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Cost Accounting 1st Edition K. Alex - Solutions

A transport company is running four buses between two towns, which are 50 km apart.Seating capacity of each bus is 40 passengers.Actual passengers carried were 75% of seating capacity.All the buses run on 30 days.Each bus made one round trip per day.Find out the total passenger-kilometres.
Explain about hotel costing.
Write a detailed note on hospital costing.
Give the accounting procedure for transport costing.
Explain the important objectives of transport costing.
Illustrate the term effective kilometre run.
Explain the terms passenger kilometre and tonne-kilometre.
Write a note on(a) transport costing(b) boiler costing(c) canteen costing
In what industries operating costing is used?
What do you understand by operating costing?
The cost unit for water supplies is(a) per 1,000 gallons (b) per lorry(c) per dozen litres (d) per consumer
Garage rent is classified under(a) direct expense (b) indirect expense(c) standing charges (d) machine expenses
The cost unit in a electricity generating concerns is(a) per tube light (b) kilo watt(c) per metre (d) per main
In hospitals, the cost unit is(a) per bed (b) per tablet(c) per doctor (d) per patient
Motor costs for passengers is ascertained with reference to(a) per seat occupied (b) per distance travelled(c) per ticket sold (d) per passenger per kilometre
Canteens apply(a) contract costing (b) job costing(c) service costing (d) batch costing
Classification and accumulation of costs by fixed and variable cost is of special importance in(a) service costing (b) job costing(c) contract costing (d) batch costing
Service costing is adopted by(a) cinema houses (b) electricity companies(c) gas supply (d) all the above
Composit unit is a distinctive feature of(a) single costing (b) operating costing(c) process costing (d) job costing
The Tamil Nadu Transport Corporation must use(a) job costing (b) contract costing(c) process costing (d) operating costing
Powerhouse costing and boiler house costing are the same.
Kilometre run and effective kilometre are the same.
Drivers wages when based on distance covered is fixed in nature.
Under service costing depreciation is always fixed.
Service costing and process costing are the same.
Operating cost statement is prepared to calculate the cost in case of service costing.
Service costing is one of the basic methods of operating costing.
Motor cost for passengers is referred to per passenger kilometre.
The unit used in service costing is simple.
Service costing is applicable in canteens.
You are required to prepare a contract account for the year ending 31 December 1989 from the following particulars:Rs Materials 4,00,000 Wages 5,00,000 Expenses 1,00,000 Expenses occurred due 20,000 Plant 2,00,000 Work certified (90% received in cash) 16,00,000 Materials at site (31-12-1989) Rs
The expenditure on a contract till 31st March 1998 was Rs 2,00,000 and the work certified was Rs 3,00,000. The contract price is Rs 4,00,000 and the contractee paid Rs 2,50,000 till 31-3-1998. The cost of work done but not certified on that date amounted to Rs 40,000.It is estimated that the
The following particulars are extracted from the books of a building contractor on 31-12-1991.Materials Rs Purchased 80,000 Transfer from other contracts 2,00,000 Issued from central stores 5,50,000 Materials Rs Wages 8,75,000 Indirect expenses 35,000 Inspection fees 15,000 General stores 40,000
M/s Arun and Varun undertook a contract for Rs 2,50,000 for constructing a college building. The following is the information concerning the contract during the year 1997:Rs Materials sent to site 85,349 Labour engaged on site 74,375 Plant installed at site at cost 15,000 Direct expenditure 3,167
M/s Kishore and Company commenced work on a particular contract on 1st April 1990. They close their books of accounts for the year on 31st December each year. The following information is available from their closing records on 31-12-1996:Rs Material sent to site 50,000 Foreman’s salary 12,000
