Cost Sheet and Tender sheet solution of OLD IS GOLD
|
OLD is Gold solution of Account class 12 |
|
|
Class 11 Solution of Account |
2076 Set B Q. No. 21
Cost sheet
|
Particular |
Amount |
|
Direct material consumption |
250000 |
|
Add: Direct labor cost |
250000 |
|
Prime cost |
500000 |
|
Add: Factory overhead |
300000 |
|
Factory cost |
800000 |
|
Add: Office overhead |
200000 |
|
Total cost |
1000000 |
Percentage of factory overhead on direct labour cost =
(Factory overhead / Direct wages) * 100
= (300000 / 250000) * 100
= 120%
Percentage of Administrative overhead = (Administrative O.H
/ Factory cost) * 100
=
(2000000 / 800000) *100
=
25%
Tender Sheet
|
Particular |
Amount |
|
Direct material |
125000 |
|
Add: Direct labour |
80000 |
|
Prime cost |
205000 |
|
Add: Factory overhead (120% of 80000) |
96000 |
|
Factory cost |
301000 |
|
Add: Office overhead (25% of 301000) |
75250 |
|
Total cost |
376250 |
|
Add: Profit (376250 * 20)/80 |
94062.5 |
|
Sales |
470312.5 |
When the percentage of profit is given on sales and sales is not
available:
Net profit = Total cost X (% Profit / (100- % profit))
2076 Set C Q. no. 21
Cost Sheet
|
Particular |
Amt. |
Amt. |
|
Opening stock of raw material |
24000 |
|
|
Add: Purchase of raw material |
360000 |
|
|
Add: Carriage on purchase |
16000 |
400000 |
|
Less: Closing Stock of raw material |
20000 |
(20000) |
|
Cost of raw
material |
|
380000 |
|
Direct wages |
|
184000 |
|
Prime cost |
|
564000 |
|
Add: Factory overhead |
|
|
|
:- Indirect wages |
90000 |
|
|
:- Indirect materials |
26000 |
|
|
:- Other factory expenses |
120000 |
236000 |
|
Factory cost |
|
800000 |
|
Add: Office and administrative Overhead |
|
0 |
|
Cost of
production |
|
800000 |
|
Add: Opening Stock of finished goods (1000 X 80) |
80000 |
|
|
Less: Closing stock of finished goods (1000 X 80) |
(80000) |
0 |
|
Cost of goods
sold |
|
800000 |
|
Add: Selling and distribution overhead |
|
|
|
:- Selling and distribution expenses |
10000 |
10000 |
|
Cost of sale |
|
810000 |
|
Add: Profit (810000 * 10 / 90) |
|
90000 |
|
Total sales amount |
|
891000 |
Working note to find closing stock of finished goods
Sales units = Opening stock + Production units - Closing
stock
Or, 10000 = 1000 + 10000 - Closing stock
Closing stock = 1000 units
Cost per units = Cost of production / Production units
= 800000 / 10000
= 80 per unit
2075 GIE Q. no. 21
Cost Sheet
|
Particular |
Amt. |
Amt. |
|
Opening stock of raw material |
|
20000 |
|
Add: Purchase of raw material |
|
150000 |
|
Less: Closing Stock of raw material |
(15000) |
|
|
Cost of raw
material |
|
155000 |
|
Direct wages |
|
107000 |
|
Prime cost |
|
262000 |
|
Add: Factory overhead |
|
|
|
:- Depreciation on machinery |
5000 |
|
|
:- fuel |
15000 |
|
|
:- Factory rent |
10000 |
30000 |
|
Factory cost |
|
292000 |
|
Add: Office and administrative Overhead |
|
0 |
|
:- Office salaries |
25000 |
|
|
:- Office stationery |
5000 |
30000 |
|
Cost of
production |
|
322000 |
|
Add: Opening Stock of finished goods
(500X 165) |
82500 |
|
|
Less: Closing stock of finished goods (1000 X 165) |
(165000) |
(82500) |
|
Cost of goods
sold |
|
239500 |
|
Add: Selling and distribution overhead |
|
|
|
