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problem1) Answer all the problems:

i) What do you mean by costing? describe its objectives.

ii) What is operating coating? In which industries is operating coating used?

iii) What is idle time variance? How is it find outd?

iv) describe the meaning of the term “Analysis of Financial Statement”.

v) If the current ratio is 2.5, liquidity ratio is 1.5 and working capital Rs 60,000. Find current assets and current liabilities.

problem2)  What do you understand by absorption of overhead? describe different methods of factory overhead absorption.

problem3) describe the meaning of management accounting and state its objectives and functions.

problem4) From the following information, prepare a fund flow statement and a schedule of changes in working capital:

BALANCE SHEET AS ON 31st December

Liabilities                                  2007             2008           Assets                  2007             2008
Equity Share Capital             10,00,000     11,00,000        Goodwill                  50,000         40,000
General Reserve                     2,00,000      2,00,000      Land & Building         4,20,000      6,60,000
Profit & Loss a/c                    1,10,000     1,90,000     Plant & Machinery         6,00,000      8,00,000
Debenture                             5,00,000     3,00,000       Closing Stock            2,50,000      2,10,000
Creditors                                  50,000       40,000             Debtors               3,00,000     2,40,000
Bills Payable                              30,000        24,000               Cash                 3,00,000       24,000
Provision for Bad Debts             20,000        30,000     Preliminary Expenses      30,000         20,000
Provision for tax                        40,000    1,10,000           
                                            19,50,000   19,94,000                                    19,50,000     19,94,000

ADDITIONAL INFORMATION:

1) During the year 2008 a part of machinery costing Rs 7,500 (accumulated depreciation thereon being Rs 2,500) was sold for Rs. 3,000.

2) Dividend of Rs. 1, 00,000 was paid during the year ended 31st December, 2008.

3) Income Tax of Rs. 50,000 was paid during the year 2008.

4) Depreciation for the year 2008 was provided on Land & Building Rs. 10,000 and Plant & Machinery Rs. 50,000.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M94282

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