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Tally ERP 9 Audit Tools

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USING TALLY
The following are the various features that can be utilised for Tax Audit, Company Audit, Transfer Pricing Audit and VAT Audit
Data Entry
Before data entry create Company, activate the features, and configure the tally for using your data entry and reporting
Activate multi currency option if you have transactions in foreign currencies.
The success of using the various features will depend upon the accuracy of data entry made.
Never pass consolidated entry like depreciation, petty cash payment, bank payment or receipts
The reason being it will give reports which C.A.’s mind will not accept
Open Ledger account which will give its features and flavour of its character
Select an appropriate group for the account and change the group from time to time on change in debit or credit balance change.
Activate required stock features to have quantitative reports
Enter from time to time the Bank statement in tally to have bank reconciliation missing entries.

VAT TRANSACTIONS
 See that VAT option is activated in your tally and enter your TIN and effective date
See that the accounts are created in purchase, sales, expenses, fixed assets transactions considering VAT set off rules
 Foreign Exchange Transactions
Enter the Import bills in foreign exchange
Enter the Export Bills in foreign exchange
Enter the Receipts in foreign exchange
Enter the payments in foreign exchange
Stock Valuation
Tally has got in built stock valuation features
You can value stock by any method regularly followed and accurate entries are made for purchase and sales transactions
Otherwise you can dis-integrate the stock and value as per your own working too.
Interest Calculation
Activate in features and
Activation while creating a ledger account or latter on as per your requirement.
Provide the rate of interest
Mode of calculation i.e. month or 365 days and advance features are available
Foreign Exchange Difference
When there are two currencies active the Balance sheet will show unadjusted foreign gain or loss for which entries are to be made periodically if not made at the time of settlement of transaction.
Amount in asset side shows loss and gain on liability side
Reporting in Tally
Apart from Statement of affairs and Profit and loss/ Income and Expenditure account, Books of Accounts, Inventory registers, stock statement the following additional reports can be generated
Statements in Rupees and Foreign Currency
 Quantitative statements for 3CD
 Stock valuation by using earlier years method and current years method of stock valuation
Payment above Rs.20,000/-
Payment/Bills above Rs.5,000/-, 20,000/- or consolidated Rs.50,000/- for TDS purposes
Maximum balance outstanding during the year for loans etc.
Delayed payment of TDS, PF, ESIC, Profession Tax etc.
40A(2)(b) reports
Negative Cash balance
Checking interest payments and receipts
Reports under TP Audit
Sales to Associated Enterprises
Purchase from Associated Enterprises
Gross Profit ratio of transactions with AE and others
Company Audits
Transaction above certain limit with parties listed in register u/s 301 of the Companies Act, 1956
Provident Fund and ESIC payment verification
Fixed Assets Register
Inventory records in Notes to Accounts
Debts more than six months
Segment reporting
Region
Product
Etc.
Duplicate payments and Duplicate Bills
Ledger Scrutiny
Audit papers and audit trail
 MIS Reporting
Over due payments
Highest and lowest Cash balance and Bank balance for utilisation of fund
Stock reports
Export of data in XL and ODBC
For further analysis and reporting
There are certain package data of which is compatible with tally data base and can be imported in tally i.e. sales affected at certain counters can be merged in tally.

And there are various agencies, they give additional features and packages compatible with tally so tally can be used as ERP package.

