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1) The accounts of Z Manufacturing Company for the year ended 31st
December , 2001 showed the following : Factory office salaries General office salaries Carriage outward Carriage on purchases Bad Debts written off Repairs of plant, Machinery and Tools Rent, Rates, Taxes and Insurance Factory Office Sales Stock of Materials 31st Dec 2000 31st Dec 2001 Income Tax Prepare a cost sheet. 62,800 48,000 500 Rs 6,500 12,600 4,300 7,150 6,500 4,450 Rs 1,85,0 00 Travelling expenses 2,100 Traveller’s Salaries and 7,700 Commission Productive Wages 1,26,0 00 Depreciation : Plant, Machinery and 6,500 Tools Furniture 300 Materials Purchased Director’s Fees Gas and Water - Factory Office 6000 1,200 400
8,500 2000 4,61,10 0
Manager’s Salary (¾ 10,00 Factory and ¼ Office) 0 General expenses 3,400 Dividend 1,000
2) The following figures relate to the costing of a tarpaulin manufactured in respect of a certain type of sheet for a period of three months: Rs Stock of materials on 1-1-2007 5500 Purchase of materials 61500 Stock of Finished Goods on Nil 1-1-2007 Productive wages 83,000 Rs Sales 1,41,500 Work expenses 13,000 Stock of materials on 31-12-2007 3500
Stock of Finished Goods on29,000 31-12-2007
in order to realize the same percentage of profits as for the period under review.The number of sheets manufactured during three months was 2200 and the price to be quoted for 648 sheets. assuming no alteration in rates of wages and cost of materials. Prepare a statement of cost for the manufacture of 2200 sheets& quotation of 648 sheets.2008) 40000 Stock of raw materials (as on Rs .1. 3) Following information has been obtained from the records of a manufacturing company Rs Sales for the year Rs 2750 00 Inventories at the beginning of the year Materials 300 0 WIP 400 0 FG 700 0 Purchase of materials for the year 1100 00 Inventories at the end of the year Materials 400 0 WIP 600 0 FG 800 0 Direct labor 6500 0 Factory overhead 60% of direct labor cost Selling expenses 10% of sales Administrative expenses 5% of sales Prepare a statement of cost and profit 4) Prepare cost sheet Stock of raw materials (as on Rs 1.
12.31.2008) Indirect labor Lubricants Insurance on plant Purchase of raw materials Sale commission Salary of salesmen Administration expenses Carriage outward Power Direct labor Depreciation on machinery Factory rent Property tax on building Sales Goodwill written off Debenture interest Transfer to sinking fund 50000 Rs 10000 Rs 14000 Rs 100000 Rs 150000 Rs 50000 Rs 10000 Rs3000 Rs 400000 Rs 60000 Rs 100000 Rs 100000 Rs 20000 Rs 30000 Rs 300000 Rs 50000 Rs 60000 Rs 11000 Rs 120000 Rs 10000 Rs 500 Rs 10000 Batch Costing 5) Compute E.2008) Stock of FG (as on 31.Q for a company using Batch costing with the following information .2008) Stock of FG (as on 1.B.1.2008) Stock of WIP(as on 1.12.2008) Stock of WIP (as on 31.12.1.
There is no opening or closing stock of the cabinet. Cost of manufacture: One unit: Rs200.540 A-ONE Rs13.20. The cost is made up of: Materials-----------------Rs2.060 to manufacture 175 bicycles. The cabinets manufactured are classed into SUPER and A-ONE. Setting up cost per batch= Rs100 Carrying cost per unit=Rs10 Unit or Output Costing 7) From the following particulars prepare a statement showing cost per cabinet and profit per cabinet sold.Annual demand for the product = 4000 units Setting up cost per batch= Rs100.a= 10 6) Compute E. SUPER Materials Wages Rs12.B.82.232 Rs25. . Rate of interest p.What is the total profit for the year? 8) A manufacture of bicycles finds that in 2005 it cost him Rs7.000 Direct wages-----------------Rs3.358 Works on cost to be 100% on wages and Office on cost to be 25% on works cost 500 SUPER cabinets were sold during the year at Rs200 per cabinet whereas price of A-ONE cabinet was Rs180 and the number of A-ONE cabinets sold was 600.24000 Factory overhead-------------Rs 48600 Office overhead------------------Rs65460 For the next year he estimates that : Each bicycle will require materials of Rs1600 and labour Rs1800 The factory overhead will bear the same relation to wages as in the previous year The office overhead percentage on factory cost will be the same as in the past.Q for a company using Batch costing with the following information Annual demand for the product = 2000 units.400 Rs22. which he sold for Rs5400 each.
