Cma intermediate group ii 2008 syllabus cc online questions
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06 April 2015
CMA Intermediate Group II 2008 Syllabus online CC Question
1. Om Ltd had issues 34000 15% convertible debentures of Rs. 100 each on 1 April 2011. The debentures are due for redemption on 1st march 2014. The terms of issue of debentures provided that they were redeemable at premium of 5% and also conferred option to the debenture holders to convert 20% of their holding in to equity shares (nominal value of Rs. 10 each) at a price of Rs. 15 per share. Debenture holders holding 2700 debentures did not exercise their option. Calculate No. of equity shares to be allotted to the debentures holders exercising the option to the maximum.
2. Machine A capable of manufacturing a product. The details are as follows. Investment of Rs.55,000.00 hourly charges (wages + power) Rs. 11.50 No. of pieces produces per hour 5. Life of the operating hour 20000, calculate Cost per unit?
3. Company fixes the inter divisional transfer prices for its products on the basis of cost plus and estimated return on investment in its division. The relevant portion of the budget for the division A for the year 2012-13 is given below.
Fixed asset Rs. 600,000.00
Current asset(other than Debtors ) Rs. 450,000.00
Debtors Rs. 250,000.00
annual fixed cost of the division Rs. 800,000.00
Variable cost per unit of product Rs.10.00
Budgeted volume of production per year (unit) 400,000
Desired return on investment 25
You are required to determine the transfer price for the division A
4. P ltd sold 100 units manufactured by it for Rs.12500 per unit. It had received interest free advance of Rs 6 lacs from the buyer for the whole of the year, compute the assessable value of 100 units sold if the price charged from other buyer is Rs. 11500 per unit
5. An analyst wants to obtain a cycle time estimate that is within (+/-) 5% of the true value. A preliminary run of 24 cycle took 40 min to complete and had a calculated standard deviation of 0.4 mins. What is the co-efficient of variation to be used for computing the sample size for the forth coming time study.
6. Foreign currency creditors at the end of the Fy are $ 11 lacs. Purchase were recorded at the exchange rate $ 1= Rs. 62. On the balance sheet date the exchange rate is $ 1 = Rs. 64, which is not expected to be payable on the payment date. It has been estimated that around the payment time, the exchange rate will possibly in the range of $ 1 = Rs. 65.20 to 66.50. at what value should the creditors be recorded in the Balance sheet?
7. An interior decorator providing professional services in the FY 2014-15. The breakup of the bill is as follows: 1) value of furniture sold to the client Rs. 3 lacs. 2) Labour & facility charges Rs. 2.20 lacs. 3) the value of material consumed in providing the service Rs. 1.80 lacs. Compute the amount of service tax to be charged from the client.
8. A manufacturing company has a product line consisting of 4 work stations in series. The individual work station capacities are given. The actual output of the line is 500 units per shift. Calculate the efficiency of the production line workstation No. A= 600(capacity / shift). B =650 (capacity / shift). C= 650 (capacity / shift). D =570 (capacity / shift).
9. D manufacturing transferred Rs. 32 lacs of raw materials into production during the most recent year. Direct labour & factory OH for the period totaled Rs. 23 lacs. Opening WIP was Rs.7 lacs and closing WIP was Rs.8.70 lacs. Finished goods inventory decreased by Rs.55,000.00. if gross profit was Rs. 16 lacs. How much was sales for the year?
10. If a firm sells 9000 units, its loss is Rs.24000. but if sells 11000 units its profit Rs.22000, calculate fixed cost.
11. Based on the following information calculate the annual return on pension plan assets. Benefit payments Rs. 1 lacs , contribution Rs. 1.40 lacs, fare market value of plan asset: end of the year Rs. 6.30 lacs beginning of the year Rs. 4.5 lacs
12. A retails dealer in garments is currently selling 24000 shirts annually. He supplies the following details for the year ended 31st March 2014. Selling price per shirt Rs. 800, Variable cost per shirt Rs. 600, Fixed cost : staff salaries Rs.24,60,000 general office cost Rs.8,40,000. Advertisement cost 8,60,000. As a cost accountant you are required to answer following each part indendently: 1) calculate the breake even point 2) Margin of safety in sales revenue and No of shirts sold
13. B Ltd granted 58000 options on 1st aug 2014 at Rs.75, when the market price was Rs.255, vesting period is 2 years , you are required to calculate the amount to be amortized each year?
