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Gurukripas Guideline Answers for May 2015 CA Inter (IPC) Cost Accounting & Financial Management Exam
Referred as
Handbook
Prac. Guide
Difference in Costs
Difference in Prodn Quantity
` 45,60,000 ` 34,40,000
(1,20,000 80,000) units
= ` 28 per unit.
= Total Costs less Variable Costs (estimated using 80,000 units output level data)
= ` 34,40,000 (80,000 units` 28) = ` 12,00,000 [Note: 1,20,000 units level can also be taken here.]
Contribution p.u.
40 28
100 =
100 = 30%
Sale Pr ice p.u.
40
3.
PV Ratio =
4.
5.
Fixed Costs
12,00,000
=
= 1,00,000 units.
40 28
Contribution per Unit
xml
2,00,000
` 220
` 130
` 4,00,000
yml
1,50,000
` 280
` 120
` 5,00,000
May 2015.1
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The estimated units to be sold in the first four months of the year 20152016 are as under:
Product
April
May
June
xml
8,000
10,000
12,000
yml
6,000
8,000
9,000
Prepare: (1) Production Budget (Month wise), (2) Production Cost Budget (for first quarter of the year).
Solution:
July
16,000
14,000
Particulars
Product yml
May
June
8,000
9,000
Total
Sales
23,000
Add:
Closing Stock (25% of
2,500
3,000
4,000
9,500
2,000
2,250
3,500
7,750
next months sales)
Less: Opening Stock
2,000
2,500
3,000
7,500
1,500
2,000
2,250
5,750
Production Quantity
8,500
10,500
13,000
32,000
6,500
8,250 10,250 25,000
Note: Opening Stock of April = Closing Stock of March, which is as per Companys Policy 25% of next months Sale.
Particulars
Direct Material
Direct Labour
Manufacturing Overhead
April
6,000
Product yml
Total
1,12,64,000
1,00,83,333
Note: Manufacturing OH is absorbed for the quantity produced during the above quarter on proportionate basis.
40%
= 57.14%
100% 30%
Since rotation of funds using Working Capital generates Operating Profit (i.e. EBIT), it is preferable to take Working
Capital related decisions on PreTax ROCE. Alternative assumptions / approaches exist in decisionmaking.
1. Since PostTax ROCE is 40% and Tax Rate is 30%, required PreTax ROCE =
Note:
Sales Value
Cost of Sales at 80%
Less:
Interest Cost for ` 1,92,000 at 57.14% for 1.5 months = ` 1,92,000 57.14%
`
2,40,000
1,92,000
1.5
12
13,714
Possibility
Payment received
2,05,714
34,286
Chance
Benefit
90%
` 34,286
Expected Benefit
` 30,857
10,286
Options
10%
No Payment received
(` 2,05,714)
(` 20,571)
II Do not sell
No CostNo Benefit
Decision: As there is a Net Expected Benefit of ` 10,286, the offer from New Customer is acceptable.
` Nil
May 2015.2
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7,200
P
Q
R
S
% Change in EBIT
% Change in Sales
25%
27%
32%
25%
36%
23%
40%
21%
DCL =
% Change in EPS
% Change in Sales
30%
27%
24%
25%
21%
23%
23%
21%
= 0.926
= 1.280
= 1.565
= 1.905
= 1.11
= 0.96
= 0.91
= 1.09
10,000
2,10,000
8 Marks
14,000
2,70,000
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Fixed OH
FOH Std Rate p.u = Total Std Absorption Rate
` 20 p.u VOH ` 15 p.u = ` 5 p.u
` 5 pu
FOH Std Rate p.h. =
= ` 1 p.h.
` 5 ph
OH
2,10,000 1,80,000
30,000
VOH Std Rate pu=
=
=
=` 15 pu
Qtty (10,000 8,000) uts 2,000 uts
` 15 pu
= ` 3 p.h.
` 5 ph
` 20 pu
= 5 hours p.u
` 4 ph
Col.(3):AVOH
Col. (1): AO SR
` 62,500 (Given)
Question 2(b): P & L Account and Balance Sheet Preparation from Ratios
SSR Ltd has furnished the following ratios and information for the year ending 31st March.
