CMA Inter Gr. II (New Syllabus) (Solution of December ) Paper - 10 : Cost and Management Accountancy
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1 Solved Scanner Appendix CMA Inter Gr. II (New Syllabus) (Solution of December ) Paper - 10 : Cost and Management Accountancy Chapter - 1 : Cost Accounting - Basic Concepts & Treatment of Special Items Dec [1] (c) Practical difficulties in installing a costing system: (a) Lack of support from top management: In most cases, cost accounting system is introduced without the support of the top management in all the functional areas. Even the managing director or chairman often introduces the costing system without consulting the departmental heads. The departmental managers treat this as interference in their work. Thus, it creates a fear in the minds of the departmental managers. (b) Resistance from the existing staff: Whenever a new system is introduced, resistance is natural as the existing staff may feel that they would loose their importance and may feel insecured of their position in the organization. Chapter - 2 : Integrated & Non- Integrated Accounting System Dec [2] (a) (ii) (I) Statement of profit as per Cost Accounts: Particulars Amount (`) (1) Material 10,40,000 (2) Add: Wages 6,00,000 1
2 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 2 (3) Prime Cost [(1)+(2)] 16,40,000 (4) Add: Factory OH [60% of Labour Cost] 3,60,000 (5) Factory Cost [(3) + (4)] 20,00,000 (6) Add: Administration OH [20% of Factory Cost] 4,00,000 (7) Cost of Production [(5) + (6)] 24,00,000 (8) Add: Opening Stock of finished goods. (1, ) 1,80,000 (9) Less: Closing Stock of finished goods ( ) 1,80,000 (10) Cost of Goods Sold 24,00,000 (11) Add: Selling & Distribution OH 2,56,250 (12) Cost of Sales 26,56,250 (13) Add: Profit (Balancing Figure) 2,13,750 (14) Sales 28,70,000 (II) Statement of Reconciliation: Profit as per Cost Accounts 2,13,750 Under Recovery of factory OH (19,000) Under Recovery of Administration OH (24,000) Over Valuation of Opening Stock 40,000 Over Valuation of Closing Stock (30,000) Over Recovery of Selling & Distribution OH 36,250 Bad debts (16,000) Discount Allowed (20,000) Bad Debts Recovered 5,000 Rent Received 40,000
3 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 3 Net Profit as per Financial Accounts 2,26,000 Chapter - 4 : Contract Costing Dec [1] (b) As the contract is 80% complete of the Notional profit should be transferred to P/L A/c Notional Profit = Profit transferred to P/L A/c = 60,000 = ` 90,000 Chapter - 5 : Process Costing Dec [2] (b) (iii) Process A A/c Particulars Units (`) Particulars Units (`) To Input ,59,200 B y N o r m a l l o s s 440 4,400 (5% of 8800) To Material 46,500 To Labour 1,45,000 To Electric 48,000 By Process B A/c ,85,738 Power By Abnormal Loss A/c 60 8, ,98, ,98,700 Transfer Price in Process A A/c: = = Process B A/c Particulars Units (`) Particulars Units (`) To Process A A/c ,85,738 By Normal loss (4% of 8300) 332 3,984
4 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 4 To Material 93,680 To Labour 95,000 To Electric Power To Abnormal gain A/c = = = ,566 32,000 By finished goods A/c ,08, ,11, ,11,984 Abnormal Loss A/c Particulars (`) Particulars (`) Process A A/c 8,562 By P/L A/c 8,562 8,562 8,562 Abnormal Gain A/c Particulars (`) Particulars (`) To P/L A/c 5,566 By Process B A/c 5,566 Chapter - 8 : Marginal Costing Dec [1] (a) BEP = = 1,60,000 = or P/V Ratio = = = 5,566 5,566 Contribution = = Contribution = = ` 50,000 Variable Cost = Sales - Contribution Variable Cost = 2,00,000-50,000
5 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 5 = ` 1,50,000 Profit = Sales - FC - VC Profit = 2,00,000-40,000-1,50,000 = ` 10, Dec [2] (a) (i) Particulars Sales 12,00,000 10,80,000 Less: Variable Cost 7,20,000 7,20,000 Contribution 4,80,000 3,60,000 Less: Fixed Cost 3,60,000 2,16,000 Profit 1,20,000 1,44,000 For 2014: Margin of safety = 12,00,000 25% = 3,00,000 BEP = 12,00,000-3,00,000 = 9,00,000 Also BEP = = 9,00,000 = Fixed Cost = 9,00,000 40% = ` 3,60,000. P/V Ratio = 40% = = 40% = Contribution = ` 4,80,000 Also Variable Cost = Sales - Contribution Variable Cost = 12,00,000-4,80,000 = ` 7,20,000 Profit = Sales - VC - FC or Profit = Contribution - FC Profit = 4,80,000-3,60,000 = ` 1,20,000 For 2015: Variable Cost = ` 7,20,000 P/V Ratio = % = = = %