14. Mr. A manufactured and exported goods worth Rs. 10 lacs. Mr B of UK on 1st January 2014 & availed duty draw back of Rs. 17,000.00. Mr A imported the same goods on 8th Feb 2014. What will be the customs duty payable by Mr. A, if rate of basic customs duty is 10% and goods are exempted from CVD & goods special CVD?
15. A company operates throughput accounting system. The details of product X per unit are as under. Selling price Rs.70 material cost Rs.35 , conversion cost Rs.15 time on bottle neck resources 14 minuts. What will be the return per hour for product X?
16. Following information is available in respect of fixed overheads for a production period. Overhead cost variance Rs. 1600(adverse). Overhead volume variance Rs. 7500(advrese). Budgeted hours 1200 hr, budgeted overhead Rs 6000. Actual rate of recovery of overhead Rs. 10/ hr. compute actual hours for actual production.
17. Mr X sold 1600, 10% debentures (face value Rs. 1000 each) of A Ltd at Rs. 135 cum interest on 01-12-2013. The interest is payable on 31st March & 30th Sept every year. Find out the actual amount received by X(excluding interest) on account of sale of investment.
18. A liquidator is entitled to receive remuneration at 2% on the assets realized and 3% on the amount distributed to unsecured creditors. Assets were realized for Rs 12 lacs. Amount available for distribution to unsecured creditors before paying liquidators remuneration is Rs. 4.15 lacs. Calculate liquidators remuneration, if the surplus is insufficient to pay off unsecured creditors is toto.
19. Mr.B provides services to Mr.A against payment of Rs.11,24,00 in cash & motor car valuing Rs 3.4 lacs, determine ST payable?
20. A company is planning to raise fund by making rights issue of equity shares to finance its expansion. The existing equity share capital of the company Rs. 1 cores, the market value of its share is Rs. 65. The company offers to its share holders the right to buy 2 shares at Rs.20 each for every 5 share held. You are required to calculate the value of rights.
21. ABC cements is selling white cements to its selected customers. The condition for the sale is that the dealers should place an order for transportation of the cements bags by lorries on their own transport division. The following material particulars may be used for answering the question
1) unit price for parties utilizing the companies transports Rs. 4200/ matric ton.
2) unit price for others (during the relevant period there was no sale to this class of buyes) Rs.4500/ matric ton. 3) cost of transport by ABC cements transports Rs. 1700/ ton. 4) cost of transport by other transport companies Rs. 1650/ ton.
Determine the assessable value.
22. A Ltd is preparing its cash budget for the period. Sales are expected to be Rs. 1.30 lacs in April 2014, Rs.2.20 lacs in May 2014, Rs. 3.40 in June 2014 & Rs. 2.00 lacs in July 2014. Half of all sales are cash sales & other are half are on credit. Experience indicates that 70% of the credit sales will be collected in the month following the sales, 20% of the month after that & 10% in the 3rd Month after the sales. The budgeted collection for the month of July 2014 is……?
23. After visiting USA Mrs & Mr.B brought to india a laptop computer valued at Rs. 85,000, personal effects valued at Rs.90,000 & a personal computer for Rs.52,000. What is the customs duty payable?
24. A company has its share capital divided in to shares of Rs. 10 each. On 1st April 2013, it granted 20,000 employees stock option at Rs.43, when the market price was Rs.130, the options were to be exercised between 1st Jan 2014 to 15th March 2014. The employees exercised their options for 20,000 shares only. The remaining options lapsed, the company closes its books on 31st March every year. Calculate the expenses to be recognized as value of options.
