7/29/2019 Eten CS: Solutions for Budgetary & Contract Costing_7Sep

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Class Test - Budgetary Costing7th September 0 ~ 3

Find out cash collection from Customer for Mis Novan Television & Co. on thebasis of the following information for the first six months of 2008:

(a) Cash sales - 25% and credit sales - 75%.. (c). 60% of credit sales are collected in the month after sales, 300/0 in the second

. month and 10% in the third. No bad debts are anticipated.(d) Sales for each month are as follows:

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~ + - ~ .

{.s\0 df II '

~ ~ r ~ ~ ~k . t c w - ~ ~ v ~oN\.. ~ e b{ ' ~ ~ , ;l.$';(YCJ[)4. U>.6l5O '$,D,OI5O~ ~ c..s-U ~ (2YJo ).CAu:L::t 6 s t l e ~ 8\o,crcrQ2:=to ,D150t 5 ~ o - c Y D, bO'" ~ ~ 1 ' ').., 1Sl{"OU ' 2 - 4 . I ~ C 5 D3 0 ' I' t1>1 ' ~ ~ . o t 5 ' D \0 'I 1!1' ' 1 ~ < n S D B2.-ftm2-s:.CSD .

I IS; 2Sl5D02-0, OODj ~ " : \ - ~ o u ,,. -to C s Y : > 1 r - - - M I e ~ '.....

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t:

'rs

Ankur Kulshrestha CA (India), CFA (USA), M. Com, B. Com. H (SRCC)

7/29/2019 Eten CS: Solutions for Budgetary & Contract Costing_7Sep

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Class Test - Budgetary Costing7th September 2013

If interim cash balance is short by Rs. 2,000 in a particular month. Howmuch. would be the interest cost for the next month under the followingconditions (Rate of Interest is 18%)a) Company has surplus investment is Rs. 10,000 and minimum borrowing

is Rs. 5,000 . .. We- ~ ' o ~ ( ~ t f - , ..."",hMeut

7/29/2019 Eten CS: Solutions for Budgetary & Contract Costing_7Sep

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Class Test - Budgetary Costing7th September 2013

Prepare a flexible budget for production at 80 percent and 100percent activity on the basis of the following information:

-

1')..0 (JV'O. .

1(IT) ./

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S3S',(JOO ' '30 bbcsD \ b ~ ' \SUDt:- ,

1.o\-c:J.... Gs:J-

- - ' - . - - ------------------- ---

Ankur Kulshrestha CA (India), CFA (USA), M. Com, B. Com. H (SRCC)

7/29/2019 Eten CS: Solutions for Budgetary & Contract Costing_7Sep

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Class Test - Budgetary Costing7t h September 2013

The following are the estimated sales of a company for eight months ending30.11.2006:How much is the Opening stock of FG and RM for month of April and closingstock ofFG and RM for September as per the given stock policy of the firm?

~ ~ RM 6 f. '0 Giro '54DDel-. bb()O ""=ryem, \> ')..CS'O ~ 6 6 " 0 II~ ~ \860u.. , ' o ~ ~

- - - -_ .._.__. _ -_ .__ ._-_.__._-------_.---,----Ankur Kulshrestha CA (India), CFA (USA), M. Com, B. Com. H (SRCC)

7/29/2019 Eten CS: Solutions for Budgetary & Contract Costing_7Sep

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Class Test - Contract Costing7th September2013

L&T Ltd. undertook a particular,contract on 1st January. During the year, total Materiacost is Rs 30,000. Total inflation has been 15% since the contract was negotiated twoyears back. There is an escalation clause providing that should the material pricesincrease by more than 12%, the contractee would bear the' increase by 75%. What ithe extra corripensation that contractee will have to pay due to inflation?

l c ~ < l v \ ~ . " ~ b . ~ =..: \'2.;.'1- \ '2.(,0&::+ =- ~ 1 s - o ~

b O r : > ~ ~ ~ N ( f 1 - \ ~ =- " S g ! ~ - 3 [ ~ b ~ '!-83 Cc u . ~ ~ = ' 7 8 ~ ' ~ ~ ~ o ';::. ~ ~ & = t .

L&T Ltd. undertook a particular contract on 1st January. During the year, total laboucost is Rs 20,000. Total inflation has been 20% since the contract was negotiated twoyears back. There is an escalation clause providing that should the labour prices increase, by more than 25%, the contractee would bear the increase by 75%. What is the extracompensation that contractee will have to pay due to inflation?o : l i - - . " ' ~ b ~k-l. e . w ~ . tD N ll-,,: .::i:lV'otL I f"'b'1lL t'\l\ '~ ~ r t a - ~ ~

Ankur Kulshrestha CA (India), CFA (USA), M. Com, B. Com. H (SRCC)

7/29/2019 Eten CS: Solutions for Budgetary & Contract Costing_7Sep

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Class Test - Contract Costing7th September 2013

A contract started on lJan, 2009. Plant ofRs. 20,000 has been charged to the contractOf this amount, plant costing Rs. 5,000 was lost in an accident after 3 months ofuse. On31st Dec., 2009, plant costing Rs. 5,000 was returned to the stores. Prepare the workingnote for the Plant usage using 20% p.a. as the rate of depreciation.

f \M.J- at- t '( k- P \ O M t ~ {> \a,.J- loJt- lol-aL2-0, o-6DS;O-UO\D,aUO $o-BOO ~ C ! . ~ ~ , i0-s;: 0 ) .3 M C3./').5 c' @ ~ ' I r a . ~ ) l ~ t v ' \ CJ ,c:ruu) .?-M. ~ ~ - - 1b l ~ -,d ..: By BDOO- i.{ cr0D ~ 1 ~

A contract started on 1St Jan and ended on 23 Dec of the same year. How much portionof the profit will you transfer to P/L account? , , ~ . ~

J>' IV\LL .\R.- . ~ ~ ~ I.A. ttM. ,(o.vWL t ~ ~ lrro [; ~ ~ ~ WUJ ke.- 1 ~ ro ~ { , - ~ c . , .

Spot the mistake in Estimated Profit = Transfer to PIL + Contract Reserve AccountCavv-et- A.