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Input and Output Accounting

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0% found this document useful (0 votes)
23 views

Input and Output Accounting

Fghjj

Uploaded by

TikaramChetri
Copyright
© © All Rights Reserved
Available Formats
Download as PDF or read online on Scribd
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i UNIT OR OUTPUT. COSTING ‘aw male Add: Purchase of raw materials. Add: Carrioge inwards/Purchase yee Freight on material purchase. ina Primary packing of raw ‘Materials . Opening stock of Pat Less: Clositg stock of raw materas, Purchase relumed! retuned ou Raw materials scrap (Sales vay) (i) Materials consumed (Oj hes Direc labourer fection = Direct WAGES an, Productive wages Direct or chargeable expenses (i) Prime cost. ‘Add: -Factory overheads: Indirect material. Indirect labour... Indirect wages. . Factory rent, rates and taxes. Factory insurance. Unproductive wages. Drawing office exper Haulage, experimental wages Cost of research and development Welfare expenses of labour Factory stationery, postage and telephon Lubrication, paint, screw, bolls et. Depreciation on assets (Factory), Solaties on works staf... Work manager's salaries... {dle time payments, finge benets.. Remuneration of technical advisor or directors. Works general overheaas.. Consumable stores... Running expenses of machine etc. tl) Factory cost incurred... Opening stock of work in-progres.. Less; Closing stock of work-in-progress ess: Sales of scrap or by-product... (iv) Factory of work cost Add: Otte and aminisatve overheads! Office rent, rates and taxes. Insurance (ice). Salaries... Deprectaton on asses (office) Repairs and maintenance (office) Prining and stationery... ~ Telephone and trunk cal. Cost Sheet, OF State, eee Principtes of Accounting-it 25 GT tof Cost and Profit 2 the periid ended Fe lars Details [Amount (Rey aR Be HIE HERR RRR ERR ERR ERR EERE REER EERE BER IB RER (ox). BEER RES x Scanned with CamScanner 238 Asmita’s Question Bank (Management) Xil Genes epenes suns oars Legal expenses. A fees. Bank charges... Establishment expenses €46 . Rep: and renewals of ofice bulking Light and heating ofce.. Traveling expenses for ofc. (¥) Cost of production Ag: Opening stock af finished o Less: Closing stock on fished goods. (i Cost of goods sold. ‘Add: Seling and distrbution overheads: Cariage outward... ‘Showroom rent and insurance Sales taxes... Showroom ighng end heating. ‘Advertisement and pubic. romation and exhibition Salesman’ salary and commission. Salesman’ traveing expenses Upkeep and depreciation of delivery va Pacing and labeling expenses.. Catalogues end pce Isis Entertainment to customers. Samples and other fee af. Seles panting and stationery .. Markel reseatch expenses. Wastage of finished goods. Rent of warehouse Insurence / Depreciation of warehouse Redes XDEnSES Salaries of packers and deiner van diverse. Bad debt Counting house sala (Vif Cost of sales or total cost : Net proft (Loss) Jeg REEER ERE EERE REESE g EERE R BIE RIE . Net profit = Sales - Total cost it ‘When percentage of profit is given on cost % Profit 5 ctl cost» : iii, When percentage of profit is given on sales and sales is available: = . Se Profit ~ Net profit = Sales x oq P. — iv. Wen penta of pci given on ses ard als iso alte: ° ro Net profit = Total cost 7 % Prof v. tion psbedage of ae een om tote ¢ : . Nel proft= Sales 799 Prof Valuation ofStockof Finished goods . “The value of opening stack and closing slock of irished goods (I given in units) is determi Value of opening stock = Opening slock ui Cost pr unit daa Nal Value of closing stock = Closing stock units x Cost per unit E . Cost of product 3 oduction Gost perunit =" Production unis Scanned with CamScanner Ting sock units = Opening sock unis + Producan me ‘Opening stock units = Closing stocks Sales ung - Sea Producten wis salon Parcentagesof Tender Shae nage offacory overhead on direct