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CA IPCC : Question Paper (with Answers) - COST ACCOUNTING & FINANCIAL MANAGEMENT Nov 2011

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CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
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PAPER 3 : COST ACCOUNTING AND FINANCIAL MANAGEMENT Question No. 1 is compulsory. Attempt any five questions from the remaining six questions. Working Notes should form part of the answer. Question 1 (a) The P/V Ratio of Delta Ltd. is 50% and margin of safety is 40%. The company sold 500 units for ` 5,00,000. You are required to calculate: (i) Break even point, and (ii) Sales in units to earn a profit of 10% on sales (b) X executes a piece of work in 120 hours as against 150 hours allowed to him. His hourly rate is ` 10 and he gets a dearness allowance @ ` 30 per day of 8 hours worked in addition to his wages. You are required to calculate total wages received by X under the following incentive schemes: (i) Rowan Premium Plan, and (ii) Emerson's Efficiency Plan (c) A new customer with 10% risk of non-payment desires to establish business connections with you. He would require 1.5 month of credit and is likely to increase your sales by ` 1,20,000 p.a. Cost of sales amounted to 85% of sales. The tax rate is 30%. Should you accept the offer if the required rate of return is 40% (after tax)? (d) Beeta Ltd. has furnished the following information: - Earning per share (ESP) `4 - Dividend payout ratio ` 25% - Market price per share ` 40 - Rate of tax 30% - Growth rate of dividend 8% The company wants to raise additional capital of ` 10 lakhs including debt of ` 4 lakhs. The cost of debt (before tax) is 10% upto ` 2 lakhs and 15% beyond that. Compute the after tax cost of equity and debt and the weighted average cost of capital. (4 x 5 = 20 Marks) Answer (a) (i) P/V Ratio - 50% Margin of Safety - 40% The Institute of Chartered Accountants of India

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