Costing MARATHON PDF

CA Inter (IPC)
COSTING
1 Day Marathon Revision
CA RAHUL GARG
B.COM, FCA, LCS, ACMA, DISA (ICAI),
CFA (ICFAI), MBA, ADV. DIP. MGT.
ALL INDIA RANKHOLDER
in CA, CS, CMA (incl. AIR 1)
GOLD MEDALIST
Faculty for CA Inter COSTING & Indirect Tax (GST) at Swapnil Patni Classes
Live Classes at Pune & Virtual Classes Across India
Tribute to my Beloved Elder Brother
SACHIN GARG
(Inspiration for me and all my students)
who left for heavenly abode on 3rd May, 2015
CA Rahul Garg B.Com, FCA, LCS, ACMA, CFA (ICFAI), DISA (ICAI), MBA, Adv Dip Mgt.
Gold Medalist All India Rankholder in CA, CS, CMA (incl Rank 1) +91-9876932270
Powered by TCPDF (www.tcpdf.org)
Page |i
A brief about Rahul Garg
1. Broke LIMCA BOOK OF RECORDS by being youngest in India to clear all the 3
professional courses CA, CS, CMA at the age of 22 years 7 months with Ranks (A
Record).
2. 5 times All India Rankholder in Professional Exams (A Record).
3. Scored SINGLE DIGIT RANK 3 times (including All India Rank 1).
4. Undisputed achiever of all 3 professional exams with ALL INDIA RANK in ALL.
5. Achieved exemption in 40+ papers out of total 50 papers held by CA, CS, CMA
institutes in his academic career.
6. Awarded by Mr. Atal Bihari Vajpayee in 2010 for exceptional performance in
Academics.
7. One of the best motivator in India.
8. Covered by the National Magazine ‘Career 360’ amongst 12 National Toppers in
2010.
9. Specialist in Time management and Stress management skills.
Love for the subject COST ACCOUNTING
1. First in India to provide Multi Colour Theory notes in Cost FM.

2. Tabular and Diagrammatic presentation of Theory to create interest.
3. Important points of theory Specially marked for last minute revision.
4. Simple and lucid language in theory for easy understanding.
5. Only one in India to cover more than 2000 Practical Questions in Cost FM.
6. More than 90% coverage of Practical Questions in CA IPCC Exams since May 2014
from Rahul sir’s notes.
7. His student Shareshtha Kadian scored 91 Marks in Cost FM in May 2016.
8. Focus on 100% conceptual clarity and maximum practice of questions.
9. Special focus on Presentation and “How to Attempt” to score more than average
marks.
P a g e | ii
RANK Certificate for All India Rank 41 (May 06) in CA PE II Exam (now CA Inter)
P a g e | iii
RANK Certificate for All India Rank 4 (June 08) in CS Inter Exam
P a g e | iv
RANK Certificate for All India Rank 13 (June 09) in CS Professional (Final) Exam
Page |v
RANK Certificate for All India Rank 1 (June 08) in CMA Inter Exams
P a g e | vi
Institute’s Gold Medal for All India Rank 1 (June 08) in CMA Inter Exams
P a g e | vii
RANK Certificate for All India Rank 3 (June 09) in CMA Final Exams
P a g e | viii
CA IPC NOVEMBER 2017 QUESTION PAPER ANALYSIS
(held on 7 NOVEMBER 2017)
100 % COVERAGE of QUESTIONS from RAHUL Sir’s BOOK

All Practical Questions were solved in class.
All Theory covered in Costing Gatha Book
Analysis of CA IPC NOVEMBER 2017 COST FM PAPER by CA RAHUL GARG