25. Compute the purchases eligible for availing input tax credit from the following particulars. Goods for resale within the state : Rs.12000, capital goods required for purpose of the manufacture or resale of taxable goods Rs. 16000, goods purchased from the unregistered dealers Rs. 3200, goods which are being utilized the manufacture of exempted goods Rs. 6,600. High sea purchases Rs. 2700.
26. A workshop operates on 2 shifts of 9 hrs per day, it has 11 machines it works for 6 days in a week, machine utilization is 90% & the efficiency of the machine is 85%. Calculate the designed/ rated capacity of the worksop in standard hrs.
27. A company manufactures the product currently utilizing 80% capacity with a turnover of 32000 units at a selling price of Rs.25/ unit. The variable cost of the product is Rs. 17.5/ unit, fixed cost amounts to Rs. 1.75 lacs up to 80%% of level of output and there will be an additional cost of a supervisor amounting to Rs. 20,000 beyond that level. Calculate activity level(%) at break even point.
28. M Ltd is engaged in the manufacture of Tablets, that has an MRP of Rs.10/ strip. The company cleared 1 lacs tablets and distributed as physicians samples, the goods are not covered by MRP, but the MRP includes 12.36% excise duty & 2% CST if the cost of production of the tablets is 60 ps/ tablets. Determine the total duty payable.
29. From the following particulars of A Ltd you are required to calculate managerial remuneration if there is only 1 whole time director. NP before Provision for IT & managerial remuneration after depreciation & provision for repaires 870410, depreciation provided in the books 320,000 provision for repaires of office premises during the year 70,000, depreciation allowable under Sec XIV 291,000 actual expenditure incurred on repaire during the year 35,000.
30. Compute the assessable value under the Central Excise Act 1944 in the following case. Production 2000 units on 01-01-2014 quantity sold 450 units @ Rs.220/ units , 650 un its @ Rs.190/units samples clearances 50units , balance in stock 850 units( at the end of the factory day for 01-01-2014). Assume that the rate per unit is exclusive of central excise duty.
plz hepl me to solve, its very urgent....
shafeekcaclub@gmail.com
1. Om Ltd had issues 34000 15% convertible debentures of Rs. 100 each on 1 April 2011. The debentures are due for redemption on 1st march 2014. The terms of issue of debentures provided that they were redeemable at premium of 5% and also conferred option to the debenture holders to convert 20% of their holding in to equity shares (nominal value of Rs. 10 each) at a price of Rs. 15 per share. Debenture holders holding 2700 debentures did not exercise their option. Calculate No. of equity shares to be allotted to the debentures holders exercising the option to the maximum.
2. Machine A capable of manufacturing a product. The details are as follows. Investment of Rs.55,000.00 hourly charges (wages + power) Rs. 11.50 No. of pieces produces per hour 5. Life of the operating hour 20000, calculate Cost per unit?
3. Company fixes the inter divisional transfer prices for its products on the basis of cost plus and estimated return on investment in its division. The relevant portion of the budget for the division A for the year 2012-13 is given below.
Fixed asset Rs. 600,000.00
Current asset(other than Debtors ) Rs. 450,000.00
Debtors Rs. 250,000.00
annual fixed cost of the division Rs. 800,000.00
Variable cost per unit of product Rs.10.00
Budgeted volume of production per year (unit) 400,000
Desired return on investment 25
You are required to determine the transfer price for the division A
4. P ltd sold 100 units manufactured by it for Rs.12500 per unit. It had received interest free advance of Rs 6 lacs from the buyer for the whole of the year, compute the assessable value of 100 units sold if the price charged from other buyer is Rs. 11500 per unit
5. An analyst wants to obtain a cycle time estimate that is within (+/-) 5% of the true value. A preliminary run of 24 cycle took 40 min to complete and had a calculated standard deviation of 0.4 mins. What is the co-efficient of variation to be used for computing the sample size for the forth coming time study.
6. Foreign currency creditors at the end of the Fy are $ 11 lacs. Purchase were recorded at the exchange rate $ 1= Rs. 62. On the balance sheet date the exchange rate is $ 1 = Rs. 64, which is not expected to be payable on the payment date. It has been estimated that around the payment time, the exchange rate will possibly in the range of $ 1 = Rs. 65.20 to 66.50. at what value should the creditors be recorded in the Balance sheet?
