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Auditing & Cost Accounting
Time: 3 hours APRIL 1997 Marks: 100
 
SECTION - I (AUDITING)
Q. 1. a) What is internal check? What points should be considered while framing a system of internal check?
8
  b) What are the features of internal control system as regards cash receipts and payments?
10
   
 
Q. 2. a) What are the provisions of Companies Act, 1956 regarding appointment of first and subsequent auditors?
8
  b) What are the duties of an auditors of a limited company?
8
   
 
Q. 3. a) Define and explain the term auditing.
4
  b) What are the principles of auditing?
4
  c) What are the different types of frauds? What are the duties of an auditor in respect of fraud?
8
   
 
Q. 4. a) How would you verify the following:
8
  i) Plant and machinery
 
  ii) Live Stock
 
  b) What is capital expenditure? What are the duties of auditor as regards capital expenditure?
8
   
 
Q. 5. Write short notes on any four:
16
  a) Auditor's duty as regards depreciation.
 
  b) Objectives of Stock valuation.
 
  c) Periodic audit.
 
  d) Window dressing.
 
  e) Final/completed Audit.
 
SECTION - II (COSTING)
Q. 6. Prepare a cost sheet showing the total and per tonne cost of paper manufactured by Times Paper Mills Ltd. for the month of March, 1997. There were 26 working days in the month. Also find the profit earned by the company. The details are as under:-
 
 
Direct Raw materials:  
Paper pulp 6000 tons @ Rs. 900 ton
Direct labour:  
280 Skilled workmen Rs. 250 per day
300 Semiskilled workmen Rs. 150 per day
470 Unskilled workmen Rs. 100 per day
Direction Expenses:  
Special equipments hire charges Rs. 12,000 per day
Special dyes Rs. 250 per tonne of total raw material input
Work overheads: Variable @ 50% of direct wages
Fixed Rs. 2,70,000 p.m.
Administrative overheads @ 12% of works cost
Selling and distribution  
Overheads Rs. 80 per tonne sold
Opening Stock of paper 500 tonnes valued @ Rs. 2,501.60 per ton
Closing stock of paper:  
The paper is sold @ Rs. 3,000 per tonne. 300 tonnes values at cost of production
 
   
 
Q. 7. Assemblers Ltd. have three Assembly shops viz. General Assembly, Lower Assembly and Higher Assembly. The company furnished the following informations (a) Part of the output is transferred to the next assembly and part is sold directly.
 
 
    General Lower Higher
  Raw material (in Litres) 5,000 1,920 3,576
  Material      
  Cost per Litre Rs. 60 Rs. 40 Rs. 80
  Labour cost Rs. 4,28,000 1,06,000 2,10,000
  Direct Expenses Rs. 88,000 2,85,200 1,04,800
  Wastage as percentage of total input 4% 5% 10%
a) Output transferred:      
  To Lower Assembly 60% - -
  To Higher Assembly - 40% -
b) Output sold in market 40% 60% 100%
  Sale price in market Rs. 200 Rs. 205 Rs. 250
  Administration overhead Rs. 36,000      
  Marketing overhead Rs. 48,000      
  Prepare various Assembly Accounts and Costing Profiy & Loss A/c.
 
   
 
Q. 8. Ratnagiri Project Constructors provide you with the following information as at 31st March, 1997:
15
  a) The Project commenced on 1st August, 1996 and it is estimated to be completed by 31st January, 1998.
 
  b) The contract price of the project was negotiated at Rs. 900 lacs.
 
  c) The actual expenditure upto 31st March, 1997 and subsequent total estimated expenditure upto 31st January, 1998 is furnished as under:
 
 
Particular Actual Expenditure upto 31.03.1997 (Rs.) Subsequent Estimated Expenditure (Rs.)
Direct material 2,10,00,000 1,85,00,000
Indirect material 35,50,000 47,50,000
Direct wages 52,16,400 49,83,600
Supervision charges 6,20,600 3,29,400
Architect fees 11,50, 000 18,00,000
Construction overheads 42,87,800 27,42,200
Administrative overheads 29,12,200 15,87,800
Closing material at site 25,80,000 30,000
Uncertified work 1,25,000 -
Certified work 4,50,00,000 9,00,00,000
 
 
d)

The values of Plant and Machinery sent to site was Rs. 80 lacs, whereas the scrap value of the plant and machinery at the end of the project was estimated to be Rs. 8 lacs.It is decided that the profit to be taken credit for should be that proportion of the estimated net profit to be realised on completion of the project which the certified values of work as on 31-03-1997 bears to the total contract price.As a cost consultant, you are required to draft Contract Account for the year ended 31-03-1997, showing the working of profit to be taken credit for.

 
   
 
Q.9. Distinguish between:
15
  a) Cost Account V/s Financial Accounting.
 
  b) Period Costs V/s Product Cost.
 
  c) Job Costing V/s Process Costing
 
  OR
 
  a) What are different basis of allocating overheads?
 
  b) Although contract is a part of job costing what are the special features which require special treatment for the same?

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