What is meant by apportionment of costs? Discuss the principles of apportionment.
See Answer →Discuss the characteristics, merits and demerits of time wage system and piece wage system.
See Answer →What is meant by time keeping? Describe its forms and purpose.
See Answer →The standard time allowed to complete a job is 100 hours and the hourly rate of wage payment is Rs. 5. The actual time taken by the worker to complete the job is 80 hours.
Calculate the total wages of the worker on the basis of :
i) Time Rate
ii) Piece Rate
iii) Halsey Plan
iv) Rowan Plan
Also compare the effective earnings per hour under the above methods.
Discuss different items that are taken into account while ascertaining the cost of materials. Support your answer with an illustration
See Answer →Explain centralized and decentralized purchasing systems along with their merits and demerits.
See Answer →From the following particulars of a manufacturing firm, prepare the Cost Sheet showing (i) Prime Cost, (ii) Works Cost, (iii) Cost of Production, and (iv) Cost of Sales.
| Rs. | |
| Stock of materials on 1.1.2018 | 40,000 |
| Purchase of Materials | 11,00,000 |
| Stock of finished goods on 1.1.2018 (5,000 units) | 50,000 |
| Productive wages | 5,00,000 |
| Finished goods sold (1,74,000 units) | 24,36,000 |
| Works overheads | 1,50,000 |
| Office expenses | 1,00,000 |
| Stock of materials on 31.12.2018 | 1,74,000 |
| Stock of finished goods on 31.12.2018 (6,000 units) | 1,48,000 |
See Answer →
Explain the differences between cost accounting and financial accounting. What are the advantages of cost accounting?
See Answer →Explain the following questions:
a) Provisions of rent free accommodation when accommodation is provided by any other employer
b) CBDT
c) Provisions relating to Income from assets transferred to daughter in law u/s 64 (1) (vi)
d) Provisions relating to set off of losses from owning and maintaining race horses u/s 74 A (3)
Bond washing transactions
See Answer →Entertainment allowance u/s 16 (ii)
See Answer →Deduction u/s80E
See Answer →Defective return u/s 139(9)
See Answer →Find out the taxable value of the Interest free/Concessional loan as per rule 3(7) (i)
See Answer →What is the provision applicable for Additional deprecation on new machinery or plant u/s section 32.
See Answer →Explain the provision relating to ‘Profits in Lieu of Salary’
See Answer →Gita, Sita and Mita are partners of a firm with equal shares. The profits and loss accounts for the year ended 31.3.21 shows a net profit
of Rs 99,750 after debiting the following as per deed
i. Salaries of Rs 17,000 and Rs 18,000 to Gita and Sita respectively
ii. Bonus to Mita Rs 15,000
iii. Rs 5,000 for interest on Capital to Gita calculated @ 20%.
iv. Rs 15,000 for rent of the business premises paid to Sita.
v. Commission of Rs 5,000 to Mita.
Compute Book profit and the total income of the firm for the assessment Year 2021-22, assuming that it is a professional firm and all are working partners
Mr Amit came to India for the first time on July, 10, 2020 and stayed up to February 28, 2021, Determine his residential status for the assessment year 2021-22.
See Answer →Discuss the provisions relating to Voluntary Retirement u/s 10 (10C)
See Answer →Explain the provisions relating to exemption of income for nonresident assessee.
See Answer →