wages = £26 overheads ogee 1002 fice overhead on factory cost = Aiceoveheats estate fe ° Facayaat * 100.» peerage of seling and distribution overhead = Sel 2d tnten Overheads Netproft story cost Total cost * 190: Net profit Sales 100 = 96 xf ge fmt profit on sales. = The information regarding the edt recrds of thy Giectmaterials consumption... ferry overhead. (jeheads are to be allocated as under: 2 Fedlory ovethead: on the basis of direct labour cost 7 Administrative overhead: on the basis of factory cost ing cos estimation were made for subiting hetender (pop. lene aS under he last month ig fr Rs. 250,000 eas 2,00,000 = Dieet material: Rs. 125,000 195606 = Diectlabour: Rs.80.000 = Polit 20% of sates Required: Cost sheet showing a. Cost sheet of last month b, Tender sheet ss ra SHEATH Production cost infomation areas under, OM Teal cones. 276.50 rome. 0825 Fanmail purchased. sRS, 360,000 Direct wages pect wages. Carriage on purchase its fatory expenses .. Ancitect materale J Siogend distribution expenses. "Drering rw mates Gheing fished goods. Plosing raw materits Patan ns. Sais. 40% of foal cost te ed: Cost sheet showing 2. Costof raw malerias consumed b. Primecost (10) ©. Factory cost: . ae "p.09,000 -Rs.4,00,000 Direct abou - Sgn; on gle. Wiss oxseai-on he basis of dec labour cost, ofice overhead on te bass factory cos ro 64 Required: 2. Costsheet 3. Tender set ne 16a00 0) Tender price Rs. Bb a8 SESE ora howe he along dts fits prouton cos 2000 uns fhe previous Y°2) Direct materials Rs. 40,000 Direct wages... Rs. 8.000 Faxon overheads RRs, 16,000 Office overheads ‘Rs. "~20% on selling price ge Salngexenss RS. 2000 “The congny wars fo estimate theft cost and seling rice fr 3000 uns. ls esimaed that The cost of raw materials will be increased by 25%. ‘Wages ole increased by 0% : { Ovetheas are to be allocated as below: : Fact oveeais onthe bass of direc wages, offce overheads and seling expenses on he basis of factory cost Required: 2. Cost sheet (last year) b, Tender sheet including seling price, ‘ns: (a) Sales Rs, 107,500 (b) Tender price Rs. 19774. Ps RIDE] otinotenotemindtng company ae given below: Opening (Rs.) Closing (Rs) Farnaeae * ° ~ 4,75,000" ar 7 fen : 4,28,000 435,500] rene t 1154,000 131,000 ; 40,00,000 | * one Perris med ¥ 3,66,000 0 1,52,500 Ics 12750 cle 1,15,000 Eres onpuchases Ah {13800 Cats ta : 200 7 : reas : os Sta an ition expenses ‘8500 ition of machine : 0 mat Prepare cos| shee! showing b. Factory cost ee ee | Prime cost d. Cost of goods sold &. Cost of production. {Net profit @ Tolalcost h. Percentage of tot Percentage of profit on sales a ost ag Percentage of rts a0) Rs. 652,750 (21 62,750 (2) Rs, 7.359 oS sp 0 ig) 26.4) ee /", ‘Scanned with CamScanner Prieiles of counting. jon oost ofa manfeturing company rhe previous mong GEEEREAI Te dso he OOM 00,000 Oirectlabour.. mmalrials : Re F000 Ofcecveeads i ; - : oe ce lore ening month Fr his purpose ce 3 h are as under: Rs.250,000 RS. 85,000 overheads .... empany ‘ans io determine te Total Cost and selling pt ampany decided to te the overhead as follows: works Overhead "on the basis of ditect abou ec wt overhead zene bal oe The cas esimaedtr be coning mont ar: war I: f on: ¥ cen is iy ap 600,000 Oieclebour Rs. 300,000 pel tenet coring moth by showings Facog to . : cas ©. Cost {production & ae @ Sales: on ‘ans: a) Rs, 90,00 () Rs 1020000 (6) RS 11,22,000() RE. 1,22,000 (fs. 14.8,000 i rom the records of a manufacturing company: oma, are extracted Opening FRE]| — Chea] 40,000 Gack of aw material 18,000 ‘3009 ‘sock of Work in progress 414,000 16.000) 'gock of finished goods : FTanutacturing wages kit) raw materials purchased "2400 caiage On purchase : 2.000 Diect expenses 7 36,000] |dministralive overheads 44,500) Feclory overheads 20500| seling and distribution overheads 1.200 | [coriage on sales [22-242] | Required: _A staloment of costs 2. Costof materia u ¢. Cost of production b. Prime cost 4, Totaloost “cates peo ns: rayne