Income from salary head

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 Basis of charge [sec 15]]
Salary is taxable due or receipt whichever is earlier
Gratuity [sec 10(10)]
A)     Government employee – fully exempt
B)     Employee covered under gratuity act-
·         Actual receive
·         15/26 X last drawn salary X No. of completed year in excess of 6 month
·         1000000 Rs.
C)     Other employee
·         Actual receive
·         15/30 X Average salary of 10 month X No. of completed year
·         1000000 Rs.
Pension [sec 10(10A)]
Uncommuted pension – fully taxable
Commuted pension-
A)     Government employee/employee of local authority/statutory corporation-fully exempt
B)     Non govt. employee (receive gratuity ) – 1/3 of full value of pension
C)     Non govt. employee (Not receive gratuity ) – 1/2 of full value of pension
Leave salary [sec (10AA)]
A)     Government employee-fully exempt
B)     Non govt. employee –
·         Maximum 30 days p.a X completed year of service X average 10 month salary
·         10 month average salary
·         Rs. 300000
·         Actual receive
Retrenchment compensation [sec 10(10B)]
·         15 days average pay for every completed year in excess of 6 month
·         Actual receive
·         Rs. 500000
Compensation receive on voluntary retirement sec 10(10C)
Actual compensation receive or 500000 Rs. Whichever is lower
Provident fund
1.       RPF – employer’s contribution –excess of  12% of salary (taxable)
Interest on provident fund excess of 8.5% (taxable)
2.       Unrecognized provident fund– employers contribution –taxable (salary)
Interest on employer’s contribution – taxable (salary)
Interest on employee’s contribution- taxable (other sources)
Allowances which are fully taxable
Dearness allowance, city compensatory allowance, Tiffin allowance, overtime allowance, servant allowance, warden allowance, on practicing allowance, Family allowance
Allowance which are exempt to the extent of actual amount rec. or amount spend whichever is less
Travelling allowance, Daily allowance, conveyance allowance, Helper allowance, Academic allowance, Uniform allowance
Allowance exempt to the extent of Amount received or limit specified whichever is less
1.       Children education allowance-100 PM maximum of 2 children
2.       Hostel expenditure allowance-300 PM maximum of 2 children
3.       Tribunal area, schedule area/Agency area-200 PM
4.       Special compensatory hilly area allowance- 300 Rs. To 7000 Rs. PM
5.       Border area / Remote area – 200 Rs. To 1300 Rs. PM
6.       Compensatory field area allowance – 2600 Rs. PM
7.       Transport allowance – 800 Rs. PM
8.       Underground allowance – – 800 Rs. PM
9.       Allowance allowed to transport employee- 70% of such allowance or 6000 Rs. Whichever is less
Fully exempted allowance
1.       Foreign-govt. employee
2.       HC or SC –judge
3.       U.N.O
House rent allowance [sec 10 (13A)]
1.       Actual amount rec.
2.       Rent paid – 10% of salary
3.       50% of salary [ Calcutta , Chennai , Delhi and Mumbai ]
4.       40% of salary [ other city]
Perquisites—Taxable in the hands of all employees
Rent free accommodation
1.       Govt. employee – license fee [unfurnished]
License fee – actual rent paid by the employee [concessional rate]
2.       Non govt. employee
·         Owned by employer – 15% , 10% , 7.5% as the case may be [depending upon population]
·         Not owned by employer – 15% of salary or actual rent whichever is lower
·         Where accommodation is provided by the employer in a hotel – 24% of salary paid 0r actual charges paid [condition-1.not exceed 15 days and 2. one place to another ]
Perquisites—Taxable in the hands specified employees
1.       Sweeper, Gardner, or Watchman –Actual cost
2.       Gas, Electricity, or water – Actual cost
3.       Education facility- Free or concessional education facilities
4.       Use of motor car
5.       Personal or private journey – Free or concessional education rate
Note specified employee – 1.Director of a company, 2.substantial interest-20%voting power, 3. Income exceeds 50000 Rs. With all allowance but exclude all perquisite
Perquisites—Tax  free in the hands of all employees
1.       Medical facilities- Medical treatment in India
Employer hospital, Govt. hospital, notified hospital, Group medical insurance, medical insurance u/s 80D [fully exempt]
Medical reimbursement – actual or 15000 Rs. whichever is lower
Recreational facility– to a group of employee
Training of employee – any fresher courses
Use of health club, telephone bill
Employer contribution – upto 100000 Rs.
Amount given to employee – for child as scholarship
Food and beverage – upto 50 Rs. Per meal
Loan to employee – upto 20000 Rs.
2.       Medical treatment in abroad- exempt if permitted by R.B.I]
Travel expenditure – GTI upto 200000 Rs. Before including this perquisite [fully exempt]
GTI above 200000 Rs. [fully taxable]
Meaning of salary for different purposes
1. for entertainment allowances
Basic salary only
2. Gratuity for employee [covered under gratuity act]
Basic salary +D.A [ RB]
3. Gratuity for employee [Not covered under gratuity act]
Basic salary +D.A [ RB]+commission as a fixed %
4. Leave salary
5. voluntary retirement compensation
6. contribution to RPF
7. house rent allowance
8. rent free accommodation
Basic+ D.A[RB]+commission+Taxable allowance
Leave travel concession [ sec 10(5)]
Maximum of 2 journeys in the block of 4 years
·         Where journey is performed by air –shortest route of air economic fare
·         Where journey is performed by rail or other then air – air condition first class shortest route fare
In other case – 1st class or deluxe class fare[where public transport system exist]

