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Auditing & Cost Accounting
Time : 3 Hours
October - 1998
                Marks : 100     
 
Q.1. a) What do you understand by the term vouching ?
4
  b) What are Objectives of Vouching?
4
  c) How would you vouch the following (any two):
10
    1) Commission received 2) Payment to Creditors 3) Prepaid expenses.
 
Q.2. a) What are the duties of company auditor?
8
  b) What are the Provisions of Companies Act, 1956, regarding qualifications and disqualifications of an auditor?
8
Q.3. a) What is capital expenditure? What are the duties of an auditor as regards capital expenditure?
8
  b) What do you understand by internal control? What are the duties of an auditor relating to internal control?
8
Q.4. a) What is an audit programme? What are the contents of an audit programme?
8
  b) Distinguish between internal audit and statutory audit.
8
Q.5. Write Short notes on (any four)
16
  1) Test Checking 2) Principles of auditing 3) Contingent liability 4) Appointment of an auditor by Central Government 5) Phases of audit of computerised accounts 6) Principles of disclosure.
 
Section II (COSTING)
 
Q.6. A Co manufactures two types of products viz, A & B. The following information is available for the year ended 31st March 1998:-


 
Direct Material Rs. 6,75,000
Direct wages Rs. 9,90,000
Works overheads Rs. 1,95,000

1) Direct Material used per unit in Product A were 3 times that of product B.
2) Direct Wages per unit in Product B were 2/3 that of Product A.
3) Works Overheads per unit were the same for both the products.
4) Administration overheads were 100% of the Prime cost in each of the products.
5) Selling and Distribution cost per unit was Rs. 6 for both A & B.
6) 35,000 units of Product A were produced, out of which 32,000 units were sold @ Rs. 100/- per unit.
7) 30,000 units of Product B were produced, out of which 25,000 units were sold @ Rs. 65/- per unit.

Prepare Cost Sheet showing total cost and cost per unit for both the products.

20
       
 
Q.7. Product X is obtained after it is processed through three distinct processes. The following information is available for the month of March, 1998 :
 
Particulars
Total Rs.
Process
A
Rs.
B
Rs.
C
Rs.
Material consumed
Direct Labour
22,500
29,320
29,320
10,400
9,000
---
8,000
14,720
---
4,100
5,600
---

2,000 units at Rs. 4 per unit were introduced in process A. Production overheads to be distributed as 100% on direct labour.

The actual output and normal loss of the respective processes are :
 

Process
Output in units
Normal loss on inputs
Value of scrap
per unit( Rs)
Process A
1800
10%
2.00
Process B
1360
20%
4.00
Process C
1080
25%
5.00

Three is no stock or work in progress in any process.
You are required to prepare Process Accounts.

15
       
 
Q.8. Mr. Behram Contractor has undertaken two contracts one at Mumbai and another at Thane.
The details of the contracts are given below for the year ended 31st March, 1998:
 
Particulars
Contract at Mumbai
Contract at Thane
Date of Commencement
1st july’97
1st Oct.’97

Contract Price
Direct Labour
Material issued from stores
Material returned to stores
Plant installed at site
Direct Expenses
Office overheads
Material sold (cost Rs. 8,000)
Material at site
Cash received from contractee
(representing 80% of work certified)
Work uncertified
Architects Fees
Rs.    
10,00,000  
2,55,000  
2,20,000  
10,000  
2,00,000  
40,000  
15,000  
10,000  
18,000  

4,80,000  
13,000  
7,000  
Rs.     
15,00,000  
1,82,000  
2,00,000  
15,000  
3,50,000  
30,000  
10,000  
--  
16,000   

2,40,000  
9,000  
3,000  


i) Provide depreciation on plant at 20% p.a.
ii) During the year materials costing Rs. 10,000 were transferred from Thane contract to Mumbai contract.
You are required to prepare contract A/c. of Mumbai and Thane contracts.

 
       
 
Q.9. a) What are the different methods of calculating profit on an incomplete contract?
8
  b)
Distinguish between scrap and waste.

OR .

Write short notes on any three :
1) Manufacturing cost       2) Under and Over absorption of cost
3) Marginal costing           4) Material control.

7



15

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