:- Selling and distribution expenses (1500 * 10) |
15000 |
15000 |
|
Cost of sale |
|
254500 |
|
Add: Profit (254500 * 20 / 80) |
|
63625 |
|
Total sales amount |
|
891000 |
Working note to find Sales units
Sales units = Opening stock + Production units - Closing
stock
= 500 + 2000 - 1000
= 1500 units
2075 Set A Q. No. 21
Cost sheet
|
Particular |
Amount |
|
Direct material |
100000 |
|
Add: Direct labour cost |
80000 |
|
Prime cost |
180000 |
|
Add: Factory overhead |
60000 |
|
Factory cost |
240000 |
|
Add: Administrative overhead |
50000 |
|
Cost of production
|
290000 |
|
Add: Selling overhead |
30000 |
|
Total cost |
220000 |
Percentage of factory overhead on direct labour cost =
(Factory overhead / Direct wages) * 100
= (60000 / 80000) * 100
= 75%
Percentage of Administrative overhead = (Administrative O.H
/ Factory cost) * 100
=
(50000 / 240000) *100
=
20.833%
Percentage of Selling overhead = (Selling overhead / Factory
cost) * 100
=
(30000 / 240000) * 100
=
12.5%
Tender Sheet
|
Particular |
Amount |
|
Direct material |
60000 |
|
Direct labour |
40000 |
|
Prime cost |
100000 |
|
Factory overhead (75% of 40000) |
30000 |
|
Factory cost |
130000 |
|
Administrative overhead (20.833% of 130000) |
27083 |
|
Cost of
production |
157083 |
|
Sales Overhead (12.5% of 130000) |
16250 |
|
Total cost |
173333 |
|
Add: Profit (173333 * 25)/75 |
57778 |
|
Sales |
231111 |
When the percentage of profit is given on sales and sales is not
available:
Net profit = Total cost X (% Profit / (100- % profit))
2075 Set B Q. no. 21
a)
Cost Sheet
|
Particular |
Amt. |
Amt. |
|
Opening stock of raw material |
40000 |
|
|
Add: Purchase of raw material |
200000 |
|
|
Add: Carriage on purchase |
20000 |
|
|
Less: Closing Stock of raw material |
(60000) |
|
|
Cost of raw
material |
|
200000 |
|
Direct wages |
|
100000 |
|
Prime cost |
|
300000 |
|
Add: Factory overhead |
|
|
|
:- Factory overhead |
50000 |
|
|
Less: Sales of the scarp |
(5000) |
45000 |
|
Factory
incurred |
|
345000 |
|
Add: Opening stock of Work-in-Progress |
20000 |
|
|
Less: Closing stock of Work-in-progress |
(35000) |
(15000) |
|
Factory cost |
|
330000 |
|
Add: Office and administrative Overhead |
|
|
|
Administrative overhead (10% of 300000) |
30000 |
30000 |
|
Cost of
production |
|
360000 |
|
Add: Opening stock of finished goods (1000 X 90) |
90000 |
|
|
Less: Closing stock of finished goods (2000 X 90) |
(180000) |
(90000) |
|
Cost of goods
sold |
|
270000 |
|
Add: Selling and distribution overhead |
|
|
|
:- Selling overhead (3000 * 10) |
30000 |
30000 |
|
Cost of sale |
|
300000 |
|
Add: Profit (300000 * 20 / 80) |
|
75000 |
|
Total sales amount |
|
375000 |
Working note to find sales unit
Sales units = Opening stock + Production units - Closing
stock
= 1000 + 4000 - 2000
= 3000 unit
b)
Profit per units = Profit / Sales unit
= 75000 / 3000
=
Rs. 25
2074 Supp. Q. No. 21
Cost sheet
|
Particular |
Amount |
|
Direct material |
300000 |
|
Direct labour cost |
200000 |
|
Prime cost |
500000 |
|
Factory / worked overhead |
150000 |
|
Factory cost |
650000 |
|
Office overhead |
130000 |
|
Cost of
production |
780000 |
|
Selling and distribution overhead |
65000 |
|
Total cost |
845000 |
|