000. Format .40.000. Site expenses Rs 8000. have obtained a contract for the construction of a bridge.. On 31st December. Work not yet certified at cost Rs 14000 Cash received being 80% of Work certified Rs 600000. Materials purchased for the contract Rs 45000. General overheads Rs 32000. The value of the contract is Rs12 lacs and the work commenced on 1st October 2009. Wages accrued as on 30-9-2010 Rs2800.The following details are shown in their books for the year ended 30th September 2010: Plant purchased Rs60. Depreciate plant by 10%. Direct expenses accrued due on 31st Dec 2500. Wages accrued due on 31st Dec Rs40000. The work certified was Rs240000 and 80% of the same was received in cash. but uncertified was Rs1000.Prepare a statement showing the profit he would make per unit. Direct expenses paid Rs10000.000. Prepare Contract A/c for the year ended 31st December and also the Balance sheet as on that date. and apart of the plant which cost Rs200 was damaged. Wages paid Rs100000. Some of the materials costing Rs 2000 were sold for Rs2500. Contract costing or Terminal Costing 9) Metro Construction Ltd. Plant installed at cost Rs 35000. Materials at site as on 30-9-2010 Rs4000 Direct expenses accrued as on 30-92010 Rs1200. Establishment expenses Rs6500. Prepare Contract A/c for the year ended 30th Sep 2010. Life of plant purchased is 5yrs and scrap value is Nil. if he reduces the price of the bicycle by Rs200. Of the plant and materials charged to the contract. The following expenses were incurred: Materials issued from stores Rs 50000. The cost of work done. Wages Paid Rs3. 10) On 1st January Pioneer Ltd undertook a contract for Rs500000.36. the plant which cost Rs2000 and the materials costing Rs1500 were lost. the plant which cost Rs500 was returned to the stores. Materials issued to site Rs3.
.Contract A/c for the year ended…. Particulars To materials i)Purchased xxx ii)Issue xxx from directly Amount Particulars ByMaterials returned Amount XXXXX other site XXXXX iii)Supplied by contractee xxx To Wages& Salaries XXXXX By General plant & machinery(Closing balance after depreciation) By sale of materials By materials on hand (closing balance) By P&L a/C i) Plant lost xxx XXXXX XXXXX XXXXX To other Direct expenses To sub contractor fees To General plant machinery(opening balance) & XXXXX XXXXX XXXXX XXXXX XXXXX ii) Materials lost xxx To P&L a/c(Profit on sale of materials) To other indirect expenses XXXXX XXXXX To P&L a/c(Loss on sale of materials) BY WIP i)Work xxx ii) Work xxx To Notional Profit c/d XXXXX Certified XXXXX Uncertified TOTAL *To P&L A/c To balance c/d( Transfer to Reserve) XXXXXXX XXXXX XXXXX TOTAL By Notional Profit b/d XXXXXXX XXXXX .
TOTAL *Profit on Incomplete contracts XXXXXXX TOTAL XXXXXXX Amount to be Transferred to P&L A/c % of Work Certified Less than 25% 25% or more but less than 50% Notional Profit to be transferred to P&L A/c NIL Notional Profit X received 1/3 X Total Cash _______________ _ Work Certified 50% or more but less than 100% Notional Profit X received 2/3 X Total Cash _______________ _ Work Certified !00% completed 100% Calculation of Percentage of Completion of Work % of Completion= Work Certified ________________ x 100 Contract Price .
BALANCE SHEET FORMAT LIABILITIES Share capital P&L A/c + profit on contract (specify contract No.) xxxxx XXXXX xxxxx xxxxx AMOUNT ASSETS All Fixed Assets ( Cost less Depreciation) Materials balance) at site (Closing AMOUNT XXXXX XXXXX Outstanding Expenses XXXXX Work –in.) .loss on contract (specify contract No.Progress: i) Work xxxx Certified ii) Work xxxx Uncertified Less: Reserve for unrealized profit xxxx Less: Amount received from Contractee xxx XXXXX Sundry creditors XXXXX .
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