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# Class Test - Budgetary Costing

7
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September
Find out cash collection from Customer for Mis Novan Television & Co. on the
basis of the following information for the first six months of 2008:
(a) Cash sales - 25% and credit sales - 75%.
. (c). 60% of credit sales are collected in the month after sales, 300/0 in the second
. month and 10% in the third. No bad debts are anticipated.
(d) Sales for each month are as follows:
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Ankur Kulshrestha CA (India), CFA (USA), M. Com, B. Com. H (SRCC)
Class Test - Budgetary Costing
7
th
September 2013
If interim cash balance is short by Rs. 2,000 in a particular month. How
much. would be the interest cost for the next month under the following
conditions (Rate of Interest is 18%)
a) Company has surplus investment is Rs. 10,000 and minimum borrowings
is Rs. 5,000 . .
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b) Company has surplus Investment IS Rs. 1,500 and mmimum borrowing IS .
Rs. 5,000 r l:o fllict
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c) Company has surplus investment is Rs. 1,000 .
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d) Company does not have any investment
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e) Company does not have any investment and minimum borrowing is Rs.
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Ankur Kulshrestha CA (India), CFA (USA), M. Com, B. Com. H (SRCC)
Class Test - Budgetary Costing
7
th
September 2013
Prepare a flexible budget for production at 80 percent and 100
percent activity on the basis of the following information:
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Ankur Kulshrestha CA (India), CFA (USA), M. Com, B. Com. H (SRCC)
Class Test - Budgetary Costing
7
t h
September 2013
The following are the estimated sales of a company for eight months ending
30.11.2006:
How much is the Opening stock of FG and RM for month of April and closing
stock ofFG and RM for September as per the given stock policy of the firm?
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Ankur Kulshrestha CA (India), CFA (USA), M. Com, B. Com. H (SRCC)
Class Test - Contract Costing
7
th
September 2013
L&T Ltd. undertook a particular, contract on 1st January. During the year, total Material
cost is Rs 30,000. Total inflation has been 15% since the contract was negotiated two
years back. There is an escalation clause providing that should the material prices
increase by more than 12%, the contractee would bear the' increase by 75%. What is '
the extra corripensation that contractee will have to pay due to inflation?

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L&T Ltd. undertook a particular contract on 1st January. During the year, total labour
cost is Rs 20,000. Total inflation has been 20% since the contract was negotiated two
years back. There is an escalation clause providing that should the labour prices increase
, by more than 25%, the contractee would bear the increase by 75%. What is the extra
compensation that contractee will have to pay due to inflation?
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Ankur Kulshrestha CA (India), CFA (USA), M. Com, B. Com. H (SRCC)
Class Test - Contract Costing
7
th
September 2013
A contract started on lJan, 2009. Plant of Rs. 20,000 has been charged to the contract.
Of this amount, plant costing Rs. 5,000 was lost in an accident after 3 months of use. On
31st Dec., 2009, plant costing Rs. 5,000 was returned to the stores. Prepare the working
note for the Plant usage using 20% p.a. as the rate of depreciation.
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A contract started on 1S
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Jan and ended on 23 Dec of the same year. How much portion
of the profit will you transfer to P/L account? .
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Spot the mistake in Estimated Profit = Transfer to PIL + Contract Reserve Account
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The contractor estimated that as on 31st March 2009 he had completed 60% of the total
contract spending Rs. 500,000. The Architect issued certificate only for Rs. 8,00,000.
The contractee paid him Rs. 6,40,000. Cash received is Rs. 12,00,000 which is 60% of
the contract price. Calculate the value ofWUC.
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