Add: profit (845000 X 20 / 100) |
169000 |
|
Total Sales |
1014000 |
Percentage of factory overhead on direct labour cost = (Factory
overhead / Direct wages) * 100
= (150000 / 20000) * 100
= 75%
Percentage of Administrative overhead = (Administrative O.H
/ Factory cost) * 100
=
(130000 / 65000) *100
=
20%
Percentage of Selling overhead = (Selling overhead / Factory
cost) * 100
= (65000 / 650000) * 100
= 10%
Tender Sheet
|
Particular |
Amount |
|
Direct material |
500000 |
|
Direct labour |
300000 |
|
Prime cost |
800000 |
|
Factory overhead (75% of 300000) |
225000 |
|
Factory cost |
1025000 |
|
Office overhead (20% of 1025000) |
205000 |
|
Cost of
production |
1230000 |
|
Selling and distribution overhead (10% of 1025000) |
1332500 |
|
Add: Profit (1332500 X 20 / 100) |
266500 |
|
Sales |
1599000 |
When the percentage of profit is given on sales and sales is not
available:
Net profit = Total cost X (% Profit / (100- % profit))
2074 Set A Q. No. 21
Cost sheet
|
Particular |
Amount |
|
Direct material |
200000 |
|
Direct wages |
100000 |
|
Prime cost |
300000 |
|
Factory / worked overhead |
50000 |
|
Factory cost |
350000 |
|
Administrative overhead |
70000 |
|
Cost of
production |
420000 |
|
Selling and distribution overhead |
35000 |
|
Total cost |
455000 |
|
Add: profit (455000 X 10 / 90) |
50556 |
|
Total Sales |
505556 |
Percentage of factory overhead on direct labour cost =
(Factory overhead / Direct wages) * 100
= (50000 / 10000) * 100
= 50%
Percentage of Administrative overhead = (Administrative O.H
/ Factory cost) * 100
=
(70000 / 350000) *100
=
20%
Percentage of Selling overhead = (Selling overhead / Factory
cost) * 100
= (35000 / 350000) * 100
= 10%
Tender Sheet
|
Particular |
Amount |
|
Direct material |
120000 |
|
Direct labour |
80000 |
|
Prime cost |
200000 |
|
Factory overhead (50% of 80000) |
40000 |
|
Factory cost |
240000 |
|
Office overhead (20% of 240000) |
48000 |
|
Cost of
production |
288000 |
|
Sales overhead (10% of 240000) |
24000 |
|
Total cost |
312000 |
|
Add: Profit ( 312000* 10)/90 |
34667 |
|
Sales |
346667 |
When the percentage of profit is given on sales and sales is not
available:
Net profit = Total cost X (% Profit / (100- % profit))
2074 Set B Q. no. 21
Cost Sheet
|
Particular |
Amt. |
Amt. |
|
Opening stock of raw material |
250000 |
|
|
Add: Purchase of raw material |
450000 |
|
|
Less: Closing Stock of raw material |
(150000) |
|
|
Cost of raw
material |
|
550000 |
|
Direct wages |
|
90000 |
|
Prime cost |
|
640000 |
|
Add: Factory overhead |
|
|
|
:- Depreciation on machinery |
10000 |
|
|
:- Fuel and water |
20000 |
30000 |
|
Factory cost |
|
670000 |
|
Add: Office and administrative expenses |
|
|
|
:- Office salary |
50000 |
|
|
:- Office expenses |
15000 |
|
|
:- Office stationery |
15000 |
80000 |
|
Cost of
production |
|
750000 |
|
Add: Opening stock of finished goods (200 X 800) |
160000 |
|
|
Less: Closing stock of finished goods (400 X 1000) |
(400000) |
(240000) |
|
Cost of goods
sold |
|
510000 |
|
Add: Selling and distribution overhead |
|
|
|
:- Selling overhead (2% of 750000) |
15000 |
15000 |
|
Cost of sale |
|
525000 |
|
Add: Profit (525000 * 20 / 80) |
|
131250 |
|
Total sales amount |
