CLASS TEST - XII Nexmine Tutorials

COSTING & TAXATION – 40 Marks Time: 1:30 hours

COSTING & TAXATION

Time: 1:30 Hours Marks: 40
1. Find out the correct answer out of the option given against each Questions: 10x1=10
(i) The Most appropriate Method of pricing material issues From the godown in a situation of
continuously falling price is -
(a) FIFO method (c) LIFO method
(b) Simple average (d) Weighted Average
(ii) The main method of pricing material issues are of?
(a) Two types (c) Three types
(b) Four types (d) None of these
(iii) Material or Store requisition Note is Prepared by -
(a) Store Department (c) Production Department
(b) Engineering Department (d) Cost Department
(iv) Bin Card Is Prepared by –
(a) Store Department (c) Production Department
(b) Engineering Department (d) Cost Department
(v) Opening balance 1000 units @ Rs 48 per unit .Purchases 200 units @ Rs 52 per unit. Issues 800 units.
Closing Stock to be valued Under Simple average Method at –
(a) Rs 48/unit (c) Rs 46/unit
(b) Rs 50/unit (d) Rs 47/unit
(vi) The assessee must be the owner of the house property during -
(a) Previous Year (c) Assessment Year
(b) Both (a) and (c) (d) None of the above
(vii) Municipal Tax is deducted from –
(a) Gross Annual Value (c) Standard Rent
(b) Net annual Value (d) Fair Rent
(viii) In computation of income from house Property, Standard deduction is allowed under section –
(a) 23 (c) 24
(b) 25 (d) 26
(ix) Income From Vacant land is chargeable to tax under the head –

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Address: 84, A.P.C Road Kolkata – 09, Near Victoria College

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 CLASS TEST - XII Nexmine Tutorials
COSTING & TAXATION – 40 Marks Time: 1:30 hours

(a) Income from H.P (c) Income from Other Sources

(b) Profit & Gains from Business and Profession (d) All the three
(x) The Municipal Value of property is Rs 20,000; Fair Rent is Rs 22,000. Annual Rent is Rs 24,000; and
unrealized Rent is Rs 4,000. The Annual Value of the Property is
(a) Rs 24,000 (c) Rs 20,000
(b) Rs 22,000 (d) None of these
2. Answer the following questions (Alternatives are to be noted): 2x5=10

(a) From the Following Information, Prepare a store Ledger account Under FIFO Method:
2018 Jan 1 Opening Balance 1000 units@ Rs 2.00
`` 10 Purchased 600 units@ Rs 2.10
`` 12 Issued 1200 units
`` 22 purchased 800 Units@ Rs 2.20
`` 25 Issued 600 Units
`` 31 Issued 400 Units
OR
Mention the Objectives of Pricing for issue of materials.
(b)Sri Amal Kar is the Owner a House in Asansol. Compute Net Annual Value of the house property for
the Assessment Year 2017-18 from the Following Information:
Net Municipal Value Rs 90,000
Fair Rent Rs 1,10,000
Annual Rent Rs 1,32,000
Vacancy Period 1 month
Municipal Tax 10%

For Enquiry Call us: 8337009979 / 9051167567

Address: 84, A.P.C Road Kolkata – 09, Near Victoria College

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 CLASS TEST - XII Nexmine Tutorials
COSTING & TAXATION – 40 Marks Time: 1:30 hours

3. Answer the following Questions (Alternatives are to be noted) 1x10=10

Sri Amal Saha is the owner of two houses. The particulars of each house during the previous year 2016-
17 were as follows:
House I (let-out) House II (Self occupied)
Municipal Value 30,000 30,000
Fair Rent 45,000 42,000
Standard Rent 40,000 Nil
Annual Rent 48,000 Nil
Vacancy Period 3 months Nil
Interest on Borrowed Capital 9,800 7,000
(For construction of House)
Municipal Tax Paid (Rs 1,200 Paid by tenant) 3,200 3,600
4. Answer the Following question (Alternatives are to be noted) 1x10=10
With the help of the Following Information, Prepare the Store ledger account based on weighted
average method pf pricing issue:
2018
April 1 Opening Balance 24000 Kgs@ Rs 7,500 per ton
1 Purchased 44000 Kgs@ Rs 7,600 per ton
2 issued 10000 Kgs
5 Issued 16000 Kgs
12 Issued 24000 Kgs
13 Purchased 10000 Kgs@ Rs 7,800 per ton
18 Issued 24000 Kgs
22 Purchased 50000 Kgs@ Rs 8,000 per ton
28 Issued 30000 Kgs
30 Issued 22000 Kgs

For Enquiry Call us: 8337009979 / 9051167567

Address: 84, A.P.C Road Kolkata – 09, Near Victoria College

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