6 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 6 or 1 - = % = = 1- % = % or Sales = = ` 10,80,000 Margin of Safety = 10,80,000 40% = ` 4,32,000 BEP = 10,80,000-4,32,000 = 6,48,000 = 6,48,000 = = FC = % or Fixed Cost = ` 2,16,000 Chapter - 9 : Throughput Accounting Dec [2] (c) (ii) Particulars P Q R Selling Price per unit (`) V.C. per unit (`) 10,000 7,000 8,000 5,600 6,000 4,000 Contribution per unit (`) 3,000 2,400 2,000 Time Required in Machine Z (hours) Contribution per Machine Hour (`) ,000 Rank III II I Allocation of Machine time (hrs) 3,800 (Balance) 1,200 (200 x 6) 400 (200 x 2) Production(units) (3,800 20)
7 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 7 Allocation of Machine x time (hrs) 3,800 (190 x 20) 2,400 (200 x 12) 800 (200 x 4) Allocation of Machine Y time (hrs) 3,800 (190 20) Calculation of total profit Particulars 3,600 (200 18) 1,200 (200 6) Amount (`) P (190 x 3,000) 5,70,000 Q (200 x 2,400) 4,80,000 R (200 x 2,000) 4,00,000 Total Contribution 14,50,000 Less: Fixed Cost 7,80,000 Profit 6,70,000 Chapter - 11 : Transfer Pricing Dec [2] (c) (i) XYZ Ltd. which has a system of assessment of Divisional Performance on the basis of residual income has two Divisions, Alfa and Beta. Alfa has annual capacity to manufacture 15,00,000 numbers of a special component that it sells to outside customers, but has idle capacity. The budgeted residual income of Beta is ` 1,20,00,000 while that of Alfa is ` 1,00,00,000. Other relevant details extracted from the budget of Alfa for the current years were as follows. Chapter - 12 : Budgeting & Budgetary Control Dec [2] (b) (ii) Production Budget for ABC Co. Ltd. Particulars Product A Product B Product C Sales 60,000 50,000 80,000 Add: Closing Stock 10,000 8,000 17,500 70,000 58,000 97,500
8 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 8 Less: Opening Stock 6,000 9,000 12,000 Production 64,000 49,000 85,500 A d ju s t me n t f o r 2,667 1,000 4,500 Normal loss Production Required 66,667 50,000 90,000 Chapter - 13 : Standard Costing Dec [1] (e) Standard Hours for Actual Output = = 1,200 Efficiency Ratio = = 1.2 or 120% Dec [2] (b) (i) = SR SH(1)(`) SRAH(2)(`) SRR BH(3)(`) SR BH(4)(`) AR AH(5)(`) 0.6 x 4,500 = 2, x 4,200 = 2,520 SR = = = 0.60 Standard Man Hours per unit = 0.6 x 4,400 = 2,640 = 5 Standard Hours for Actual Output = 900 x 5 = 4,500 Revised Budgeted Hours = 0.6 x 4,000 = 2,400 = 4,400 Fixed Overhead Variances: (a) FOH Efficiency Variance = (1) - (2) = ` 180 (F) 2,500
9 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 9 (b) FOH Capacity Variance = (2) - (3) = ` 120(A) (c) FOH Calendar Variance = (3) - (4) = ` 240 (F) (d) FOH Volume Variance = (1) - (4) = ` 300 (F) (e) FOH Budget Variance = (4) - (5) = ` 100 (A) (f) FOH Cost Variance = (1) - (5) = ` 200 (F) Chapter - 14 : Uniform Costing Dec [1] (d) Limitations of Inter-firm Comparison: (a) The top management may not be convinced of the utility of inter-firm comparison. (b) Reluctance to disclose data which a concern considers to be confidential. Chapter - 15 : Cost Records and Cost Audit Dec [1] (f), (g) (f) No, a cost auditor required to audit and certify monthly, quarterly, halfyearly and yearly cost statements. (g) Yes, as provisions applicable to statutory auditor are also applicable to cost auditor Dec [3] (a), (b), (c) (a) (i) Yes, the Records and Cost Audit be applicable for-2 Years (ii) Yes, maintenance of cost accounting records mandatory for a multiproduct company where all the products are not covered under the Rules even if the Turnover of the individual product/s that are covered under the Rules in less than rupees thirty five crores. (b) The duties of the cost auditor: The duties of the cost auditor are as follows: (a) To ensure that the proper books of accounts as required by Cost Accounting Records Rules have been kept by the company.