Question Subject Chapter Theory/ Marks Question No. in Rahul Sir' Book
Practical
1 a Cost Labour Costing Practical 5 Similar to Q 46 of Class Book
b Cost Contract Costing Practical 5 Similar to Q 14 of Class Book
c FM Time Value of Money Practical 5 Similar to Q 5 of Class Book
d FM Capital Structure Practical 5 Similar to Q 14 of Class Book
2 a Cost JP BP Practical 8 Similar to Q 16 of Class Book

b FM Capital Budgeting Practical 8 Similar to Q 22 of Class Book
3 a Cost Standard Costing Practical 8 Similar to Q 4 of HW Book

b FM Debtor Management Practical 8 Similar to Q 7 of HW Book
4 a Cost Marginal Costing Practical 8 Similar to Q 40 of Class Book

b FM Leverage Practical 8 Similar to Q 14 of Class Book
5 a Cost Basic concepts Theory 4 Same as Q 13 of Costing Gatha

b Cost Cost Accounting System Theory 4 Concept Covered in Costing Gatha
c FM Debtor Management Theory 4 Same as Q 4 of FM Gatha
d FM Capital Budgeting Theory 4 Concept Covered in FM Gatha
6 a Cost Overheads Practical 8 Similar to Q 21 of Class Book

b FM Ratio Analysis Practical 8 Similar to Q 15 of Class Book
7 a Cost Material Costing Theory 4 Concept Covered in Costing Gatha

b Cost Contract Costing Theory 4 Same as Q 3 of Costing Gatha
ci Cost Budgetary Control Theory 2 Same as Q 2 of Costing Gatha
cii FM Sources of Finance Theory 2 Same as Q 5 of FM Gatha
d FM Cash Management Theory 4 Same as Q 5 of FM Gatha
e FM Basic concepts Theory 4 Concept Covered in FM Gatha
CA INTER MAY 2018 QUESTION PAPER ANALYSIS
(held on 7 May 2018)
Question Chapter Theory/ Marks Question No. in Rahul Sir' Book

Practical
1 a Material Practical 5 Similar to Q 15 of Class Book
b Labour Practical 5 Similar to Q 40 of Class Book
c Marginal Practical 5 Similar to Q 29 of Home Book
d Reconciliation Practical 5 Similar to Q 1 of Class Book
2 a Cost Sheet Practical 10 Concept Similar to Q 20 of Class Book
b Contract Practical 10 Similar to Q 25 of Class Book
3 a Labour Practical 10 Similar to Q 3 of Class Book
B Process Practical 10 Similar to Q 9 of Home Book
4 a Activity Based Costing Practical 10 Similar to Q 30 of Class Book
b Service Costing Practical 10 Extra Question Done in Class
5 a(i) Material Practical 5 Similar to Q 31 of Home Book
a(ii) Standard Practical 5 Similar to Q 6 of Class Book
b Marginal Practical 10 Similar concept Qs done in class
7 a Basic Concepts Theory 5 Concept Covered in Costing Gatha
b Material Theory 5 Concept Covered in Costing Gatha
c Budgetary Theory 5 Concept Covered in Costing Gatha
d Job Costing Theory 5 Concept Covered in Costing Gatha
e(i) Basic Concepts Theory 2.5 Concept Covered in Costing Gatha
e(ii) Material Theory 2.5 Concept Covered in Costing Gatha
100 % COVERAGE of QUESTIONS from RAHUL Sir’s BOOK

All Practical Questions were solved in class.
All Theory covered in Costing Gatha Book
CA RAHUL GARG
B.COM, FCA, LCS, ACMA, DISA (ICAI), CFA (ICFAI), MBA, ADV. DIP. MGT.
ALL INDIA RANKHOLDER in CA, CS, CMA (incl. AIR 1)
GOLD MEDALIST
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GSTThe Game Changer
LIVE BATCH
By
CA RAHUL GARG
All India Rankholder
in all 3 professional degrees
CA CS CMA
Gold Medalist (AIR 1)
From 9th April