Deluxe Limited undertook a contract for Rs 5,00,000 on 1st July 1997. On 30th June 1998 when the accounts were closed, the following details about the contract were gathered:Rs Rs Materials purchased 1,00,000 Wages accrued 30-06-1998 5,000 Wages paid 45,000 Work certified 2,00,000 General expenses
(Ascertainment of work uncertified) M/s Kishore & Company commenced the work on a particular contract on 1st April 1997. They close their books of accounts for the year on 31st December each year.The following information is available from their costing records on 31st December 1997:Rs Material
The following trial balance was extracted on 31st December 1997 from the books of Swastik Company Limited Contractors:Rs Rs Share capital: shares of Rs 10 each 3,51,800 Profit and loss account on 1st January 1997 25,000 Provision for depreciation of machinery 63,000 Cash received on account:
Construction Limited is engaged on two contracts A and B during the year. The following particulars are obtained at the year-end (December 31):Date of commencement Contract A Contract B April I Rs September I Rs Contract price 6,00,000 5,00,000 Materials issued 1,60,000 60,000 Materials returned
A firm of building contractors began to trade on 1st April 1997. The following was the expenditure on the contract for Rs 3,00,000: Materials issued to contract Rs 51,000; Plant used for contract Rs 15,000;Wages incurred Rs 81,000; Other expenses incurred Rs 5,000.Cash received on account to 31st
A company undertook a contract for construction of a large building complex. The construction work commenced on 1st April 1997 and the following data are available for the year ended 31st March 1998.Rs ’000 Rs ’000 Contract price 35,000 Plant hire charges 1,750 Work certified 20,000 Wages
The following was the expenditure on a contract for Rs 6,00,000 commenced in January, 1997:Material Rs 1,20,000; Wages Rs 1,64,400; Plant Rs 20,000; Business Charges Rs 8,600.Cash received on account to 31st December, 1997 amounted to Rs 2,40,000 being 80% of work certified; the value of materials
A company of contractors began to trade on 1st January 1994. During 1994, the company was engaged on only one contract of which the contract price was Rs 5,00,000.Of the plant and materials charged to contract, plant costing Rs 5,000 and material costing Rs 4,000 were lost in an accident.On 31st
M/s Anand Associates commenced the work on a particular contract on 1st April 1994. They close their books of accounts for the year on 31st December each year. The following information is available from their costing records on 31st December 1994.Rs Materials sent to site 43,000 Foreman’s salary
On 1st January, A undertook a contract for Rs 5,00,000. He incurred the following expenses during the year:Rs Materials issued from stores 50,000 Material purchased for the contract 45,000 Plant installed at cost 35,000 Wages paid 1,00,000 Wages occurred due on 31st December 40,000 Direct expenses
The following was the expenditure on a contract for Rs 12,00,000 commenced in January.Rs Materials 2,40,000 Wages 3,28,000 Plant 40,000 Overheads 17,200 Cash received on account of the contract up to 31st December was Rs 4,80,000 being 80% of the work certified. The value of materials in hand was
How much of profit, if any, would you allow to be considered in the following case?Rs Contract cost 2,80,000 up-to-date Contract value 5,00,000 Cash received 2,70,000 Rs Uncertified work 30,000 Deduction from bills By way of security 10%
New Vistas Builders Limited undertook a contract on 1st January 1997 with an escalation clause. The clause provided that if material prices and wage rates increase by more than 10%, the contractor gets compensation for 60% of such rise in the cost of materials and 80% of such rise in wage rates
Andal Construction Company undertook a contract on 1-1-1998 for construction of a stadium, with an escalation clause which provides that if material prices and wage rates increase by more than 12%, the contractor gets compensation for 35% of such rise in the cost of material and wages beyond 12%.