meaner saanca ne araeng tet ier Supp G.No.27]A company showe the following details ofits production cos for 1,000 units of the pr on Diedt MAtEfiAlS recon vmeouRRS, 20,000 Direct wages: ene RS, 4,000 Factory overhead... Seling overheads . Fer the determination of total cost and sel ‘ost will increase by10% and, increase in Facloy overhead onthe basis of direct wa Required: 2. Cost sheet (Last year) b. Tender sheet wih sling Rs. 8000 Administrative overhead Raw material bie eS nis he cig eee exited 5 ee tect wages by 20% overhead ae tbe aected 3s mr facory ost , Administrative an seling overhead on he bast it Rs. 64.6975 ;4s.7; Selling pew Por Um ) Total cost Re, 45,000) Tander price RS. 32 ces of inventory for a month are as under: The information provided by the compa Purchase of raw material Direct wages: Factory overhead 40% of dict wages fice overhead 20% of factory cost Profit 25% of sales value [rro22249) Required: — Cost sheet showing: 2, Costof material consume d : ‘c, Factory cost ; —b Prime cost e. Costof sales, d. Cost of production oon) Ra SP0ON0 1 TARAET « anssia, Sales value 90,000 (81 Di Scanned with CamScanner —_— a" 24 Asmits's Question Bank (Management) Xt % ae Fi] The folowing paricuias se exraced from the cast records of the last month, ZDge Gs 1Operhg Direct abour cost SO of direct labour Administrative overheads wer ade exiting ated: efasisRs 100, Ssratve ovesheads wl maintain the same relationship a8 in he last month on seling pets abe tained, b. Factory cost { 6 Prot i ‘ns: fa) R400 () Rs 00000) Re $508 () Rs. 20,625 py, j = SESE SEH he epeing and cing btanes oa fet for hemo of Chala ae at under N, ‘Opening Bal, RS.) |_Closi BER) 30,000 2500 1500 2000 g Sdesvaue ° [2etstote 225: (0) Ra 325,00 0) Rs. 40800 (Rs. 545.000 (4 RE. 690.00] RE. 5.400009 RS. 684.000). trendy and other ens are: : Purchased anenne ~Giosng sock oe Malet. Fectory ove Seling and distition cost. Closing stock otished gbods Profit b. Prime or & &. Costofaduction 0 1. Told f ns a} Rs $6209, 66.000 (2) 105,090 (6). 11.9600 (BOHR. S240 (0 Re. AA2222 (RR +34, 2065 GNo. 14 (Old] ihe detalsregarting a produc re: t ‘Stock of finished good at beginning ...nsmssueRS. 30,000 Stock of¥ material at beginning ...: wo ‘Work in progress at beginning Purchas of raw material .. Cc Cantage inward. Dividers c Wages. ‘Work nager's salary .. F Fedor employee's edly Facloenl and taxes. A Power expenses Gene expenses F Stock of finished g Ste! raw materia a F ‘Work in progress at the end .. Pron sales .. 7 Required: Cost sheet showing: - [ean a. Costof material consumed ime cost > . aE c Fectory east detect t ©. Costof goods sold {Sel ’ Ans: 238,00 TE = 401000 (4 40.00 oye aangooin me s8| 1 4 A jt ‘Scanned with CamScanner Principe of Accounting: 245 eH The following particulars are extract fone cost records of the last month atonal used FS, 200,000Ditet abOUT C08 on cmvonn Rs. 140,000 warheads (Based on direct labou.....Rs.70,000 Administrative overheads, ye re : ova eximatons ve bezn ied itn ade ae (ase cnet co #2000 s| of material Rs. and direct labour Rs, 30,000 are te ors 20% on seling prices expected required forthe tender, i i sce and administrative overhead will maintain the same relation as in the last month, fiqied: Atender showing [1-3-3-2+1] a. Prime cost . Factory cost : c. Cost of production d. Profit e. Tender price. Ans: [a)Rs, 70,0002) Rs. 86,000) Rs, 102,000) Rs. 25,500 (0) Rs. 1.27500 Ho 14 (OLD) The following figures have been extracted frm the cost records: ‘ies materials. Wes overhead. arsubmiting a tender, it has been estimated that: i. The factory overheads and ofce overhead will maintain the seme relationship wit labour cost and works cost respectively. A rof of 25% on seling price is expected The cost of material and labour fr tender willbe Rs. 1,20,000 and Rs. 60,000 respectively. Rs, 4,50,000 Rs. $4,000 Required: Tender price of job showing: (1-3-3-2-1} a. Prime'cost . * b. Work cost. ©. Costof production 