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CA IPCC : Revision Test Paper (with Answers) - COST ACCOUNTING & FINANCIAL MANAGEMENT May 2014

37 pages, 22 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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PAPER 3 : COST ACCOUNTING AND FINANCIAL MANAGEMENT PART I : COST ACCOUNTING QUESTIONS Material 1. Aditya Ltd. is engaged in heavy engineering works on the basis of job order received from industrial customers. The company has received a job order of making turbine from a power generating company. Below are some details of stores receipts and issues of copper wire, used in the manufacturing of turbine: Feb. 1 Feb. 5 Feb. 6 Feb. 7 Feb. 9 Feb. 15 Feb. 17 Feb. 20 Opening stock of 1,200 Kgs. @ ` 475 per kg. Issued 975 kgs. to mechanical division vide material requisition no. Mec 09/13 Received 3,500 kgs. @ ` 460 per kg vide purchase order no. 159/2013 Issued 2,400 kgs. to electrical division vide material requisition no. Ele 012/13 Returned to stores 475 kgs. by electrical division against material requisition no. Ele 012/13. Received 1,800 kgs. @ ` 480 per kg. vide purchase order no. 161/ 2013 Returned to supplier 140 kgs. out of quantity received vide purchase order no. 161/2013. Issued 1,900 kgs. to electrical division vide material requisition no. Ele 165/ 2013 On 28th February, 2014 it was found that 180 kgs. of wire was fraudulently misappropriated by the stores assistant and never recovered by the company. From the above information you are required to prepare the Stock Ledger account using Weighted Average method of valuing the issues. Labour 2. A, B and C are three industrial workers working in Sports industry and are experts in making cricket pads. A, B and C are working in Mahi Sports, Virat Sports and Sikhar Sports companies respectively. Workers are paid under different incentive schemes. Company wise incentive schemes are as follows: Company Incentive scheme Mahi Sports Emerson s efficiency system Virat Sports Merrick differential piece rate system Sikhar Sports Taylor s differential piece work system The Institute of Chartered Accountants of India

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