7. An interior decorator providing professional services in the FY 2014-15. The breakup of the bill is as follows: 1) value of furniture sold to the client Rs. 3 lacs. 2) Labour & facility charges Rs. 2.20 lacs. 3) the value of material consumed in providing the service Rs. 1.80 lacs. Compute the amount of service tax to be charged from the client.
8. A manufacturing company has a product line consisting of 4 work stations in series. The individual work station capacities are given. The actual output of the line is 500 units per shift. Calculate the efficiency of the production line workstation No. A= 600(capacity / shift). B =650 (capacity / shift). C= 650 (capacity / shift). D =570 (capacity / shift).
9. D manufacturing transferred Rs. 32 lacs of raw materials into production during the most recent year. Direct labour & factory OH for the period totaled Rs. 23 lacs. Opening WIP was Rs.7 lacs and closing WIP was Rs.8.70 lacs. Finished goods inventory decreased by Rs.55,000.00. if gross profit was Rs. 16 lacs. How much was sales for the year?
10. If a firm sells 9000 units, its loss is Rs.24000. but if sells 11000 units its profit Rs.22000, calculate fixed cost.
11. Based on the following information calculate the annual return on pension plan assets. Benefit payments Rs. 1 lacs , contribution Rs. 1.40 lacs, fare market value of plan asset: end of the year Rs. 6.30 lacs beginning of the year Rs. 4.5 lacs
12. A retails dealer in garments is currently selling 24000 shirts annually. He supplies the following details for the year ended 31st March 2014. Selling price per shirt Rs. 800, Variable cost per shirt Rs. 600, Fixed cost : staff salaries Rs.24,60,000 general office cost Rs.8,40,000. Advertisement cost 8,60,000. As a cost accountant you are required to answer following each part indendently: 1) calculate the breake even point 2) Margin of safety in sales revenue and No of shirts sold
13. B Ltd granted 58000 options on 1st aug 2014 at Rs.75, when the market price was Rs.255, vesting period is 2 years , you are required to calculate the amount to be amortized each year?
14. Mr. A manufactured and exported goods worth Rs. 10 lacs. Mr B of UK on 1st January 2014 & availed duty draw back of Rs. 17,000.00. Mr A imported the same goods on 8th Feb 2014. What will be the customs duty payable by Mr. A, if rate of basic customs duty is 10% and goods are exempted from CVD & goods special CVD?
15. A company operates throughput accounting system. The details of product X per unit are as under. Selling price Rs.70 material cost Rs.35 , conversion cost Rs.15 time on bottle neck resources 14 minuts. What will be the return per hour for product X?
16. Following information is available in respect of fixed overheads for a production period. Overhead cost variance Rs. 1600(adverse). Overhead volume variance Rs. 7500(advrese). Budgeted hours 1200 hr, budgeted overhead Rs 6000. Actual rate of recovery of overhead Rs. 10/ hr. compute actual hours for actual production.
17. Mr X sold 1600, 10% debentures (face value Rs. 1000 each) of A Ltd at Rs. 135 cum interest on 01-12-2013. The interest is payable on 31st March & 30th Sept every year. Find out the actual amount received by X(excluding interest) on account of sale of investment.
18. A liquidator is entitled to receive remuneration at 2% on the assets realized and 3% on the amount distributed to unsecured creditors. Assets were realized for Rs 12 lacs. Amount available for distribution to unsecured creditors before paying liquidators remuneration is Rs. 4.15 lacs. Calculate liquidators remuneration, if the surplus is insufficient to pay off unsecured creditors is toto.
19. Mr.B provides services to Mr.A against payment of Rs.11,24,00 in cash & motor car valuing Rs 3.4 lacs, determine ST payable?
20. A company is planning to raise fund by making rights issue of equity shares to finance its expansion. The existing equity share capital of the company Rs. 1 cores, the market value of its share is Rs. 65. The company offers to its share holders the right to buy 2 shares at Rs.20 each for every 5 share held. You are required to calculate the value of rights.