Highlights of union budget 2012

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Finance Bill 2012

·         Slab rates for Individuals:   Income upto Rs        Income tax
2 lacs            –               NIL
2lacs -5lacs  –              10%
                                                      5lacs-10 lacs –     20%
Ø  10 lacs   –                30%
·         Rate of Service tax                                       –                 12%
·         Amendment to Sec.80C          :  LIC premium paid should not exceed
                 10% of Sum Assured of the policy.
·         80CCF                                      :  not available for AY 2012-13
·         Rajiv Gandhi Equity Savings Scheme :  Deduction upto 50% of amount invested in the scheme.
                                 Lock-in period                 :   3 years
                            Maximum deduction   : Rs 50,000/-
·         80D                                                :  Rs.5000/- is allowed for preventive health check-up within the overall limit allowed under the section.
·         Donations                                     :   made in cash is not allowed as deduction if it exceeds Rs. 10,000/- in cash.
·         New Section 80TTA                     :   Interest on Savings deposit accounts in Banks / post offices is exempt upto Rs.10,000/-
·         Investment received by an enterprise from a Private financing source may be deemed as income.
·         Overseas transfer of assets that takes place with underlying real assets in India in exceptional cases can be reopened within a time limit of past 6 years.
·         Amendment to TDS provisions: 
Ø  Transfer of immovable property other than agricultural land is brought within the TDS ambit. Transferee of immovable property is now required to withhold tax of 1% of consideration. Such withholding is required only if consideration exceeds Rs.50 lakh in urban area and Rs.20 lakh in case of property located in any other area. There is no exemption from this to individuals. The registration of the transfer is subject to submission of proof of payment of TDS. This amendment will be applicable from October 1st this year.
Ø  Every seller of bullion and jewellery would have to collect tax at the rate of 1% of sale consideration from every buyer of bullion and jewellery if the sale consideration exceeds Rs.2lakh and the sale is done In cash. This would be irrespective of the fact whether the buyer is a manufacturer,trader or purchase is for personal use.
·         Amendment to Transfer Pricing Regulations:    The proposed transactions which will come under the expanded tax net would be:
§  Payment of any expenditure related to goods,services or facilities made to related party (as defined u/s40A(2)(b)) ;
§  Any transfer of goods or services from eligible business to other business or vice versa(as defined u/s 80A,80-IA, chapter VI or section 10AA of subsection (8)/(10) or;
§  Any other transaction as may be prescribed by the CBDT.
·         Excise  Duty                                   1% excise duty on unbranded precious metal jewellery is proposed .