|
656250 |
2073 Supp. Q. No. 21
Cost sheet
|
Particular |
Amount |
|
Direct materials |
300000 |
|
Direct wages |
175000 |
|
Prime cost |
475000 |
|
Factory / worked overhead |
95000 |
|
Factory cost |
570000 |
|
Office overhead |
57000 |
|
Total Cost |
627000 |
|
Add: Profit (627000 * 20%) |
125400 |
|
Total sales |
752400 |
Percentage of factory overhead on direct labour cost =
(Factory overhead / Direct wages) * 100
= (95000 / 175000) * 100
= 54.29%
Percentage of Administrative overhead = (Administrative O.H
/ Factory cost) * 100
=
(57000 / 570000) *100
=
10%
Tender Sheet
|
Particular |
Amount |
|
Direct materials |
400000 |
|
Direct labour |
300000 |
|
Prime cost |
700000 |
|
Factory overhead (54.29% of 300000) |
162870 |
|
Factory cost |
862870 |
|
Office overhead (10% of 862870) |
86287 |
|
Total cost |
949175 |
|
Add: Profit (949175* 20)/80 |
237289 |
|
Sales |
1186464 |
2073 Set C Q. no. 21
Cost Sheet
|
Particular |
Amt. |
Amt. |
|
Opening stock of Direct material |
|
60000 |
|
Add: Purchase of Direct material |
|
240000 |
|
Add: Carriage on purchase |
|
4000 |
|
Less: Closing Stock of raw material |
|
(40000) |
|
Cost of raw
material |
|
264000 |
|
Direct wages |
|
144000 |
|
Direct expenses |
|
20000 |
|
Prime cost |
|
428000 |
|
Add: Factory overhead |
|
|
|
:- Factory overhead |
70000 |
70000 |
|
Factory cost
incurred |
|
498000 |
|
Add: Opening stock of Work-in-progress |
30000 |
|
|
:- Less: Closing stock of Work-in-progress |
(25000) |
5000 |
|
Factory cost |
|
503000 |
|
Add: Office and administrative expenses |
|
|
|
:- Administrative overhead |
54000 |
54000 |
|
Cost of production
|
|
557000 |
|
Add: Opening Stock of finished goods |
20000 |
|
|
Less: Closing stock of finished goods |
(30000) |
(10000) |
|
Cost of goods
sold |
|
547000 |
|
Add: Selling and distribution overhead |
|
|
|
:- Selling overhead |
30000 |
30000 |
|
:- Carriage on sales |
|
2000 |
|
Cost of sale |
|
579000 |
|
Profit (579000 * 20 / 100) |
|
115800 |
|
Total sales amount |
|
694800 |
2073 Set D Q. no. 21
Cost Sheet
|
Particular |
Amt. |
Amt. |
|
Opening stock of raw material |
100000 |
|
|
Add: Purchase of raw material |
400000 |
|
|
Less: Closing Stock of raw material |
(80000) |
|
|
Cost of raw
material |
|
420000 |
|
Wages |
|
100000 |
|
Prime cost |
|
520000 |
|
Add: Factory overhead |
|
|
|
:- Factory overhead |
50000 |
|
|
Less: Sales of a scarp |
(5000) |
45000 |
|
Factory cost |
|
565000 |
|
Add: Office and administrative Overhead |
|
|
|
Administrative overhead (10% of 520000) |
52000 |
52000 |
|
Cost of
production |
|
617000 |
|
Add: Opening stock of finished goods (2000 X 56) |
112000 |
|
|
Less: Closing stock of finished goods (3000 X 56) |
(168000) |
(56000) |
|
Cost of goods
sold |
|
561000 |
|
Add: Selling and distribution overhead |
|
|
|
:- Selling overhead (10000 * 5)) |
50000 |
50000 |
|
Cost of sale |
|
611000 |
|
Add: Profit (611000 * 10 / 90) |
|
67889 |
|
Total sales amount |
|
678889 |
Working note to find sales unit
Sales units = Opening stock + Production units - Closing
stock
= 2000 + 11000 - 3000
= 10000 unit
2072 Supp. Q. no. 21
Cost Sheet
|
Particular |
Amt. |
Amt. |
|
Opening stock of raw material |
4000 |
|