21. ABC cements is selling white cements to its selected customers. The condition for the sale is that the dealers should place an order for transportation of the cements bags by lorries on their own transport division. The following material particulars may be used for answering the question
1) unit price for parties utilizing the companies transports Rs. 4200/ matric ton.
2) unit price for others (during the relevant period there was no sale to this class of buyes) Rs.4500/ matric ton. 3) cost of transport by ABC cements transports Rs. 1700/ ton. 4) cost of transport by other transport companies Rs. 1650/ ton.
Determine the assessable value.
22. A Ltd is preparing its cash budget for the period. Sales are expected to be Rs. 1.30 lacs in April 2014, Rs.2.20 lacs in May 2014, Rs. 3.40 in June 2014 & Rs. 2.00 lacs in July 2014. Half of all sales are cash sales & other are half are on credit. Experience indicates that 70% of the credit sales will be collected in the month following the sales, 20% of the month after that & 10% in the 3rd Month after the sales. The budgeted collection for the month of July 2014 is……?
23. After visiting USA Mrs & Mr.B brought to india a laptop computer valued at Rs. 85,000, personal effects valued at Rs.90,000 & a personal computer for Rs.52,000. What is the customs duty payable?
24. A company has its share capital divided in to shares of Rs. 10 each. On 1st April 2013, it granted 20,000 employees stock option at Rs.43, when the market price was Rs.130, the options were to be exercised between 1st Jan 2014 to 15th March 2014. The employees exercised their options for 20,000 shares only. The remaining options lapsed, the company closes its books on 31st March every year. Calculate the expenses to be recognized as value of options.
25. Compute the purchases eligible for availing input tax credit from the following particulars. Goods for resale within the state : Rs.12000, capital goods required for purpose of the manufacture or resale of taxable goods Rs. 16000, goods purchased from the unregistered dealers Rs. 3200, goods which are being utilized the manufacture of exempted goods Rs. 6,600. High sea purchases Rs. 2700.
26. A workshop operates on 2 shifts of 9 hrs per day, it has 11 machines it works for 6 days in a week, machine utilization is 90% & the efficiency of the machine is 85%. Calculate the designed/ rated capacity of the worksop in standard hrs.
27. A company manufactures the product currently utilizing 80% capacity with a turnover of 32000 units at a selling price of Rs.25/ unit. The variable cost of the product is Rs. 17.5/ unit, fixed cost amounts to Rs. 1.75 lacs up to 80%% of level of output and there will be an additional cost of a supervisor amounting to Rs. 20,000 beyond that level. Calculate activity level(%) at break even point.
28. M Ltd is engaged in the manufacture of Tablets, that has an MRP of Rs.10/ strip. The company cleared 1 lacs tablets and distributed as physicians samples, the goods are not covered by MRP, but the MRP includes 12.36% excise duty & 2% CST if the cost of production of the tablets is 60 ps/ tablets. Determine the total duty payable.
29. From the following particulars of A Ltd you are required to calculate managerial remuneration if there is only 1 whole time director. NP before Provision for IT & managerial remuneration after depreciation & provision for repaires 870410, depreciation provided in the books 320,000 provision for repaires of office premises during the year 70,000, depreciation allowable under Sec XIV 291,000 actual expenditure incurred on repaire during the year 35,000.
30. Compute the assessable value under the Central Excise Act 1944 in the following case. Production 2000 units on 01-01-2014 quantity sold 450 units @ Rs.220/ units , 650 un its @ Rs.190/units samples clearances 50units , balance in stock 850 units( at the end of the factory day for 01-01-2014). Assume that the rate per unit is exclusive of central excise duty.
plz hepl me to solve, its very urgent....
shafeekcaclub@gmail.com
20 April 2015
ask these question to any private tutor nearby ur area that wil b better dear.. because answering such question here is too time consuming and deeply writing here is also tough job
20 April 2015
ask these question to any private tutor nearby ur area that wil b better dear.. because answering such question here is too time consuming and deeply writing here is also tough job
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