Sales
` 60,00,000 Current Ratio
Return on Net Worth
25% Cost of Goods Sold
Tax Rate
50% Interest on Debentures at 15%
Share Capital to Reserves
7 : 3 Sundry Debtors & Sundry Creditors
Net Profit to Sales (after Tax)
6.25% Inventory T/O (based on COGS and Closing Stock)
8 Marks
2 times
` 18,00,000
` 60,000
Each ` 2,00,000
12 Times
You are required to (1) Calculate the Operating Expenses for the year, and prepare a Balance Sheet as at 31st March.
Solution:
` 18,00,000
` 18,00,000
Cost of Goods Sold
=
= 12.
So, Closing Stock=
= ` 1,50,000
Average Stock
12
Average Stock
Note: As specified in the Question, Inventory T/o is taken based on Closing Stock, rather than Average Stock.
1. Stock T/O =
May 2015.4
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Current Assets
Current Liabilities
= 2 times. So,
3.
Debtors
(given) = ` 2,00,000
` 3,75,000
` 3,75,000
EAT
=
= 25%. So, Equity =
= ` 15,00,000
Equity
25%
Equity
Share Capital
Reserves & Surplus
7
3
= ` 10,50,000
= ` 4,50,000
10
10
4. Profit and Loss Statement (to compute Operating Expenses as bal. figure)
Particulars
Computation
Less:
Less:
Less:
Less:
I
(1)
(2)
Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
EBIT
Interest on Debentures
EBT
Tax at 50%
EAT
Given
Given
(balancing figure) (i.e. Gross Profit less EBIT)
By reverse working (EBT + Interest)
Given
By reverse working (EAT + Tax)
Since Tax Rate = 50% on EBT, EAT = balance 50%. Hence, Tax = EAT
= Net Profit after Tax = 6.25% on Sales of ` 60,00,000
(3)
Current Liabilities:
II
(1)
(2)
ASSETS
NonCurrent Assets
Current Assets:
(a) Inventories
(b) Trade Receivables
(c) Cash and Cash Equivalents
15% Debentures
` 60,000
15%
Trade Payables, i.e. Creditors (given)
Total
Note
This Year
`
60,00,000
18,00,000
42,00,000
33,90,000
8,10,000
60,000
7,50,000
3,75,000
3,75,000
Prev. Yr
10,50,000
4,50,000
4,00,000
2,00,000
21,00,000
17,00,000
1,50,000
2,00,000
50,000
21,00,000
(WN 1)
Debtors (given)
(WN 2)
Total
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1.
No. of Passengers = 3270%= 22.4; No. of Kms p.a. = 10 trips 2 ways 30 kms 25 days 12 months =1,80,000
So, Total Number of PassengerKms p.a. = 22.4 1,80,000 = 40,32,000
Variable
Depreciation
Total Operating Costs
Passenger Tax
Add:
Add:
Profit Margin
Total Takings
Fixed
`
15,600
9,600
5,000
19,200
86,400
14,400
4,68,000
1,80,000 kms
` 22
100 kms
Given
100% 25% 22% = 53% of Takings
Given 22% of Takings
Given 25% of Takings
100%
39,600
68,000
7,25,800
3,01,275
3,42,358
13,69,433
Note: It is given that Profit=25% of Takings, & Passenger Tax=22% of Takings. Hence, Total Operating Cost = 100% 25%
7,25,800
22% = 53% of Total Takings, which equals ` 7,25,800. Hence, Total Takings =
= ` 13,69,433. Now, Profits and
53%
Passenger Tax are calculated at 25% and 22% respectively, on Total Takings.
7,25,800
= ` 0.18
40,32,000
13,69,433
= ` 0.34
40,32,000
Hence, OneWay Fare per Passenger = 30 km ` 0.34 = ` 10.20
8 Marks
` 60,000
4 years
15%
1.064
0
14%
0.877
0.769
0.675
0.592
13%
0.885
0.783
0.693
0.613
12%
0.893
0.797
0.712
0.636
May 2015.6
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1. Since IRR = 15%, Discounted Cash Inflows at 15% = Initial Investment in the Project.
So, Cost of Project = Initial Investment = CFAT p.a. Cum. PVF at 15% for 4 years = ` 60,000 2.855
` 1,71,300
` 1,71,300
Initial Investment
2. Payback Period =
=
=
` 60,000
CFAT per annum
3. Profitability Index =
2.855 yrs
Total DCFAT
= 1.064 (given). So, Total DCFAT = PI Initial Investment =
Initial Investment
1.064 1,71,300
= ` 1,82,263
DCFAT = CFAT p.a. PVF at Ko. On substitution, ` 1,82,263 = ` 60,000 PVF at Ko.
