Question
12,000 Kg of a material were input to a process in a
period. The normal loss is 10% of input There is no opening or closing work-in-progress. Output in the period was 10,920 Kg. What was the abnormal gain/loss in the period?Solution
Normal loss = 10% of 12,000 Kg = 1,200 Kg. Expected output = Input - Normal loss = 12,000 Kg - 1,200 Kg = 10,800 Kg Actual output = 10,920 Kg Abnormal gain = Actual output - Expected output = 10,920 Kg - 10,800 Kg = 120 Kg.
According to the Insurance Act, who can receive remuneration or reward for soliciting or procuring insurance business in India?
In Life Insurance, the surplus as per Valuation Balance Sheet is ₹20 crore. 95% is to be allocated to policyholders and 5% to shareholders. If policy ...
The company should file form _______ with the board resolution and with prescribed fee to the Central Government for appointment of the cost auditor.
The insurer leases 15 branch premises (3–5 years) with renewal options it is reasonably certain to exercise. Rent has fixed and variable (sales-linked...
Amount paid for stationery during 2022-23        ₹ 80,000
Creditors for Stationery on March, 31, 2023       ₹ 7,...
An oil company constructs a drilling platform at a cost of ₹200 crore. It estimates a dismantling cost of ₹30 crore at the end of 25 years. The pres...
What is the primary purpose of the "Canon of financial propriety"?
What type of banking transaction allows customers to invest in a diverse portfolio of stocks, bonds, and other securities?
What is the maximum loan limit prescribed for lending to Self-Help Groups (SHGs) under NABARD guidelines?
The standard time for a task is 4 hours per unit at a wage rate of ₹60 per hour. In a period, 500 units were produced in 1,900 hours, and the actual w...