Costing & FM paper PCC/IPCC may 2010

Page no : 2

Bhavin (Accountant) (29 Points)
Replied 10 May 2010

Paper was lenghty...

FM was tough i feel.

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Nitesh Bhandari (Ca Finalist Articled Trainee) (93 Points)
Replied 10 May 2010

Process - 1
Particulars	Total	Cost	Profits	Particulars	Total	Cost	Profits
Op. Stock	150000	150000		Transfer to	1080000	810000	270000
Materials	300000	300000		PR. II
Wages	224000	224000
Less: Cl. Stock	-74000	-74000
Prime Cost	600000	600000
Overhead	210000	210000
Total Stock	810000	810000
Add : 33.33%	270000		270000

Totals	1080000	810000	270000	Totals	1080000	810000	270000

Process - 2
Particulars	Total	Cost	Profits	Particulars	Total	Cost	Profits
Op. Stock	180000	150000	30000	Transfer to	2250000	1515000	735000
From Pr-1	1080000	810000	270000	FG
Materials	315000	315000
Wages	225000	225000
Less: Cl. Stock	-90000	-75000	-15000
Prime Cost	1710000	1425000
Overhead	90000	90000
Total Stock	1800000	1515000
Add : 25%	450000		450000

Totals	2250000	1515000	735000	Totals	2250000	1515000	735000

Finished Stock
Particulars	Total	Cost	Profits	Particulars	Total	Cost	Profits
Opening Stock	450000	285000	165000	By Cost	2800000	1650000	1150000
From Pr -2	2250000	1515000	735000	of Sales
Less: Cl. Stock	-225000	-150000	-75000
	2475000	1650000	825000

Profit	325000		325000
Totals	2800000	1650000	1150000	Totals	2800000	1650000	1150000

Nitesh Bhandari (Ca Finalist Articled Trainee) (93 Points)
Replied 10 May 2010

Originally posted by : ๑(•ิ.•ั)๑uttam๑(•ิ.•ั)
	plz tell me q.2 mr. nitesh .....

For 2nd sum i guess we need to claim escalation only for the increase in prices and not for material inefficiencies...

Nitesh Bhandari (Ca Finalist Articled Trainee) (93 Points)
Replied 10 May 2010

Originally posted by : Basanti
	Costing & FM Paper is gone!!!!!!!!!!!!!!!!!!! Now please suggest something for TAX?????????????????????????????????

Tax -

u being a PCC stud concentrate on service tax & Vat only basic i would suggest go trough ICAI's material for IDT - u can easily get 25 marks

and for direct tax just keep preparing no other way out..

I Follow TG Suresh's material - now u dont have time so just stick to what u know be conversant with the latest amendments.. thats all - all the best..

Nitesh Bhandari (Ca Finalist Articled Trainee) (93 Points)
Replied 10 May 2010

Compound Amount = 75000 (8/200)power 10

75000*1.48 = 111000

interest = 36000

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Nitesh Bhandari (Ca Finalist Articled Trainee) (93 Points)
Replied 10 May 2010

Component	Weight	Rate	Cost
Equity	50.00	15.00	7.50
Preference	13.33	8.00	1.07
Retained Earnings	20.00	11.00	2.20
Debentures	16.67	6.30	1.05
		(9*.7)	11.82

Nitesh Bhandari (Ca Finalist Articled Trainee) (93 Points)
Replied 10 May 2010

Particulars		June	July	August	September
Opening Balance		45000	45500	45500	45000
Cash receipt
Cash Sales - 20% Of Current Month sales		100000	98000	108000	122000
Collection from Debtors		348000	380000	396000	412000
Dividends Received		25000	0	0	0

Cash Available		518000	523500	549500	579000

Payment to Suppliers		200000	210000	260000	282000
Payment of Overheads		40000	38000	37500	60800
Payment of Wages		162500	165000	165000	167500
Interest
Installment		0	20000	20000	20000
Income Tax		0	0	15000	0
Fixed Deposits		70000	45000	7000	3000
Closing Balance		45500	45500	45000	45700

Sales		500000	490000	540000	610000

Sale in April	420000	168000	0	0	0
Sale in May	450000	180000	180000	0	0
Sale in June	500000	0	200000	200000	0
Sale in July	490000	0	0	196000	196000
Sale in August	540000	0	0	0	216000
Sale in September	610000	0	0	0	0
		348000	380000	396000	412000