Time- 2:00 - 5:00 pm
Special features-
Color Notes
Analysis of each section supported by
Bare Act provisions
Word by Word Logical Analysis of all sections
Aim
More than 500 Questions of To
Theory & Practical Score
Simple & lucid language 40/40
Syllabus completion on time (100%)
1.Broke LIMCA BOOK OF RECORDS by being youngest in India to clear

all the 3 professional courses CA, CS, CMA at the age of 22 years 7 months.
2.Awarded by Mr. Atal Bihari Vajpayee in 2010 for exceptional
performance in Academics.
3.Special Time management, Stress management and Motivational skills
Page |1
LEVY AND COLLECTION OF TAX

The incidence of tax is the foundation stone of any taxation system. It determines the point at which tax would be levied,
i.e. the taxable event.
Under the old regime, taxable events for various taxes were different. For example for excise, the taxable event was
manufacture or production of goods in India, for service, the taxable event was provision of service and under VAT/
CST it was sale of goods. To replace such multiplicity, GST has brought a single and unified taxable event which is
supply, i.e., tax would be payable on the supply of goods or services.
Provisions regarding above are contained in

CGST Act
Chapter III - Levy and Collection of Tax
Section 7 Scope of supply
Section 8 Tax liability on composite and mixed supplies
Schedules
I Activities to be treated as supply even if made without consideration
II Activities to be treated as supply of goods or supply of services
III Activities or transactions which shall be treated neither as a supply of goods nor a supply of services
Bare Text of Section 7

(1) For the purposes of this Act, the expression “supply” includes––
(a) all forms of supply of goods or services or both such as sale, transfer, barter, exchange, licence, rental, lease or disposal made
or agreed to be made for a consideration by a person in the course or furtherance of business;
(b) import of services for a consideration whether or not in the course or furtherance of business;
(c) the activities specified in Schedule I, made or agreed to be made without a consideration; and
(d) the activities to be treated as supply of goods or supply of services as referred to in Schedule II.
(2) Notwithstanding anything contained in sub-section (1),––
(a) activities or transactions specified in Schedule III; or
(b) such activities or transactions undertaken by the Central Government, a State Government or any local authority in which
they are engaged as public authorities, as may be notified by the Government on the recommendations of the Council, shall be
treated neither as a supply of goods nor a supply of services.
(3) Subject to the provisions of sub-sections (1) and (2), the Government may, on the recommendations of the Council, specify, by
notification, the transactions that are to be treated as—
(a) a supply of goods and not as a supply of services; or
(b) a supply of services and not as a supply of goods.
Basics…
The term, “supply” has been inclusively defined in the Act. The meaning and scope of supply under GST can be understood
in terms of following six parameters, which can be adopted to characterize a transaction as supply:
1. Supply of goods or services. Supply of anything other than goods or services does not attract GST.
2. Supply should be made for a consideration.
3. Supply should be made in the course or furtherance of business.
4. Supply should be made by a taxable person.
5. Supply should be a taxable supply.
6. Supply should be made within the taxable territory
Analysis of Section 7(1)(a)