10 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 10 (b) To ensure that the Cost Audit Report and the detailed cost statements are in the form prescribed by the Cost Audit Report Rules. (c) The underline assumptions and basis for allocation and absorption of indirect expenses are reasonable and are as per the established accounting principles; (d) If the auditor is not satisfied in any of the aforesaid matters, he may give a qualified report along with the reasons for the same; (e) Sending the Report to the Cost Audit Branch within 180 days from the end of the financial year with one copy to the company; (f) Sending his replies to any clarification, that may be sought by the Cost Audit Branch on his report. Sending such replies within 30 days from the date of receipt of communication calling for such clarification. (c) Procedure for Appointment of Cost Auditor under Companies Act, 2013: 1. The cost auditor is to be appointed by the Board of Directors on the recommendation of the Audit Committee, where the company is required to have an Audit Committee. 2. Every company as specified in Rule 3 shall, within one hundred and eighty days of the commencement of every financial year, appoints a cost auditor. 3. Provided that before such appointment is made, written consent of the cost auditor to such appointment, and a certificate that the appointment, if made, shall be in accordance with the provisions of Sections 139, 141 and 148 of the Act and Rules made there under, as applicable, shall be obtained from the cost auditor. 4. The Board of Directors of the company shall be responsible for, satisfying itself with the eligibility, qualifications and disqualifications of cost auditor, as per the criteria provided in Section 141 of the Act, as applicable. 5. Every company as specified in sub-rule (1) shall inform the cost auditor concerned of his or its appointment and also file a notice of
11 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 11 such appointment with the Central Government within thirty days of the Board Meeting in which the cost auditor is appointed or within one hundred and eighty days of the commencement of the financial year, whichever is earlier, through electronic mode, in the CRA-2 form, along with such fees or additional fees specified in Companies (Registration Offices and Fees) Rules, Auditor shall continue in office till the expiry of 180 days from the closure of the financial year or till he submit the report. 7. Any casual vacancy in the office of a cost auditor, whether due to resignation, death or removal, shall be filled by the Board of Directors within thirty days of occurrence of such vacancy and the company shall inform the Central Government in Form CRA-2 within thirty days of such appointment of cost auditor. Chapter - 16 : Economics for Managerial Decision Making Dec [1] (h), (i), (j) (h) Shadow Pricing: The producer has to decide two questions (1) how much of each product should be produced to maximize profits, (2) What price is worth paying for additional quantities of a scarce resource. To decide the second question What price is worth paying for additional quantity of a scarce resource, very often shadow prices are used. Shadow prices are not prices obtained by observing the real world. Shadow prices are imputed values. The shadow prices show the marginal contribution of the factors of production employed. It is calculated by using the simplex method. These imputed values show the increase in profit which would result if an additional unit of that scarce factor is used. The imputed value is the reduction in contribution if that scarce factor is removed. (i) Conditions for Price discriminations: The price discrimination is possible if the following conditions are satisfied. 1. More than one Market: There must be two or more than two separate markets otherwise the price discrimination is not possible.
12 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 12 Different markets must be essential for charging different prices from different persons. 2. Different elasticity: The elasticity of demand in each market must be different. It means that if one market is less elastic than the other it should be elastic. If the elasticity of demand is equal in all markets there will be no scope for price discrimination. (j) At Break Even Point, TR = TC. 20Q = Q 8Q = 400 or Q = 50 Hence, BEP in units is 50 units Dec [4] (a), (b), (c) (a) (i) C = - 5 x x x P = x Revenue = XP = 2055x - 5 x 2 Profit = Revenue - Cost Or π = 2055 x - 5 x x 2-27 x x Or π = x x = = - x for profit maximization = 0 or - x = 0 x 2 = 2025 x =
13 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 13 Also = 45 = - 2 x in negative. Profit at maximum at output of 45 units Price = = 1830 (ii) A firm has to shut down its operation, if the price is less than average variable cost. Under perfect competition P = MR i.e. Price is equal to marginal revenue. The firm will continue its operation under the short run so long as price is atleast equal to average variable cost. Thus, the equilibrium price which the firm will shut down is the minimum AVC i.e. the average variable cost. AVC = Q + 2Q 2 AVC is minimum where = 0 i.e. = Q (b) (i) = 0 i.e. Q = 10 units. when the form is producing 10 units, AVC = Q + 2Q 2 = (10) + 2 (10) 2 = = 100 If the price falls before ` 100 the firm has to shut down its operation under short run.