` 1,82,263
On solving, PVF at Ko =
= 3.038. From the above Table, Ko= 12%
` 60,000
Ko= 12%
` 10,963
` 35,000
` 24,000
No. of units produced
4,000
1,800
3,000
Selling Price per unit
` 100
` 40
` 30
Estimated Net Profit as Percentage to Sales Value
20%
30%
Estimated Selling Expenses as Percentage to Sales Value
20%
15%
15%
There are no beginning or closing inventories. You are required to prepare a statement showing
(i) Allocation of Joint Cost, and
(ii) Product Wise and Overall Profitability of the Company for January.
Solution:
Less:
2.
Particulars
Final Sales Value
Estimated Profit
Estimated SOH
Post Separation Costs
Estimated NRV
Particulars
(a) Sales Value
(b) Costs:
Joint Cost (WN 1 & WN 2)
Post Separation Costs
SOH
Total Costs
(c) Profit
B2
3,000 30 = 90,000
30% = (27,000)
15% = (13,500)
(24,000)
25,500
3. Profit Statement
M1
B1
4000 100 = 4,00,000
1800 40 = 72,000
B2
3000 30 = 90,000
Total
5,62,000
1,75,100
11,800
25,500
2,12,400
Nil
20% = 80,000
2,55,100
1,44,900
35,000
10,800
57,600
14,400
24,000
13,500
63,000
27,000
59,000
1,04,300
3,75,700
1,86,300
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1.
2.
3.
4.
5.
6.
7.
Result
` 9,00,000
` 1,17,000
9.10%
22.83%
18.711%
5. Ko = (Kd Wd) + (Ke We) = (9.10% 30%) + (22.83% 70%) = 2.730% + 15.981%
Note:
DPS1 has been considered in computation of Ke. Alternatively, EarningsGrowth model may also be applied.
Shareholders Personal Tax Rate is not considered since Dividends are exempt from Tax in their hands.
4 4 = 16 Marks
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1. Effective Working Hours (excluding SetUp Time) = (48 4) 4 Weeks = 176 hours for 4week period.
2. Statement of OH for 4weekly period
Computation
Particulars
Operators Wages
Operators Bonus
Depreciation
Repairs & Maintenance
Consumable Stores
Rent
Heat and Light
Foremans Salary
Power (including for Setup Time)
Total OH
Effective Machine Hours
` 17,403
176 hours
`
11,520
1,152
400
240
300
138
249
332
3,072
17,403
Setup Time is not considered in calculation of Effective Machine Hours. However, it is assumed that Power is
consumed during Setup Time also. Alternative assumptions and treatments exist.
1.
2.
3.
4.
Operating Cycle (days) = (RM Stock Holding Period + WIP Conversion Period + Finished Goods Storage Period +
Debtors Collection Period) Less: Creditors Collection Period) (all in days) = (50 + 18 + 22 + 45 55)= 80 days.
360
No of Operating Cycles in a year =
= 4.5
80
Cash Operating Expenses p.a. = 21,00,000 2,10,000 = ` 18,90,000
80
So, Working Capital required = ` 18,90,000
= ` 4,20,000
360
If Debtors Collection Period is Nil, the Operating Cycle will be = 80 45 = 35 days.
35
Hence, revised Working Capital requirement = ` 18,90,000
= ` 1,83,750.
360
So, reduction in Working Capital requirement = ` 4,20,000 ` 1,83,750 = ` 2,36,250.
May 2015.9
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4 4 = 16 Marks
May 2015.10
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800
1,800
1,200
Sorting & Piling Cost per purchase (`)
10.00
3.00
10.00
25.00
10.00
5.00
Loading Cost per 50 kg. (`)
2.00
2.00
2.00
2.00
2.00
2.00
Unloading Cost per 50 kg. (`)
The Company is paying 12.5% p.a. as Interest to its Bank for Cash Credit facility and ` 100 per 100 kg, as Rent to the
Warehouse. Note: Credit is available only for VAT, and not for CST or Special Tax.