From the following prepare contract account for three years 1984, 1985 and 1986.1984 Rs 1985 Rs 1986 Rs Materials issued 1,10,000 1,20,000 80,000 Other charges 10,000 8,000 20,000 Wages 2,20,000 60,000 2,00,000 Machinery issued 50,000 – –Value of machinery at the end of the year 45,000 40,000
The following information relates to a contract for Rs 7,50,000 (the contractee paying 90% of the value of work done and certified by the Architect and rest on completion of the contract) of Murugan Construction Company.1996 Rs 1997 Rs 1998 Rs Materials 90,000 1,10,000 63,000 Wages 85,000 1,15,000
The following information relates to a building contract for Rs 10,00,000.1986 Rs 1987 Rs Materials issued 3,00,000 84,000 Direct wages 2,30,000 1,05,000 Direct expenses 22,000 10,000 Indirect expenses 6,000 1,400 Work certified 7,50,000 10,00,000 Work uncertified 8,000 –Materials at site 5,000
(Two or more Contracts)Three contracts X, Y and Z commenced on 1st January, 1st July and 1st October 1998, respectively, were undertaken by the Sampath Contractors Limited, and their accounts on 31st December showed the following position:X Rs Y Rs Z Rs Contract price 8,00,000 5,40,000 6,00,000
(Two or more contracts)Construction Limited is engaged on two contracts A and B during the year. The following particulars are obtained at the end of December 1998.Contracts A April 1 Rs B September 1 Rs Contract price 6,00,000 5,00,000 Materials issued 1,60,000 60,000 Contracts A April 1 Rs B
(Two or more contracts)During 1997, Indian Contractors Limited undertook two contracts, the first on 1st July 1997 and the second on 30th September 1997. On 31st December when accounts were made up, their position was as follows:Contract I, Rs Contract II, Rs Contract price 2,70,000 3,00,000
(Two or more contracts)Mr Ram undertook two contracts that commenced on 1st January 1998 and 1st July 1998, respectively.The accounts on 31st December 1998 showed the following position.Contract I, Rs Contract II, Rs Contract price 4,00,000 2,70,000 Expenditure:Materials 72,000 58,000 Wages paid
On 1st January, ‘A’ undertook a contract for Rs 5,00,000. He incurred the following expenses during the year.Rs Materials issued from stores 50,000 Materials purchased for the contract 45,000 Plant installed at cost 35,000 Wages paid 1,00,000 Wages accrued due on 31st December 40,000 Direct
A building contractor having undertaken construction work at a contract price of Rs 5,00,000 began the execution of the work on 1st January 1981. The following are the particulars of the contract up to 31st December 1981.Rs Machinery installed at site 30,000 Materials sent to site 1,70,698 Labour
(Valuation of work uncertified)Meenakshi Company Limited undertook a contract for construction of a bridge on 1-1-1997. The contract is expected to be completed by 30-6-1998. The contract price is Rs 8,00,000. You are required to prepare the contract account for the year ending 31-12-1997 from the
(Valuation of work uncertified)Contractors Limited undertook a special contract for a total value of Rs 12,00,000. It was expected that the contract would be completed by 31st January 1992. You are required to prepare a contract account for the year ending 31-1-1992 from the following:Rs Wages
Work certified is less than half of the value of contract. The Kedar accepted a contract for the construction of a building for Rs 10,00,000, the contractee agreeing to pay 90% of work certified as complete by the architect. During the first year, the amounts spent were.Rs Rs Materials 1,20,000
M/s Anil & Company, a firm of building contractors undertook a contract for construction of a commercial complex on 1st January 1997. The following was the expenditure on the contract for Rs 9,00,000.Rs Materials issued to contract 76,500 Plant issued for contract 22,500 Wages 1,21,500 Other
A undertook several large contracts, and his ledger, therefore, contained a separate account for each contract on 30th June. The account of contract number 51 showed the following as expended thereon.Rs Materials directly purchased 90,000 Materials issued from stores 25,000 Plant purchased 80,000
A firm of large contractors kept separate accounts for each contract. On 31.12.1992 the following were shown as being the expenditure in connection with contract number 101:Rs Materials issued from stores 48,925 Materials purchased 2,90,315 Wages 3,68,170 Direct expenses 10,130 Establishment
The contract ledger of a company showed the following expenditure on account of a contract on 31st December Rs Materials 60,000 Plant 10,000 Wages 82,200 Establishment charges 4,300 1,56,500 The contract was commenced on 1st January and the contract price was Rs 3,00,000; cash received on account
Ashok Builders undertook several large contracts and their ledger therefore, contained a separate account for each contract. On June 30th 1994, the account of contract number 75 showed the following amounts as expended thereon:Rs Materials directly purchased 90,000 Materials issued from stores