Provision Supply includes all forms of supply of goods or services or both such as sale, transfer, barter,
exchange, licence, rental, lease or disposal made or agreed to be made for a
consideration by a person in the course or furtherance of business.
Page |2
Modes of Supply
Sale Meaning The term sale was defined under various state VAT laws. Sale means
a sale of goods made within the State for cash or deferred payment
or other valuable consideration but does not include a mortgage,
hypothecation, charge or pledge.
Sale involves transfer of property in goods from one person to
another person for consideration. Under CGST Law sale is treated as
supply leviable to GST. However, the definition of Sale has not been
provided under the GST Law.
Example Mr. X sold laptop worth Rs. 1,00,000 and issued invoice in favour of Mr.
Y. Now ownership in laptop transferred to Mr. Y. Such transaction shall be
covered in sale. It is a supply of goods leviable to GST.
Transfer Meaning The definition of Transfer has not been provided under the GST Law.
The term transfer means, where the ownership may not be
transferred but the right in the goods is transferred.
Example Mr. A is the owner of Xerox machine. He transferred the right to operate
the Xerox machine to Mr. B for a consideration of Rs. 10,000 per month
for four months. Hence, ownership of the machine is not transferred but the
right in the machine is transferred. It is supply of service leviable to GST.
Barter Meaning Barter means the exchange of goods and productive services for other
goods and productive services, without the use of money.
Example Mr. C, a practicing Chartered Accountant provided services to M/s A Ltd.,
dealer of laptops. In return M/s A Ltd. gave a laptop to Mr. C. Here, two-
way supply takes place. Mr. C is making taxable supply of service and M/s A
Ltd., is making taxable supply of goods. Hence, tax is payable by both.
Exchange Meaning When two persons mutually transfer the ownership of one thing for
the ownership of another, neither thing nor both things being money
only, the transaction is called an exchange. Exchange offers on
products such as televisions, mobile phones and refrigerators are
leviable under GST.
Example Mr X is a dealer of new cars. He sells new cars for Rs. 8,25,000 but
agrees to reduce Rs. 1,25,000 on surrendering of old car. Mr. Y who
intends to buy new car worth Rs. 8,25,000 agreed to exchange his old car
with new car. Under GST law, it will be treated as Mr. Y has made supply
of old car to dealer Mr. X and Mr. X has made supply of new car to Mr. Y.
If Mr. Y is registered person, he will be liable to pay GST on Rs. 1,25,000.
Mr. X will be liable to pay GST on Rs. 8,25,000 whether Mr. Y is a
registered person or not.
Licence Meaning Where one person grants to another, or to a definite number of
other persons, a right to do or continue to do in or upon the
immovable property of the granter, the right is called a licence.
Example Mr. X is a developer of information technology software and holder of licence
Page |3
thereon. License to use software was given to different clients and total
considerations was Rs. 18 lakhs; hence, Mr. X is liable to pay GST.
Rental Meaning Rental means a periodical payment for use of another’s property.
Example Mr. A owns a large vacant land in prime commercial locality. He gives it on
rent of Rs. 1,80,000 per month to a parking contractor, Mr. B who has
set up a parking facility on the said land. It is a taxable supply of service
and hence, Mr. A is liable to pay GST.
Lease Meaning A lease is an agreement whereby the lessor conveys to the lessee, the
right to use an asset for an agreed period of time in return for a
payment or series of payments. A lease may be financial lease or
operating lease.
Example M/s X Ltd. gives an asset worth Rs. 5,00,000 on lease to M/s Y Ltd. The
total payments by Y over the time of lease amount to Rs. 6,50,000.
Thus, it’s a finance lease and GST is payable.
Licenses, leases and rentals of goods were earlier treated as services where the goods were transferred without transfer of right
to use (effective possession and control over the goods) and were treated as sales where the goods were transferred with
transfer of right to use. Under the GST regime, such licenses, leases and rentals of goods with or without transfer of right to
use are covered under the supply of service because there is no transfer of title in such supplies.
Disposal Meaning Disposal consists of selling the assets when the organization is about
to close down. Such transactions will also be considered as supply and
liable to tax under GST Law.
Example Z Ltd. wants to shut down its business owing to depression phase. It is
selling various assets at Rs. 60,00,000. GST will be payable.
Consideration
Insights One of the essential conditions for the supply of goods and/ or services to fall
within the ambit of GST is that a supply is made for a consideration.
However, consideration does not always mean money. It covers anything which
might be possibly done, given or made in exchange for something else. Thus,
consideration includes non-monetary consideration.
Further, a consideration need not always flow from the recipient of the supply. It
can also be made by a third person.
Example Alia Travels Pvt. Ltd., a travel agent books ticket for a customer Mr. Z. Travel agent
raises invoice on customer Mr. Z for transportation of passenger by air of Rs. 10,000 and
his commission of Rs. 500. The entire amount of Rs. 10,500 is not his consideration.
The amount of Rs. 500 retained by the air travel is to be considered as his consideration.
A Sports Club agrees to hire services of cricket player Mr. C for a consideration of Rs. 2
crores. In addition to this, the agreement provides that the player shall be provided with
the car valued for Rs. 20 lakhs. The entire value of Rs. 2.20 crores will be considered as
consideration and subject to tax.
Exclusions The following generally not considered as consideration:
• Grant of pocket money
• Gift or reward (which has not been given in terms of reciprocity) or
• Amount paid on alimony for divorce
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About The Author…
RAHUL GARG is an energetic professional and his distinguished