|
Add: Purchase of raw material |
100000 |
|
|
Add: Carriage on purchase |
2000 |
|
|
Less: Closing Stock of raw material |
(14000) |
|
|
Cost of material
consumed |
|
92000 |
|
Wages |
|
32000 |
|
Prime cost |
|
124000 |
|
Add: Factory overhead |
|
|
|
:- Factory employee's salary |
16000 |
|
|
:- Work manager's salary |
8000 |
|
|
:- Factory rent |
8000 |
32000 |
|
Factory cost incurred
|
|
156000 |
|
Add: Opening Stock of finished goods |
8000 |
|
|
Less: Closing stock of finished goods |
(4000) |
4000 |
|
Factory cost |
|
160000 |
|
Add: Office Overhead |
|
|
|
:- General expenses |
8000 |
8000 |
|
Cost of
production |
|
168000 |
|
Add: Opening Stock of finished goods |
12000 |
|
|
Less: Closing stock of finished goods |
(4000) |
8000 |
|
Cost of goods
sold |
|
176000 |
|
Add: Selling and distribution overhead |
|
|
|
:- Selling overhead |
0 |
0 |
|
Cost of sale |
|
176000 |
|
Add: Profit (176000 * 20 / 80) |
|
44000 |
|
Total sales amount |
|
220000 |
Working note to find opening stock
Sales units = Opening stock + Production units - Closing
stock
or, 4000 = Op. stock + 5000 - 1000
or, Op. stock = 0 units
2072 Set D Q. No. 21
Cost sheet
|
Particular |
Amount |
|
Direct materials |
400000 |
|
Direct wages |
200000 |
|
Prime cost |
600000 |
|
Factory / worked overhead |
100000 |
|
Factory cost |
700000 |
|
Office overhead |
70000 |
|
Cost of
production |
770000 |
|
Selling and distribution overhead |
0 |
|
Total cost |
770000 |
|
Add: profit (770000 X 20 / 80) |
192500 |
|
Total Sales |
962500 |
Percentage of factory overhead on direct labour cost =
(Factory overhead / Direct wages) * 100
= (10000 / 20000) * 100
= 50%
Percentage of Administrative overhead = (Administrative O.H
/ Factory cost) * 100
=
(70000 / 700000) *100
=
10%
Tender Sheet
|
Particular |
Amount |
|
Direct material |
50000 |
|
Direct labour |
30000 |
|
Prime cost |
80000 |
|
Factory overhead (50% of 30000) |
15000 |
|
Factory cost |
95000 |
|
Office overhead (10% of 95000) |
9500 |
|
Cost of
production |
104500 |
|
Sales overhead |
0 |
|
Total cost |
|
|
Add: Profit ( 104500* 20)/80 |
26125 |
|
Sales |
130625 |
2072 Set E Q. No. 21
Cost sheet
|
Particular |
Amount |
|
Direct materials |
600000 |
|
Direct wages |
400000 |
|
Prime cost |
1000000 |
|
Factory / worked overhead |
160000 |
|
Factory cost |
1160000 |
|
Office overhead |
232000 |
|
Cost of
production |
1392000 |
|
Selling and distribution overhead |
0 |
|
Total cost |
770000 |
|
Add: profit (1392000 X 25 / 75) |
464000 |
|
Total Sales |
18560000 |
Percentage of factory overhead on direct labour cost =
(Factory overhead / Direct wages) * 100
= (160000 / 400000) * 100
= 40%
Percentage of Administrative overhead = (Administrative O.H
/ Factory cost) * 100
=
(232000 / 1160000) *100
=
20%
Tender Sheet
|
Particular |
Amount |
|
Direct material |
700000 |
|
Direct labour |
500000 |
|
Prime cost |
1200000 |
|
Factory overhead (40% of 500000) |
20000 |
|
Factory cost |
1400000 |
|
Office overhead (20% of 140000) |
280000 |
|
Cost of
production |
1680000 |
|
Sales overhead |
0 |
|
Total cost |
1680000 |
|
Add: Profit ( 168000 * 25)/75 |
560000 |
|
Sales |
2240000 |
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