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Auditing & Cost Accounting
Time: 3 hours
APRIL 1998
Marks: 100
 
SECTION - I (AUDITING)
Q.1. a) What do you understand by the term verification?
4
  b) What are the objects of verification?
4
  c) How would you verify the following (any two):
10
  i) Assets purchased on hire purchase basis
 
  ii) Public deposits
 
  iii) Reserves and surpluses.
 
   
 
Q.2. a) As per Companies Act, 1956, under what circumstances can the auditor of a company be appointed -
i) by an ordinary resolution ii) by a special resolution
8
  b) What are the rights of a Company Auditor?
8
   
 
Q.3. a) What do you understand by internal check? What are the duties of an auditor in respect of internal check?
8
  b) What is depreciation? What are the duties of an auditor in respect of depreciation?
8
   
 
Q.4. a) What steps should be taken by the auditor before commencement of audit work?
8
  b) Distinguish between accounting and auditing.
8
   
 
Q.5. Write short notes on (any four):
16
  i) Continuous audit
 
  ii) Window dressing
 
  iii) Objectives of auditing
 
  iv) Deferred revenue expenditure
 
  v) Stages in auditing in computerised environment
 
  vi) Objectives of stock valuation.
 
SECTION - II (COSTING)
Q.6. Bal Ram contractors undertook a contract for Rs. 15,00,000 on 1st July, 1996. The contract was completed on 31st March 1998. The contractor prepares his accounts on 31st March. The details of the contract are:
 
 
Particulars
Period
From 1.7.96
to 31.3.97
Rs.
From 1.4.97
 to 31.3.98
Rs.
Material issued
1,52,000
3,30,000
Direct wages
1,25,000
4,65,000
Direct expenses
30,000
45,000
Materials returned at stores
22,000
15,000
Material at site
20,000
8,000
Uncertified work
48,000
----
Office overheads
23,000
66,000
Material lost by fire
----
5,000
Work certified
3,00,000
15,00,000
Plant issued
3,00,000
1,50,000
 
  Provide depreciation @ 20% p.a. on plant. Prepare Contract Accounts for the year ended 31.3.97 and 31.3.98.
 
   
 
Q.7. Ajay Manufacturing Pvt. Ltd. provides you the following data for the month of march, 1998.
15
 
Particulars
Processes
 
x
y
z
Basic raw material introduced in the process (Units)
6,000
1,220
1,300
Cost of basic raw material per unit (Rs.)
5.00
5.00
5.00
Labour charges (Rs.)
17,000
12,000
7,500
Manufacturing overheads (Rs.)
8,080
8,100
4,800
Normal loss (% on number of Units entering to the process having no realisable value)
4%
5%
3%
Scrap (% on number of units entering to the process having scrap value)
6%
5%
4%
Scrap Value per unit (Rs.)
3.00
4.00
5.00
Output sold at the end of the process
30%
40%
100%
Output transferred to next process
70%
60%
-
Selling price per unit of the output sold at the end of the process (Rs.)
12.00
16.00
17.00
You are required to prepare Process Accounts indicating clearly profit earned in each process.
 
Q.8. M/s. Vishal manufacturing Company manufactures two types of products viz. A and B. The information for the year ended on 31st March, 1998 is as under:
15
  Particulars
 
Products
Direct material per unit A (Rs.) B (Rs.)
Direct Labour per unit 100 120
Direct expenses per unit 60 50
  40 80
 
  Additional Information:
 
  i) Factory expenses are charged at 20% of prime cost.
 
  ii) Office expenses are charged at 25% of works cost.
 
  iii) 2,000 units of product A were produced of which 1500 units were sold and 5000 units of product B were produced of which 4,500 units were sold. iv) Selling expenses are Rs. 15 per unit for product A and Rs. 20 per unit for product B.
 
 
 
  v) Company charges a profit at 20% on sales for both the products.
 
  Prepare a cost sheet showing the cost and profit in total as well as in per unit.
 
   
 
Q.9. a) What are the essentials of a sound costing system?
8
  b) What do you understand by variable cost, fixed cost and semi-variable cost.
7
 
OR
 
  Write short notes on any three of the following:
15
  i) Prime cost
 
  ii) Work certified
 
  iii) Allocation of cost
 
  iv) Flexible budget

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