1. Calculate the Purchase Cost of each Material (a) from Wholesale Market, and (b) from the Farmers.
2. Calculate Economic Order Quantity of each Material under the both options.
3. Recommend the Best Purchase Option for the Material Olive.
Solution:
1. Computation of Purchase Cost per Kg. of Materials (all amounts in ` Per Kg)
Particulars
Mustards
Soybeans
Olives
Market
Wholesale
Farmers
Wholesale
Farmers
Wholesale
Farmers
Purchase Price
15.00
12.50
11.00
9.00
36.00
28.00
CST 2%= 0.30
Nil
Nil
Nil
Nil Spl Tax 10%=2.80
Add: Duties/ Taxes
Add: Loading
` 10 50 Kg
` 5 50 Kg ` 10 50 Kg =
` 3 50 ` 10 50 Kg
` 25 50 Kg
=0.20
= 0.10
0.20
Kg= 0.06
=0.20
= 0.50
Add: Unloading
` 2 50 Kg =
` 2 50 Kg
` 2 50 Kg =
` 2 50 Kg
` 2 50 Kg
` 2 50 Kg =
0.04
= 0.04
0.04
= 0.04
= 0.04
0.04
Total Cost
15.54
12.64
11.24
9.10
36.24
31.34
Particulars
EOQ =
2AB
C
(in kgs)
2. Computation of EOQ
Mustards
Soybeans
(15,000 Ltr. 6 Kg 12
(45,000 Ltr. 5 Kg 12
Months) = 10,80,000 Kg
Months) = 27,00,000 Kg
Wholesale
Farmers
Wholesale
Farmers
Olives
(3,000 Ltr. 4.5 Kg 12
Months) = 1,62,000 Kg
Wholesale
Farmers
6,000
6,000
15,000
1,200
16,200
9,000
9,000
12,000
800
12,800
3,000
1,800
4,800
11,000
11,000
1.9425
1.5800
1.4050
1.1375
4.5300
3.9175
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
2.9425
2.5800
2.4050
2.1375
5.5300
4.9175
1,04,933.53
1,84,138.47
89,906.40
1,13,730.98
16,769.90
26,921.34
May 2015.11
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(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
Particulars
Annual Requirement (A) (Kg.)
Quantity purchased every time (Q)
No. of Orders p a. (A Q)
Average Inventory (Q 2)
Buying Cost p.a.
Farmers
1,62,000
1,62,000
1
81,000 Kg
(1 Order 11,000) = ` 11,000
` 54,86,398
(a) EOQ =
2 17,200 Kg 720
125 13.76%
2 17,200 Kg 720
17.2
= 1,200 Kg
= 1,440 kg.
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(a)
(b)
(c)
(d)
(e)
(f)
If EOQ Purchased
1,200 kg
17,200 kg
= 14.33 Orders
1,200 kg
Calculate the amount of Loss that the Company has incurred due to incorrect rate selection.
What would be the Loss incurred by JBL due to incorrect rate selection if it had followed Rowan Scheme of bonus payment?
What is the amount that could have been saved if Rowan Scheme of Bonus Payment is followed?
Do you think Rowan Scheme of Bonus Payment is suitable for JBL?
Solution:
1. Computation of Time Saved
Less:
(a)
(b)
(c)
(d)
(e)
(f)
Ram
30 Pieces 2 hrs = 60
28
32
Shyam
42 Pieces 2 hrs = 84
40
44
2. Loss due to incorrect rate selection, i.e. Excess of `55 50 = ` 5 per hour
Ram
Shyam
Basic Wages
(28 Hrs. 5) = 140.00
(40 Hrs. 5) = 200.00
Bonus (Halsey Scheme) (50% Time saved
(50% 32 Hrs. 5)
(50% 44 Hrs. 5) =
Excess Rate)
= 80.00
110.00
Excess Wages paid = Loss (Halsey Scheme)
(a + b) = 220.00
(a + b) = 310.00
Bonus (Rowan Scheme)
28
40
TimeTaken
(
325) = 74.67
(
44 5) = 104.76
(
Time Saved Excess Rate)
60
84
Time Allowed
Excess Wages paid = Loss (Rowan Scheme)
Amount that could have been saved if Rowan
Scheme is followed (c e)
Total
340.00
190.00
530.00
179.43
(a + d) = 214.67
(a + d) = 304.76
519.43
5.33
5.24
10.57
Conclusion: Rowan Scheme of Incentive Payment is suitable due to its benefits (Refer Illustration N 86 Question in
Page No.3.16 of Padhukas Students Handbook on Cost Accounting and Financial Management.
