(59) MANAGEMENT ACCOUNTING & BUSINESS FINANCE

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1 All Rights Reserved THE ASSOCIATION OF ACCOUNTING TECHNICIANS OF SRI LANKA FINAL EXAMINATION JULY 2013 (59) MANAGEMENT ACCOUNTING & BUSINESS FINANCE Time: 03 hours Instructions to candidates: (1) This paper consists of two (02) Sections A & B. (2) All questions should be answered. (3) Answers should be in one language, in the medium applied for, in the booklets provided. (4) Use of calculators is permitted. (5) Submit all workings and calculations. State clearly assumptions made by you, if any. (6) 100 Marks Afternoon [ ] No. of Pages : 06 No. of questions : 07 SECTION A Management Accounting (75 marks) 01. (A) State two(02) differences between Cost Centre and Cost Unit. (B) Meena Ltd. has three production departments A, B, C and two service departments P, Q. The following information are given for the month of May 2013: Total A B C P Q Indirect material (Rs.) 45,000 9,100 21,440 8,460 3,000 3,000 Indirect wages (Rs.) 60,000 12,000 20,000 10,000 8,000 10,000 Floor area (square feet) 3, , Usage of electricity (kilo watt) Number of employees Value of machinery (Rs.) 5,000,000 2,500,000 1,600, , , ,000 Number of labour hours 1,000 2,500 1,400 Overhead cost of service departments are apportioned as follows: A B C Service Department P 30% 40% 30% Service Department Q 30% 20% 50% Other overhead costs for the month comprised of: Factory rent Rs.9,000/-; Production supervision charges Rs.30,000/-; Electricity Rs.40,000/- and Machinery depreciation Rs.50,000/-. You are required to, Show how overheads are allocated and apportioned among each Cost Centre. (05 marks) Compute the overhead absorption rate for each of the three production departments based on number of labour hours. (03 marks) Calculate the selling price of a product if number of working hours utilized by production departments A, B and C were one hour, two hours and three hours respectively. The cost of direct material of the product was Rs and direct labour cost of the product was Rs.20/-. The company keeps a profit margin of 20% on selling price. (04 marks) (Total 14 marks)

2 02. (A) State two(02) objectives as to why an organization would have a material control system. (B) Electronic Calculators Ltd. (ECL) is in the business of buying and selling calculators. One of the models is xg100 and the following information is given in relation to model xg100: Demand - 10 calculators per day (assume 250 working days for the year) Cost of ordering - Rs.2,500/- per order. Holding cost % on purchase price of a calculator. Purchase price - Rs.400/- per unit. Calculate the Economic Order Quantity (EOQ). The supplier of calculators has offered price discounts based on the sizes of the order as follows: Order size (units) Below 600 Price per unit Rs.400/ Rs.390/- 800 and more Rs.380/- Calculate the optimum order size that would minimize the total inventory cost. (05 marks) Another model of calculators that ECL trades is xg200 for which the following information is available: Demand per week = 250 units to 500 units Re-order quantity = 2,000 units Lead time = 4 to 6 weeks. You are required to calculate, the following for model xg200: (i) (ii) Re-order level. Maximum stock level. (iii) Minimum stock level. (iv) Average stock level. (04 marks) (Total 13 marks) 03. (A) Differentiate Joint Products from By Products. 2

3 (B) Hansa Ltd. manufactures a liquid detergent by passing chemicals through two consecutive processes. Output from the process I is transferred to Process II. The following data relates to the month of May 2013: Process I Process II Direct material (4,000 litres) Rs.238,000/- - Direct labour Rs.24,400/- Rs.30,000/- Other direct expenses Rs.21,350/- Nil Overhead absorption rate 2.5 times of direct labour cost 1 times of direct labour cost Output 2,000 litres 1,875 litres Opening Work-In-Progress Nil Nil Closing Work-In-Progress 1,400 litres Nil Normal yield 85% of input 90% of input Scrap value of normal loss Nil Nil The degree of completion of closing Work-In-Progress was as follows: Direct material - 100% Direct labour and other direct expenses - 075% Overhead - 075% You are required to prepare, the following by using FIFO method: Process I account. Process II account. (13 marks) (Total 15 marks) 04. (A) What is a Flexible Budget? (B) CRM Ltd. has the following forecast of sales (Rs. 000) for the seven(07) months from July 2013 to January 2014: July 13 Aug. 13 Sep. 13 Oct. 13 Nov. 13 Dec. 13 Jan The following additional information is also provided: (1) 60% of the sales are on credit, and should be settled in the following month. Cash sales are given a 5% discount on selling price. (2) Salaries of the company comprise of a fixed sum of Rs.10,000/- per month plus a variable element equal to 10% of sales. These are payable in the same month. (3) Fixed costs is Rs.37,500/- per month which includes depreciation of Rs.7,500/-. This is to be paid in the following month. (4) Cost of sales is 40% of sales and purchases are to be paid two months after purchase. (5) Closing stock balance of each month is maintained at a level equal to 50% of the following month s sales. (6) Capital budget plan is as follows: (i) (ii) Acquisition of Property Plant & Equipment: October Rs.75,000/-; December Rs.50,000/-. Sale proceeds of disposal of Property Plant & Equipment: November Rs.60,000/-. 3