M/s Pari & Company obtained a contract for building a factory for Rs 10,00,000. Building operations started on 1st April 1984 and at the end of March 1985, they received from the contractee a sum of Rs 3,90,000 being 75% of the amount due on surveyor’s certificate. The following additional
A firm of builders, carrying on large contracts, kept in a contract ledger separate accounts for each contract. On 30th June 1994, the following was shown as being the expenditure in connection with a contract:Rs Materials purchased 58,063 Material from stores 9,785 Plant which had been used on
‘A’ undertook several large contracts and his ledger contained therefore a separate account for each contract. On 31-12-1991, the account of contract number 22 showed the following amounts as expended thereon.Rs Materials directly purchased 1,80,000 Materials issued from stores 50,000 Wages
A building contractor took a contract for the construction of a certain building on 1st January 1994. The contract price was agreed at Rs 4,00,000. The contractor had made the following expenditure during the year.Rs Rs Direct materials purchased 20,000 Plant 40,000 Direct materials issued from
The following information relates to contract no.123. You are required to prepare the contract account and contractee’s account assuming that the amount due from the contract was fully received.Rs Direct material 20,250 Direct wages 15,500 Stores issued 10,500 Loose tools 2,400 Tractor
The following is the summary of transactions as on 31st December 1991, relating to a special contract completed during the year.Rs Materials bought from the market 1,500 Materials issued from the stores 500 Wages 2,440 Direct expenses 294 Works on cost—25% of direct wages Office on cost—10% of
Senthil Construction Company undertook a contract for constructing a building from 1st January 1998.The contract price was Rs 1,00,000. He incurred the following expenses.Rs Materials issued 6,000 Materials in hand, at the end 1,000 Wages 5,000 Direct expenses 20,000 Plant purchased 10,000 The
Write a note on the following:(a) work certified (b) retention money(c) percentage of work completed
How do you fix up the amount of profit to be transferred to profit and loss account?
What do you mean by profit on incomplete contracts?
What is escalation clause?
What are the main features of cost-plus contract?
What is work uncertified?
What is work-in-progress?
How are accounts prepared when contract lasts for more than a year?
What do you mean by notional profit?
The escalation clause in contracts are often provided as safeguards against any likely changes in(a) price of material (b) price of labour(c) both a & b (d) none of these.
A contact that guarantees a certain percentage of profit is known as(a) incomplete contract (b) cost plus contracts(c) work-in-progress (d) finished goods.
In contract costing the cost unit is(a) job (b) batch(c) unit produced (d) contract.
Contract costing is a basic method of(a) financial costing (b) job costing(c) specific order costing (d) batch costing.
Work-in-progress in contract account consists of(a) work certified and profit carried forward (b) work certified(c) work certified and work uncertified (d) work certified, work uncertified and profit carried forward.
Profit on incomplete contract is termed as(a) notional profit (b) costing profit(c) gross profit (d) net profit.
When contract is not complete at the end of the financial year, loss on incomplete contract is(a) transferred to profit and loss (b) debited to profit and loss(c) transferred to work-in-progress (d) transferred to work-in-progress and profit and loss.
When a contract is 50% complete, the amount of profit to be taken to the credit is(a) estimated profit (b) 50% of the estimated profit(c) 2/3 of estimated profit × cash ratio (d) 1/3 of estimated profit × cash ratio.
Contract price is not fixed in case of(a) de-escalation clause (b) cost plus contracts(c) escalation (d) all the above.
In contract costing, contract account is prepared by(a) contractee (b) contractor(c) both a & b (d) none of these.
Escalation clause in a contract provides that the contract price is fixed.
Final contract price to be paid is certain in cost plus contracts.
In cost plus contracts, the contractor will get cost plus a stipulated profit.
When the completion stage of a contract is less than ¼, the total expenditure on the contract is transferred to work-in-progress account.
In contract costing payment of cash to the contractor is made on the basis of certified work.
Contract costing and job costing are the same.
Contract costing is suitable where the products differ.
In contract costing profit of each contract is computed when the contract is completed.

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