May 2015.13
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Assistant Managers
Joined
1,080
20
60
20
20
Left
60
60
20
At the end
1,560
40
?
?
30
12
34
?
8
26
60
10
At the beginning of the year there were total 772 Employees on the Payroll of the Company. The opening strength of the
Supervisors, Voice Agents and Assistant Managers were in the ratio of 3 : 3 : 2.
The Company has decided to abandon the post of Team Leaders and consequently all the Team Leaders were transferred to
the Subsidiary Company. The Company and its Subsidiary are maintaining separate set of books of account and separate
Personnel Department.
(a) Calculate the Labour Turnover Rate using Replacement Method and Separation Method.
(b) Verify the Labour Turnover Rate calculated under Flux Method by the Trainee Executive.
Solution:
Since the Company and its Subsidiary are maintaining separate Personnel Departments, the transferin and transfer
out are treated as Recruitment and Separation respectively.
Separations (S) and Accessions (A) are given in the Question itself.
May 2015.14
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Accessions (A) = Replacement (R) + New Recruitments (N). Here, Accessions are given and Replacements (R) are
computed by comparing with Separations (S), and Net Change in the Labour Force as per WN 1. For example
(a) Data Processors: 60 Left (Separations), and hence taken as fully replaced with 60 persons.
(b) Payroll Processors: 60 left, but Labour Force at end is less by 40 persons. Hence, Replacement = only 20 persons.
After computing Replacements (R) as above, New Recruitment (N) = Accessions (A) Replacements (R).
Particulars
Data Processors
Payroll Processors
Supervisors
Voice Agents
Assistant Managers
Senior Voice Agents
Senior Data Processors
Team Leaders
Total
(a)
(b)
(c)
(d)
Separations (S)
(Given)
60
60
20
Transferred = 10
Transferred = 60
210
New Recruitment
(N)
1,020
60
10
8
26
1,124
Replacement
(R)
60
20
20
10
110
1,234
Conclusion: Labour Turnover of 24.92% calculated by the Executive Trainee of the Personnel Department is not correct. It
has been taken as Separation + Replacement = 16.36% + 8.57% = 24.92% and he has not taken the Number of New
Recruitments, in using the Flux Method.
12,00,000
Brokerage and Registration Fee paid on the above purchase
60,000
Wages paid
85,000
62,000
Wages outstanding as on 31st March, 2016
12,000
8,400
Donation paid to Local Clubs
5,000
2,500
Plant Hire Charges paid for three years effecting from 1st April 2015
72,000
57,000
st
Value of Materials at Site as on 31 March 2016
47,000
52,000
Contract Price of the Projects
48,00,000
36,00,000
Value of Work Certified
20,50,000
16,10,000
Work not Certified
1,90,000
1,40,000
st
A Concrete Mixture Machine was bought on 1 April 2015 for ` 8,20,000 and used for 180 days in HP1 and for 100 days in HP
2. Depreciation is provided @ 15% p.a.(This machine can be used for any other projects). As per the contract agreement, the
Contractee shall retain 20% of Work Certified as Retention Money.
Prepare Contract A/c for the two Housing Projects showing the Profit or Loss on each project for the year ended 31.03.2016.
May 2015.15
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HP2
16,10,000
1,40,000
52,000
Cash Received
1
Notional Profit
Work Certified
3
1
1
HP1:
7,00,342 80% = ` 1,86,758
HP2:
5,86,401 80% = ` 1,56,374
3
3
` 18,000 p.m.
` 11,000 p.m.
` 1,350 per vehicle per month
` 3,000 for every complete 5,000 k.m. run.
