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Costing II Sem III 2025 Q

The document is a question paper for a Cost Accounting II exam at Mitra Academy, covering various topics such as job costing, contract costing, process costing, and marginal costing. It consists of three sections with a total of 20 questions, including short answer, detailed calculations, and account preparation. The exam is scheduled for May 5, 2025, with a total of 60 marks available.

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Captaín Shubhankar Mitra
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17 views3 pages

Costing II Sem III 2025 Q

The document is a question paper for a Cost Accounting II exam at Mitra Academy, covering various topics such as job costing, contract costing, process costing, and marginal costing. It consists of three sections with a total of 20 questions, including short answer, detailed calculations, and account preparation. The exam is scheduled for May 5, 2025, with a total of 60 marks available.

Uploaded by

Captaín Shubhankar Mitra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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MITRA ACADEMY

PASCHIM SEKH PARA, MOGRA, HOOGHLY


MOBILE & WHATSAPP - 9748596189
C/o – SHUBHANKAR MITRA
COST ACCOUNTING II (SEM III)
QUESTION PAPER
F.M – 60 MARKS DATE - 05/05/2025 TIME – 3 HOURS

1. Answer any TEN of the following questions: 2 x 10 = 20


(a) What do you mean by Estimated Cost Sheet?
(b) Write four industries where Job Costing is applicable?
(c) What do you mean by Economic Batch Quantity?
(d) In which type of industries Contract costing is applicable?
(e) What do you mean by Retention money?
(f) What is De-escalation clause?
(g) How would you treat normal and abnormal loss in Process costing?
(h) What is abnormal gain?
(i) What do you mean by Joint products?
(j) Write two differences between Operating costing and Product costing?
(k) What is Operating cost sheet?
(l) What do you mean by Marginal costing?
(m) What is CVP analysis?
(n) What do you mean by Angle of incidence?
(o) Write down the definition of Quotation price.
2. Answer any FOUR of the following questions: 5 x 4 = 20
(a) Write the difference between Job Costing and Contract Costing.
(b)Write the difference between Marginal Costing and Absorption Costing.
(c) Write the features and applicability of Process Costing.
(d) Two products P and Q are obtained in a crude form and require further processing
at a cost of ₹5 for P and ₹4 for Q per unit before sales. Assuming a net margin of
25% on costs, their sale prices are fixed at ₹13.75 and ₹8.75 per unit respectively.
During the period the joint cost was ₹88,000 and the output were:
P: 8000 units and Q: 6000 units. Ascertain the joint cost per unit.
(e) Volvo Company runs 10 buses between Mogra and Chuchura covering a distance of
25 km. seating capacity of each bus is 60 passengers.
The expenses for the month of December, 2024 were as follows: ₹
Salaries of drivers and conductors 3,60,000
Salaries of mechanical staff 36,000
Diesel, oil and lubricants 2,40,000
Taxes, insurance etc. 31,200
Repairs and maintenance 48,000
Depreciation of the buses 1,92,000
80% seating capacity was utilised in each case. All buses run 25 days during the
month. Each bus runs 4 round (up and down) trips daily.
Calculate the cost per passenger-kilometre and passenger-fare for one-way journey if
the company makes a profit of 25% on cost.
(f) A single product company sells its product at ₹30 per unit. The company operated at
a margin of safety of 40%. The fixed costs amounted to ₹1,80,000 and variable cost
ratio to sales was 80%. You are required to calculate (i) P/V Ratio, (ii) Break-even
point, (iii) Actual number of units sold, (iv) Margin of safety and profit earned during
the year.

3. Answer any TWO of the following questions: 10 x 2 = 20


(a) On 1.4.24, Bright Ltd. undertook a contract to construct a building for ₹25,00,000
and furnishes the following details for the year ended 31.3.25: ₹
Material issued to contract
Direct purchase 3,75,000
Issued from stores 1,25,000
Wages incurred 7,00,000
Apportioned head office expenses 40,000
Subcontract charge 30,000
Other works expenses (10% of wages) ---
Plant installed at cost 2,00,000
Materials returned to stores 7,000
Direct expenses 10,000
Cost of plant transferred to another contract on 1.7.24 50,000
Materials stolen from site 10,000
Insurance claim received 3,000
Sale of unused materials (cost 8,375) 5,000
Material in hand on 31.3.25 21,000
Direct expenses accrued on 31.3.25 2,000
Cash received 12,80,000
Cost of uncertified work 12,000
Retention money @ 20%
Depreciation to be charged on plant @ 15% p.a.
Prepare contract account in the books of Bright Ltd. showing therein the amount of
profit/loss transferred to profit and loss account.

(b) X Ltd. produced a product through two distinct processes A and B and then to
finished stock. From the following information, prepare Process A account, Process
B account, Normal loss account, Abnormal loss account and Abnormal gain
account.
Process A Process B
Input units 15,000 13,000
Materials (₹) 30,000 4,000
Labour (₹) 18,000 15,275
Overhead (₹) 9,000 10,950
Normal loss 10% ?
Scrap value per unit (₹) 2.00 3.00

There are no opening and closing work-in-progress. The final output from Process
B transferred to finished stock 12,500 units. The finished goods are sold at ₹7.50
per unit with a profit of ₹1.00 per unit.
(c) Wonder Ltd. has a capacity of 1,20,000 units per annum as its optimum capacity.
The production costs are as under:
Direct Material ₹90 per unit
Direct Labour ₹60 per unit
Overheads:
Fixed: ₹30,00,000 per annum
Variable: ₹100 per unit
Semi Variable: ₹20,00,000 per annum up to 50% capacity and an extra amount
of ₹4,00,000 for every 25% increase in capacity or part thereof.
The production is made to order and not for stocks.
If the production programme of the factory is as indicated below and the
management desires a profit of ₹20,00,000 for the year. Determine the average
selling price at which each unit should be quoted.

First 3 months: 50% capacity


Remaining 9 months: 80% capacity

Ignore Administration, Selling and Distribution overheads.

(d) A company makes two distinct types of electronic toys X and Y. The total expenses
during a period as shown by the books for assembly of 600 of X and 800 of Y are as
under: ₹
Materials 1,98,000
Direct wages 12,000
Stores overhead 19,800
Running expenses of machines 4,400
Depreciation 2,200
Labour amenities 1,500
Works general 30,000
Administration and selling 26,790

Other data available to you are: X:Y


Materials cost ratio per unit 1:2
Direct labour ratio per unit 2:3
Machine utilisation ratio per unit 1:2

Calculate the cost of each toy per unit giving the basis of apportionment of expenses
adopted by you.

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