4. Prot and fe. “Tender price Ans: a) RS. 4.70000 () Rs, 20,00 (e) RS. 220000 (2) RS. 73:333.33} Rs, 2,99,383.33 +. S567 Supp. G.No. 27] A manufacturing comipany submited the fllowing information on 31+ December, last year: Sdes for the year. -Rs.200000 Purchase of raw mates. Rs. 40,000 Drett labour cost Rs. 50,000 Fealory ovethead was 50% of direc labour cst. Other expenses forthe year were: Saling expenses 15% of sales Administrative expenses 10% of sales ‘The opening and closing balances were: - Tian SDE are Rs. 10,000 NI Workin progress _ Rs.200000] Rs. 15,000 Fished goods __- Rs. 18,000] Rs. 12.000 Required: Cost sheel shoving: Bede2e2e1=t] a.. Prime cost . b. Work cost ©. Costof production 44. Cost of goods sold €.. Costof ales £, -Netproft ‘Ans: a) Rs. 1.00000 2) Rs. 130,000 (c} Rs. 150,000 (4) Rs. 158,000 (e) Rs. 188,000 (9 Rs. 14,000 4 ‘A food industry showed the following details of its production for the previous year. Direct materials .Rs. 250,000 DirectIabour 5 100,000 Factory overhead Rs.50,000 Administrative overhe: Teindusty wants oesimat the tl cos andi eng pre for next. The costing department esrvte the ect cost as Orect materials Direct labour Cariage on purchase i Overheads ae to be allocated as below: ~ -On the basis of direct labour ..On the basis of factory cost 20% of sales Cost sheet (Previous year) 5-3) b. Selling price to be quoted for new lot, Ans: (a) Cost ot production Rs, 440,000 (8) Price to be quoted Rs, 180,125 1. BOEZ GN. 14] A Toy Marfoung (Company showed the flowing details of its production department forthe previous year, Direct material «Rs. 200,000 Direct labour... ARs, 50,000 Works overhe: Rs.25,000 fice overhead nse RS, 85,000 Tre company want o quote uni pie for spot fr he net bath The Casing Department estimated the direct costs as lows: : = | Scanned with CamScanner Ee 245 ‘Aamitn's Question Bank (Managem Direct Motori... Direct Labour... en Overheads are to be allocated as below: Works overhead: (On tho basis of Pino cost tice overhead: nn OM th basis of Factory COs! Company wants to yield n profi of 25% on cost pico. my b, .Tendar price Fea eh, exes cn 750; Cal porn 330,000; Works ovarhonds fb, 6, ‘Oizo overhends 20% on factory cos, (b) Tender potty o ; cen 40, The flowing us hao been oxtocod am he cst ecards of Muna Manuactuing Company a. Cos of malta... ws, 240.000 Wagos f0AbOUT Factory ovehead (Based on prime cos} 1/3200 Distibulion expenses Adninisration expenses. 1.34000 Soling expenses. Poo. 4,53,000 A wot order ito be executed in 2059 and the folowing expensos wl incur: Cost of materials -Rs, 32,000 Wages forlabour: Carriage on purchases. 000 Required: Quotation price ofthe job showing: a. Prime cost © Capen &: Gat scs &- Proli'soas fo eam the same Percentage of profit on seling price peevONe. 1 Of inventories are as below: f ‘ans: . s The opening and casing batence tt: 808) 74480 RS 9232554 +20 hy on, intl sell ety] 4 Fished goods Ee — Bae < I Rs. 20,000 feted orm SOR Rea OTS Ta Rost seca 200000 coos RS 10,080 ‘Sales forthe mont ~~RS.6,00,000 Factory overhead mah ein ; 0% of sales Administraon ovthe: pen [tetsaaeead 2 Petal aw tel consumed b. Prime cost . © Cost of goods sold t Geeta & Cost {. Costofsales as: FEEOSUEE GRETA A manana ot ORE 20800, eon ayn anon. 90 (etn) Production dang he month; 2 Bide following information for production of its rofuct during last man Rew material purchased foc fest ow mt uched Rs. 108 ‘Cartiage on purchase tal Administrative expenses Productive wages paid : oe sa Sota send ‘aa Balance of the Nonth are - in Cosme Finished goods: et so Workin-pogress s.24000] Rs. 480 Rawmaleise s.7200] Rs 4 Sees fe moh anunTTO RST GE s.30000] _Rs. 3338) Required: = Yateeteu mat craig b, Prime cost : Gest gods sols 6. Cost of production er ag © Costot sales wnt OEE Rs. 258,00), oi 39,00 (Rs. 3,84,000() Rs, 2,60,000 (9 Rs 9,82,500 (0) RS 1 a i i ’ ' Scanned with CamScanner

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