` 58.00
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1.Basic Computations
Ramgarh
Pratapgarh
(4 Vehicles 3 Trips 2
(3 Vehicles 2 Trips 2
24 km. 30 days)
34 km. 30 days)
= 17,280 Km
= 12,240 Km
8 kmpl
10 kmpl
2,160 litres
1,224 litres
Devgarh
(5 Vehicles 2 Trips
2 16 km. 30 days)
= 9,600 Km
6 kmpl
1,600 litres
` 1,25,280
` 70,992
` 92,800
No
Yes
No
(` 3,000 3) = 9,000
Nil
(` 3,000 1) = 3,000
`11,02,000 4 Vehicles
= ` 44,08,000
` 13,12,000 3 Vehicles
= ` 39,36,000
` 9,25,000 5 Vehicles
= ` 46,25,000
` 46,25,00010%1/12
= ` 38,542
(i)
Particulars
A. Running Costs:
Diesel [WN (1d)]
Servicing [WN (1g)]
(A)
1,25,280
9,000
1,34,280
70,992
70,992
92,800
3,000
95,800
Total
2,89,072
12,000
3,01,072
B. Fixed Costs:
Salary to Drivers
Salary to Cleaners
Garage Parking Fee
Depreciation [WN (1i)]
Toll Tax
(B)
C. Total Cost [A + B]
D. Operating Cost per vehicle
= C No. Of. Vehicles
E.
(4 Drivers
(3 Drivers
(5 Drivers
` 18,000) = 72,000
` 18,000) = 54,000
` 18,000) = 90,000
(4 Cleaners
(3 Cleaners
(5 Cleaners
` 11,000) = 44,000
` 11,000) = 33,000
` 11,000) = 55,000
2,16,000
1,32,000
(4 Vehicles
(3 Vehicles
(5 Vehicles
` 1,350) = 5,400
` 1,350) = 4,050
` 1,350) = 6,750
36,733
2,850
1,60,983
2,95,263
32,800
3,020
1,26,870
1,97,862
38,542
1,90,292
2,86,092
1,08,075
5,870
4,78,145
7,79,217
(` 2,95,263 4)
= ` 73,815.75
(` 1,97,862 3)
= ` 65,954.00
(` 2,86,092 5)
= ` 57,218.40
(` 7,79,217 12)
= ` 64,934.75
16,200
Direct Labour
15% of Cost of Goods Sold
Factory Overhead
10% of Cost of Goods Sold
` 2,30,000
May 2015.17
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Elements of Cost
Variable Cost portion
General & Administration Overhead
2% of Cost of Goods Sold
Selling & Distribution Overhead
4% of Cost of Sales
Last Year, 5,000 units were sold at `185 per unit. From the given data find the following:
(a) BreakEven Sales (in Rupees)
(b) Profit earned during last year
(c) Margin of Safety (in %)
(d) Profit if the Sales were 10% less than the Actual Sales.
Fixed Cost
` 71,000
` 68,000
Solution:
1.
Cost of Goods Sold (COGS) = Material + Labour + FOH + General & AOH
So, COGS = (30% + 15%+ 10% + 2%) = 57% of COGS + 2,30,000 +71,000
3,01,000
So, 0.43 COGS = 3,01,000. Hence, COGS =
= 7,00,000
0.43
2.
3.
Direct Material
Direct Labour
Factory Overhead
General & Administration OH
Selling & Distribution OH
Total
2,30,000
71,000
68,000
3,69,000
4.
PV Ratio =
5.
Computations:
Fixed Costs
3,69,000
=
= ` 6,90,882.
PVR
53.41%
(b) Profit earned during the last year = (Sales Total Variable Costs) Total Fixed Costs
= (` 9,25,000 ` 4,31,000) ` 3,69,000 = ` 1,25,000
(c) Margin of Safety (%) =
(d) Profit if the Sales were 10% less than the Actual Sales: (Assumed 10% reduction in Sale Qtty).
Profit
Question 8: If a Company finds that its Cost of Capital has changed, does this affect the profitability of the Company?
RTP
1.
If the Company is financed mainly from shortterm sources, an increase in interest rates will reduce its Profits. Hence, it
may choose to switch to longterm financing. This will be at a higher rate and profitability will be diminished.
2.
If the Company is financed mainly from longterm sources, an increase in interest rates will not affect its profits
directly. However, higher interest rates may depress economic activity and its profits may fall accordingly.
3.
If the Company is financed mainly from Retained Earnings or Equity, an increase in the required return of Shareholders
will lead to pressure for higher dividends. The Company may have insufficient funds to meet such demands.
May 2015.18
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Solution:
Cash Flow Statement for the year ended 31st March 2015 using Direct Method
Particulars
` in Crores
` in Crores
81
49
(11)
(42)
(22)
(18)
37
(8)
29
14.4
(11)
3.4
(7)
(1.5)
(11.7)
(20.2)
12.2
6.0
18.2
May 2015.19
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May 2015.20
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