 ABC rclkc qu f ci ch-n ch 111 oqRs611
3. Pii-irof6d -4 -A fi e 7)-7 TAM trirfcrPit fffft§f7
TPTal IfiTT 5+5=10
317714TP:1 I r-f
(c) riNid 4 .id cl-) (Components)
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ECO-10
5 P.T.O.
(..4s `u'
4. 1 79--d-1- 2007 -) AT
F-14-iroRAd t I 5,00,000 T. t I
13f 31 "f- TPIT 2007 c( 31-r I 10+5=15
T.CI CU U I
30,0004-RI .-R
Trrrft 1,70,600
-1:17-Vr (is -rff a-Ci 4I) 1,48,000
6,330cq V qr
1 12170 5,380
9,00034-71Trro-ru -rzf
8,2406'-I o'--l q
TE'r# ail a14(-1 ri-) , i TrriTth 1,600
3,700"qt 1441 (31-12—o7)
22,0007t Trt9t (31-12—o7)
3,90,00051 4-HIfu m -i--4
3,51,000IIH q 77fr
31 fq--:11 17 2007 ch) - 1141-Ff t 10 t-T-111—dT
TRfi-
ur fwzrr Am' t afff q(1-1-LIA
(balance sheet) f9Tritirrq1-9---r-4 (work-in-progress)
rn1 Trfw zr-Td f--ur-7
ECO-10 6
5. (a) a 2007 t TrilTrAl. X i i Y 3TT-a-4
31—fir d. (stock turnover ratios) chl F-1 4-1 R-1 rt.1 d
3-RITT 1T{ I 8+7=15
Tirl:IT)1 Y.w 4-1 4,11 X
T. T.
40,000 60,0001;1TTFT9T T-71T
7V-42,80,000 80,000
20,000 40,0003-fraTr EMI
(b) 3-1-4:7-{ 2006 t kdZrt t*7117t
"g TfIT$ -P-11 f9-41=H (receipts and issues)
1 4--10 9-11' I
1/10/2006 tEt 10,000 m1-4 10.00 Sfa x
7/10/2006 71:1 ci;) 4,000 ciii-if 12.50 T yrd
14-10-06T ant 6,000 ci-)iii 15.00 T 1;Ifff 77"1"
16-10-06 Thtfliff 16,000 cili-ii
24-10-06 -571* 8,000 cf-d-ii 16.50 T
28-10-06 f9-TifiTff .111 10,000 ci->iii
9.1Tf7 311TM 14Z-fTT (Weighted Average
Method) t 311t17 TEY{ t Urff11717
ECO-10 7 P.T.O.
6. (a) F-1 4--Irring d 37?-417 ITT clIncf , ci citu f (cost
7+8=15sheet) c1-9177 I
F.
21,800-1:Frrrr TrriTt
17,200Ic-. -T -I=17-Tt
1,200c 7-11 .7 '71-
3,500771-1Tif-1* 3TI-ft--1 4
3,900fd-Wq4R<>=1'-f
of-E*-zi 69,700
9,900l'i rt3 y f toqq
(b) brit rn1 chi g IvR fa y Ted 9-ft ch
chi -41vR fTAT- f--qtEmA
oq Rsq f I
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ECO-10 8