14 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 14 Products Super Delux Required units Chemical A Chemical B Cost 7 4 Let x 1 be the number of jars of Super Let x 2 be the number of carton of Delux. Objective function: Minimize Z = 7x 1 + 4x 2 Subject to constraints: 5x 1 + 3x x 1 + 3x x 1, x 2 0 (ii) C = 300x - 12 x 2 + Marginal Cost (y) = = x + or y = x + x 2 Marginal Cost is minimum when = 0 = x = 0 2x = 24 or x = 12 Also = +2 which is positive Marginal cost is minimum at an output of 12 units. Average cost = = x + When Marginal Cost = Average Cost, then,
15 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) x + x 2 = x + or x 2-12x - = 0 or 3 x 2-36x - x 2 = 0 or 2 x 2-36x = 0 or x 2-18x = 0 or x(x - 18) = 0 x = 0,18 Hence, Marginal cost is equal to Average Cost when either x = 0, units or x = 18 units. (c) Calculation of trend values by Least Square Method. Year (Y) Milk Demand (in lakh liters) Time Deviation (x) X 2 XY Trend value Y c , , ,020 1, , ,060 1, ,480 1, ,230 1, N = 7 y = 7,610 x = 0 X 2 = 28 xy = 2,420 Y c = a + bx a = = = 1, Y c = 76,10.001
16 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 16 b = = = Y c = 1, x For 2017 value of x is + 5 Y c = 1, ( ) Hence, Y c = 1, for year 2017 (d) (i) Isoquants: To understand a production function with two variable inputs, it is necessary to explain what an isoquant is. An isoquant is also known as Iso-product curve, Equal product curve or a production indifference curve. These curves show the various combinations of two variable inputs resulting in the same level of output. The following table shows how different pairs of labour and capital result in the same output. Labour & Capital Inputs in Relation to Output Labour (units) Capital (units) Output (units) It will be seen that output is the same either by employing 4 Labour + 1 Capital or by 5 Labour + 0 Capital (and so on). This relationship, when shown graphically, results in an isoquant. For each level of output there will be a different isoquant. When array of isoquant are represented on a graph, it is called an isoquant map.
17 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 17 Indi f f e r e n c e C u r ve: A n indif fere n c e curv e is a curv e whic h repr e s e n t s
18 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 18 combinations of goods which give equal satisfaction to the consumer. As all the combinations on an indifference curve give equal satisfaction to the consumer, the consumer is indifferent among them. In other words, as all the combinations provide same level of satisfaction the consumer prefers them equally and is not affected by which combination he gets. Assuming that there are two goods X and Y having their respective utility schedules for a consumer, an indifference curve represents all those combinations of two goods from which the consumer expects to derive same total satisfaction. In figure (i), total satisfaction will be same at points A (X 1, Y 1 ), B (X 2, Y 2 ) and C (X 3, Y 3 ). The equilibrium condition is when Budget line is tangent to Indifference curve (as in Fig (ii)), At Equilibrium Point E, Slope of IC = Slope of BL.
19 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 19 Or (ii) Instead of setting a high price, the firm may set a low price for a new product by adding a low mark-up to the full cost. This is done to penetrate the market as quickly as possible. The assumptions behind the low penetration price policy are: (a) The new product is being introduced in a market which is already served by well-known brands. A low price is necessary to attract gradually consumers who are already accustomed to other brands. (b) The low price will help to maximize the sales of the product even in the short period. (c) The low price is set in the market to prevent the entry of new products. Penetration price policy is preferred to skimming price under three conditions: In the first place, skimming price offering a high margin will attract many rivals to enter the market. With the entry of powerful rivals into the market, competition will be intensified, price will fall and profits will be competed away in the long run. A firm will prefer a low penetration price if it fears the entry of powerful rivals with plenty of capital and new technology. For a low penetration price, based on extremely low mark-up will be least profitable and potential competitors will not be induced to enter the market. Secondly, a firm will prefer low penetration price strategy if product differentiation is low and if rival firms can easily imitate the product. In such a case, the objective of the firm to fix low price is to establish a strong market based and build goodwill among consumers and strong consumer loyalty. Finally, a firm may anticipate that its main product may generate continuing demand for the complementary items. In such a case, the firm will follow penetration pricing for its new product, so that the product as well as its complements will get a wider market.
20 Solved Scanner Appendix CMA Inter Gr. II Paper - 10 (New Syllabus) 20 Shuchita Prakashan (P) Ltd. 25/19, L.I.C. Colony, Tagore Town, Allahabad Visit us :
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