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CA IPCC : Sample / Mock Test Paper (with Model Answers) - COST ACCOUNTING & FINANCIAL MANAGEMENT Sep 2014

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CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi
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Test Series: September, 2014 MOCK TEST PAPER 1 INTERMEDIATE (IPC): GROUP I PAPER 3: COST ACCOUNTING AND FINANCIAL MANAGEMENT PART I : COST ACCOUNTING Question No. 1 is compulsory. Attempt any five questions from the remaining six questions. Working notes should form part of the answer. Time Allowed 1 Hours 1. Maximum Marks 50 Answer the followings: (a) The Profit as per cost accounts of Venkatesh Pvt. Ltd., for the quarter ended 30th June, 2014 is Rs. 3,65,200. The following information is extracted from the books of Venkatesh Pvt. Ltd., for the quarter ended 30th June, 2014: (i) Stocks As per Cost Accounts (Rs.) As per Financial Accounts (Rs.) 52,800 21,200 55,600 22,300 56,000 18,600 18,000 54,200 17,500 16,000 Opening stocks: - Raw Material - Work in Progress Closing stocks: - Raw Material - Work in Progress - Finished Goods (ii) Directors fees Rs. 52,000, Interest expenses Rs. 9,600, Provision for doubtful debts Rs. 1,300 and dividend received Rs. 3,800 have been considered in the financial accounts only. (iii) Notional rent of Rs. 7,200 was charged only in the cost accounts. (iv) Research expenses written-off of Rs. 13,600 has not been charged in the cost accounts. (v) Other overheads for the quarter as per the financial accounts were Rs. 1,28,000 and as per the cost accounts, it was Rs. 1,30,400. You are required to prepare, a statement showing profit/ loss as per financial accounts. 1

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