4 (7) Corporate income tax amount of Rs.120,000/- should be paid during the month of November (8) Expected cash balance as at 01 st October 2013 is Rs.25,000/-. You are required to prepare, a cash budget for the three(03) months from October 2013 to December 2013 on monthly basis. (11 marks) (C) MSM Ltd. uses a standard costing system. The standard cost per unit of a product is as follows for the month of May 2013: Materials : Rs.30/- per kg Labour : 1 Rs.50/- per hour Variable overhead : 1 Rs.30/- per hour Actual information relating to the month: During the month of May 2013, 25,000kg of material were purchased for Rs.747,500/- and 20,750kg of material were used in producing 10,000 units of finished products. Variable overheads incurred were Rs.347,760/- and labour used was 10,080 hours. You are required to calculate, the following variances: Material price and usage. Variable overhead expenditure and efficiency. (04 marks) (Total 17 marks) 05. (A) RIM Products Ltd. manufactures a single product (Product x) and selling price per unit is Rs.842/-. The manufacturing cost per unit is given below: Direct Material - A Direct Material - B Direct Material - C Skilled Labour Unskilled Labour Machine Time Variable Overheads Per Unit Rs.1,000/- per kg Rs.400/- per kg 01 Rs.25/- per unit 5 Rs.240/- per hour 10 Rs.150/- per hour 5 minutes Rs.30/- Total Fixed Overheads for a month is Rs.2,880,000/- and are absorbed based on machine utilization. The company currently has 5 machines and each machine can be run for 16 hours (2 shifts of 8 hours each) a day and 4 hours between shift changes are required for maintenance and machine setting up. The company currently operates at 80% of the capacity of the machines. Assume that the machines can be run for 30 days for a month and production can be sold in the same month. Calculate the total capacity and the current production level of the company in units. Calculate the contribution per unit. (04 marks) 4

5 RIM Products Ltd. has received an order from a new customer to supply 5,000 units of product x at Rs.600/- each before end of the current month and the following additional information is given: (1) RIM Products Ltd. will have an excess stock of 1,500 kg of direct material A which will expire by end of the current month. (2) Available stock of direct material B is just sufficient for the planned production and the next consignment from the usual supplier is due only on the 01 st day of the next month. If the new customer s order is accepted direct material B will have to be purchased at Rs.500/- per kg. (3) Skilled labour is sufficient only to meet the current production level and overtime premium of Rs.120/- per hour has to be paid for any additional time. Recommend whether the order of the new customer should be accepted from a financial point of view. (04 marks) (B) A company produces 3 products and the following budgeted details are for the next month: X Y Z Monthly demand (units) 5,000 8,000 11,000 Selling price per unit (Rs.) Direct material cost per unit (1 kg at Rs. 20) (Rs.) Direct labour cost per unit (1 hour at Rs. 10) (Rs.) Variable overhead cost per unit (Rs.) Availability of direct labour will be limited to 75,000 hours for the next month. You are required to calculate, the product mix which would result in the maximum contribution for the company. (06 marks) (Total 16 marks) SECTION B Business Finance (25 marks) 06. (A) Differentiate between Weighted Average Cost of Capital and Marginal Cost of Capital. (B) Capital structure of XYZ PLC as at 31 st March 2013 is given below: Description 5 Value Rs.('000) Ordinary shares (100,000 shares) 5,000 Irredeemable preference shares (13,000 shares) 1,300 7% Redeemable debentures (5,000 debentures) 5,000 The following additional information is also available: (1) The current market price of an ordinary share is Rs.57/-. The dividend was paid at Rs.5.70 per share, and it is expected to grow by 5% per annum. (2) Current market price of a preference share is Rs.104/- and dividend is paid at Rs.8/- per share.

6 (3) A debenture is currently traded at Rs.920/- and is redeemable in 5 years at a rate of Rs.1,000/-. (4) Ignore taxation. You are required to calculate, (d) Cost of Ordinary Share Capital. Cost of Preference Share Capital. Cost of Debt. Weighted Average Cost of Capital (WACC) based on market value. (09 marks) (Total 11 marks) 07. (A) Explain briefly the usefulness of pay-back period method in project evaluation. (B) A company is considering to introduce a new product to their product line and the following information is provided in relation to the new product: (1) The company will have to install a new machine at a cost of Rs.2,000,000/- with expected useful life of 5 years. The residual value at the end of useful life of the machine would be Rs.200,000/-. (2) Marketing team has already carried out a research on the new product and incurred cost of Rs.500,000/- on this market research. (3) Estimated revenue and the cost of production for the next 5 years will be as follows: Year Revenue (Rs.) 900,000 1,000,000 1,300,000 1,100, ,000 Cost of production (Rs.) 760, ,000 1,060, , ,000 (4) Cost of production includes depreciation on new machinery calculated based on the straight line method. (5) Working capital requirement will be Rs.100,000/- at the beginning and it will be able to recover at the end of 5 th year. (6) Cost of capital of the company is 10%. (7) Ignore tax and inflation. You are required to, Calculate the Net Present Value (NPV) and advise the management using the NPV whether the company should introduce the new product or not. Calculate Payback Period. Calculate Internal Rate of Return (IRR) of the project. (12 marks) (Total 14 marks) Discounting factors (DF) are given below: Year Discounting Factor 10% 15% 20% o0o - 6

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