& exceptional teaching style has made thousands of aspiring
professionals to conquer their exams successfully.
Gold Medalist
All India Rankholder in CA, CS, CMA
Professional Qualifications Professional Journey Boards & Committees

* B.Com (GGDSD College, P.U.) * AIR 1 (CMA Inter) * Past Visiting Faculty at
* CS (ICSI) * AIR 3 (CMA Final) ICAI, Chandigarh
* CA (ICAI) * AIR 4 (CS Inter) * Past Visiting Faculty at
* CMA (ICAI) * AIR 13 (CS Final) Chitkara University
* CFA (ICFAI) * AIR 41 (CA PE II) * Past Joint Director
* DISA (ICAI) * Distinction (CA PE I) (Coaching),ICAI (Cost)
* MBA (Finance) * Distinction (B. Com) * Past Secretary, ICAI (Cost)
* Adv. Dip. Mgt. (ICFAI)
Awards & Achievements As a Faculty International Representations

* Covered by the National * Guiding the students of * Worked with International
Magazine 'Career 360' amongst CA, CS, CMA for past 7 years Firms & Business Advisors
12 National Toppers in 2010. * Time Management Skills * Grant Thornton
* Awarded by Mr. Atal Bihari * Stress Management Skills * Ernst & Young
Vajpayee for exceptional * How to Attempt
performance in academics * 1 Day Capsule
We Are Available In 150 Cities Of INDIA

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CA Inter (IPC)

A brief about Rahul Garg

Love for the subject COST ACCOUNTING

1. First in India to provide Multi Colour Theory notes in Cost FM.

CA IPC NOVEMBER 2017 QUESTION PAPER ANALYSIS

(held on 7 NOVEMBER 2017)

100 % COVERAGE of QUESTIONS from RAHUL Sir’s BOOK

Analysis of CA IPC NOVEMBER 2017 COST FM PAPER by CA RAHUL GARG

2 a Cost JP BP Practical 8 Similar to Q 16 of Class Book

3 a Cost Standard Costing Practical 8 Similar to Q 4 of HW Book

4 a Cost Marginal Costing Practical 8 Similar to Q 40 of Class Book

5 a Cost Basic concepts Theory 4 Same as Q 13 of Costing Gatha

6 a Cost Overheads Practical 8 Similar to Q 21 of Class Book

7 a Cost Material Costing Theory 4 Concept Covered in Costing Gatha

Question Chapter Theory/ Marks Question No. in Rahul Sir' Book

100 % COVERAGE of QUESTIONS from RAHUL Sir’s BOOK

Powered by TCPDF (www.tcpdf.org)

Powered by TCPDF (www.tcpdf.org)

From 9th April

1.Broke LIMCA BOOK OF RECORDS by being youngest in India to clear

LEVY AND COLLECTION OF TAX

Provisions regarding above are contained in

Bare Text of Section 7

Analysis of Section 7(1)(a)

Powered by TCPDF (www.tcpdf.org)

Powered by TCPDF (www.tcpdf.org)

Powered by TCPDF (www.tcpdf.org)

RAHUL GARG is an energetic professional and his distinguished

Professional Qualifications Professional Journey Boards & Committees

Awards & Achievements As a Faculty International Representations

We Are Available In 150 Cities Of INDIA

www.swapnilpatni.com www.facebook/swapnil.patni.589 swapnilpatniclasses@gmail.com

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