Explain the various methods of accounting for by-products.

State the main characteristics of process costing and outline the costing procedure thereof.

State how you would ascertain the actual profit on an incomplete contract. How far such profit is taken to Profit and Loss Account.

In 2023, the factory received an order for a number of jobs. It was estimated that direct materials required would be for Rs. 1,20,000 and direct labour would cost Rs. 75,000. What should be the price for these jobs if factory intends to earn the same rate of profit on sales as in 2023, assuming that the selling and distribution overheads had gone up by 15%? The factory recovers factory overheads as a percentage of direct wages and administration and selling and distribution overheads as a percentage of works cost.

Prepare a Job Cost Sheet indicating the Prime Cost, Works Cost, Cost of Production, Cost of Sales and Sales Value.

A factory uses job costing. The following data is obtained from its books for the year ended 31st December, 2023;

Explain the computation of machine hour rate with the help of an example.

 What are the different methods of incentives? Discuss any one of the systems of bonus or premium which you consider as effective.

What do you understand by ABC analysis? How is the control of stores items effected through ABC analysis?

State the importance of costing in a modern economy.

Non- Performing Assets

Internal Reconstruction

Disposal of Non-Banking Assets

Minority Interest

Preliminary Expenses

Asea Ltd. Issued 5,000 14% debentures of Rs. 100 each at a discount of 6% on January 1, 2016. The entries amount is payable on application. These debentures are redeemable at a premium of 5%. The interest on debentures is payable annually on December 31 each year and any loss on their issue is to be written off in three years. Give Journal entries for the above in the books of the Company.

What are the special features of Profit and Loss Account of a Company?

Explain the books of account generally kept by the Bank.

Differentiate between amalgamation and absorption.

From the following information, you are required to calculate the value of Goodwill by Capitalization Method:

1) Capitalization of Actual Average Profit

2) Capitalization of Super Profit

a. Actual Average Profit Rs. 60,000

b. Normal Rate of Return 10%

c. Actual Capital Employed Rs. 4,50,000