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Posted Date: 29 Jul 2008 Posted By: sachin Member Level: Gold
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2006 Adikavi Nannaya University Diploma Accounting & Finance Auditing & Costing Question paper
Auditing & Costing
Octomber 2006
Time: 3 Hours
Marks: 100
NB:
1. Question Nos. 1 and 6 are compulsory and answer any two from the remaining fromeach section.
2. Figures to the right indicate full marks.
3. Working should be part of answer.
4. Answer both the sections in the same answer-book.
Section I-(Auditing)
* Q.1 (a) Explain Basic Principles of Auditing. 10
* (b) How would you vouch the followings ? 8
*
1. (i)Interest Received on Investments.
2. (ii)Cash Purchases of Stationery.
* Q.2 (a) What are the various techniques of Auditing ? 8
* (b) ) Explain in detail the provisions of the Companies Act, 1956, regarding appointment of an Auditor. 8
* Q.3 (a) Discuss the disclosure requirements of "SHARE CAPITAL" as per schedule VI of the Companies Act, 1956. 8
* (b) What are the contents of Good Audit Report ? 8
* Q.4 (a) Define and explain the term "Auditing". 8
* (b) Scrutinise and give your comments as an Auditor on the following Ledger Account. In the Books of M/s. GEC International. 8
CEG International Account.
Date Particulars Amount
Rs. Date Particulars Amount
Rs.
1-7-2004 To Balance b/fd. 10,000 31-7-2004 By Bank 10,000
1-8-2004 To Sales 10,000 1-8-2004 By Bills Receivables 11,000
1-8-2004 To Debit Note 2,000 1-8-2004 By Credit Note 1,000
(Rate Difference) (Spoiled Goods)
2-9-2004 To Sales 15,000
4-9-2004 To Bills Receivables 11,000 4-9-2004 By Bills Receivables 11,250
4-9-2004 To Interest 220 20-9-2004 By Bank 14,250
4-9-2004 To Noting Charges 30 20-9-2004 By Discount 750
15-09-2004 To Sales 20,000 30-9-2004 By Bank 17,500
30-9-2004 By Bed debts 2,500
Total 68,250 Total 68,250
*
* Q.5 Write short notes on any four of the followings:- 16
*
* (a) Internal check.
*
* (b) Secret Reserves
* (c) Contingent Liability
* (d) Audit in Computer Environment
* (e) Valuation of Closing Stock.
(f) Importance of Internal Audit.
Section II — (Costing).
* Q.6 M/s AB & Associates, a partnership firm comprosing of partners A and B, undertook a contract to build a Bridge for Rs. 20,00,000 and commenced the work on 1-10-2003. 20
* The following is the Trial Balance of firm as on 30-9-2004 :–
Particulars Debit (Rs.) Particulars Credit (Rs.)
Plant & Machinery 2,50,000 Capitals : A 1,20,000
Office Buildings 3,00,000 B 80,000
Materials Purchased 4,20,000 Advanced From Contractee 6,00,000
Wages 1,40,000 Bank Overdraft 1,40,000
Sub-contracting Charges 80,000 Outstanding Wages 10,000
Interest 10,000 Creditors 1,50,000
Office Overheads 50,000 Loans 1,50,000
Total 12,50,000 Total 12,50,000
*
* Additional Information :
*
1. Materials worth Rs. 4,00,000 were sent to site.
2. Out standing sub-contracting charges Rs. 20,000 at the year end.
3. Allocate 50% of Office overheads and 100% wages to contract.
4. Plant and Machinery were used for the whole year on contract and provide depreciation @ 10%. p.a.
5. Partner A was entitled to salary of Rs. 20,000 for site supervision for the year. Provide the same in Account
6. Contractee pays 75% of the work certified.
7. Partner A & B share profit and Losses in the ratio of 6 : 4 respectively.
8. At the end of the year, work uncertified valued at Rs. 10,000 and materials at site Rs. 20,000. Prepare Contract Account.
Profit and Loss Account for the year ended 30-09-2004 and Balance sheet as on that date.
* Q.7 Tea Estate Ltd. manufactures flavored Tea which passes through three processes. The following particular are available for the year ended 30-06-2003:- 15
*
Particulars Process I Process II Process III
Raw Material (kg) 10000 4600 1500
Cost of Raw Materials Per kg (Rs.) 5 6 8
Direct Wages (Rs.) 24,000 18,000 12,250
Direct Expenses (Rs.) 15,200 10,736 8,590
Factory Expenses (Rs.) 20,960 6,000 4,255
Normal Loss (%) 4% 8% 5%
Weight Loss (%) 6% 2% NIL
Scrap Value Per kg (Rs.) 1.80 2.50 4
Output Transferred
to next Process 60% 50% NIL
Output Sold 40% 50% 80%
Selling Price of Output Per kg 14 16 17
Transferred to Finished Stock NIL NIL 20%
* % of normal Loss and % of weight loss are based on total input in the process.
* Prepare Process Account and Profit and Loss Account.
* Q.8 (a) The XL Ltd. furnish the following information :10
Ist Period IInd Period
Sales 2000000 3000000
Profit 200000 400000
*
* From the above, calculate the followings:
1. P/V Ratio
2. Fixed Expenses.
3. BEP
4. Sales to Earn Profit Rs. 5,00,000
5. Profit when sales are Rs. 15,00,000
*
* (b) From the following information, calculate labour variances:- 5
Standard for 100 units
500 Labour Hours
* Rate Rs. 24/- Per Hour
Actual production
* 1000 units were produced.
* Total wages paid Rs. 1, 30,000 for 5200 Hours.
* Rate Rs. 24/- Per Hour
* Q.9 (a) From the following particulars prepare cost sheet showing various elements of cost:-: 10
Opening Stock of Raw Materials Rs. 1, 10,000
Purchases of Raw Material Rs. 8, 25,000
Carriage Outwards Rs.28,500
Direct Wages Rs.4, 21,400
Direct Power Rs.25,840
Technical Directors Salary Rs.40,590
Factory Rent, Rates & Insurance Rs.10,140
Sale of Factory Scraps Rs.1,460
Depreciation on Factory Buildings Rs.75,200
Closing Work in Progress Rs. 1, 20,260
Factory Stationary Rs.12,340
Opening Stock of Finished Goods Rs.45,280
Opening Stock of Raw Materials Rs.36,920
Fees to Brand Ambassador Rs. 2, 00,000
Stationery and Printing Rs.12,200
Staff Salaries Rs. 6, 30,000
Trade Discount Rs. 1, 20,000
Office Rent Rs.60,000
Free Sample Expenses Rs.20,320
Closing Stock of Finished Goods Rs.50,240
* Sales are made to earn profit @ 10% on Cost Price
* (b) From the following, prepare Reconciliation Statement of M/S XYZ and Company as on 30-6-2004: 5
1. Net profit as per Financial Accounts Rs. 40,340.
2. Income Tax Provision made Rs. 30,000.
3. Material Purchases of 5,000 units were recorded in cost at standard cost Rs. 24/- per unit whereas in Finance it was recorded at actual cost Rs. 22/- per unit.
4. Old Bad debts recovered Rs. 20,500.
5. Loss on sale of furniture was Rs. 4,120.
* Q.10 Write short notes on any three : 15
* (a) Classification of Costs.
* (b) Material Purchases Requisition.
* (c) Labour Idle Time.
(d) Advantages of Job Order Costing.
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