Budget-2012-2013 Maharashtra

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1. On Line facility  to Dealers:- 
(a) It is proposed to provide a new system in which a dealer purchasing goods will be able to verify online tax paid by the selling dealer.
This will bring transparency in the tax system and also curb tax evasion.
(b) Facility of refund payment through ‘ECS’ will be made available to the dealers.
(c) Declarations under Central Sales Tax Act, such as ‘C’ forms, etc. will also be issued in electronic form.
2. G.S.T.:- In the recent budget the Central Government has announced 1st August 2012 to be the operational date for Goods and Services Tax Network.  Maharashtra has actively participated in its development .
3.  Fees for filing late returns and Penalty for late registration:- 
(a)A late fee of Rs. 5,000 in place of penalty of Rs.5000/- for late filing of return is proposed. A dealer will not be able to upload his return without payment of this late fee.
(b)  Penalty is also proposed for failure to apply for registration within the prescribed time
4.  Strictness for not attending the hearing or asking adjournment  at pending appeals:
(a) If the appellant fails to attend or seeks adjournment on three occasions, he shall have to pay a minimum amount of 15 per cent of the disputed amount or Rupees 15 crore whichever is less, for the stay to continue.
(b) Also in order to reduce the number of appeals filed by Government to High Court, provision similar to section 268-A of the Income Tax Act is proposed.
Increase in Tax base through increase in rate or bringing new commodity under Tax net.
1. Propose to levy tax at 5 per cent on sales of furnishing cloth at the last point of sales
2. Proposed to levy tax at 12.5 per cent on sales of Beedi
3.  Proposed a levy of tax of 5 per cent on sale of LPG for domestic use
4. Plaster of Paris is used in interior decorations. Rate of tax on this is proposed to be enhanced from 5 per cent to12.5 per cent.
5. Purchase tax is proposed on purchases of cotton and oil seeds from unregistered persons. The rate of purchase tax will be same as that on sales and set-off will be available as prescribed in the rules.
6. Motor Vehicle Tax is levied on cars and jeeps as per their price. Presently it is as follows:-
Price range
Rate
Proposed
vehicles costing up to Rs. 7 lakh
7%
Rate shall be increased by 2% on Petrol vehicles and by 4% on Diesel vehicles
vehicles costing between Rs. 10 to 20 lakh
8%
vehicles costing above Rs. 20 lakh
9%
Thus rate would be
Price range
Rate if it is petrol vehicle
Rate if it is Diesel vehicle
vehicles costing up to Rs. 7 lakh
9%
11%
vehicles costing between Rs. 10 to 20 lakh
10%
14%
vehicles costing above Rs. 20 lakh
11%
15%
Logical change in Rate of Tax to remove difficulty :-
(a)  On dry fruits :-The rate of tax on cashew nuts is 12.5 per cent, while other dry fruits are taxed at 5 per cent. Different tax rates on dry fruits are inconvenient to trade. Therefore, I propose a single rate of 5 per cent for all dry fruits from 1st April, 2012
(b)  TDS on Works Contract by unregistered dealers.
There is a provision to deduct 4 per cent TDS on Works Contract executed by unregistered dealers. General rate of composition on construction work is 5 per cent. Hence, TDS rate in this case is proposed at 5 per cent
(c)  Semi processed meat and fruits sold in sealed containers or in frozen state are liable to 5 per cent tax. But similar vegetarian foods are liable to 12.5 per cent tax. Hence, Proposed reduction in tax on these to 5 per cent.
Reduction in set-off on Branch Transfers outside the State:- Reduction in rate of Central Sales Tax by Central Government from 4 per cent to 2 per cent has adversely affected State revenue. Therefore, as a revenue protection measure, I propose to reduce set off in case of branch transfers outside the State by 4 per cent instead of 2 per cent from 1st April, 2012.
Tax Concessions.
Existing
Proposed
Presently some essential goods such as rice, wheat, pulses and their flour, turmeric, chillies, tamarind, gur, coconut, coriander seeds, fenugreek, parsley (suva), papad, wet dates, solapuri chaddars and towels are exempted from tax upto 1st March 2012.
And tea is presently taxable at lower rate of 5%.
Exempt up to 31-3-2012
exemption extended on these upto 31st March 2013
Lower rate of 5 % tax on tea will also continue upto
31st March 2013
Rate of tax on cotton yarn
5%
proposed reduce to 2 per cent
Tax rate on writing boards and pads, examination pads, black, white or green boards, drawing boards, drawing charcoal, erasers, foot rulers, stapler, glitter pen, sketch pen, pencil leads, oil pastels and envelopes
12.5%
proposed reduce to 5 per cent
Rate of tax on Machineries and equipments used in poultry industry ( To promote poultry industry in the State)
12.5%
proposed reduce to 5 per cent
Tax rate on adult diapers, sanitary napkins, raincoats, safety helmets, ribbons, bow and kajal, articles made from bamboo and rock salt.
12.5%
proposed reduce to 5 per cent
Concession in Motor Vehicle Tax to CNG vehicles
Proposed to reduce the tax rate by 2 per cent for each of the slabs, on purchase of a new motor vehicle fitted with CNG kit by the manufacturer. The new tax rate will be 5 % for vehicles costing upto Rs.10 lakh, 6 % for vehicles costing between Rs. 10 to 20 lakh and 7 % for vehicles costing above Rs. 20 lakh
è  Exemption to oil and oilcake manufactured and sold by Tel Ghani certified by Khadi and Village Industries Board, upto a turnover of rupees 20 lakhs in a year.
è  Full exemptions to ‘Purak Poshak Ahar’ supplied to Anganwadis under the integrated child development scheme
è  It is proposed to fully exempt battery operated vehicles from Motor Vehicle tax.
Other Proposals
Entry Tax
Proposed to levy entry tax of 12.5 per cent on Natural Gas. Full set-off on Natural Gas will be available under MVAT Act, if it is resold. In any other case, set-off will be available in excess of 3 per cent.
Profession Tax.
(a) The tax liability of a person applying for new enrolment under Profession Tax Act, for unenrolled periods will be restricted to eight years prior to the year of initiation of proceedings or application for enrolment.
(b) Provision for revised return and a provision for late fee of Rupees 1000 instead of penalty of Rs. 300 for late filing of return is proposed.
Sugarcane Purchase Tax :-
The State Government has declared a scheme for exemption from Sugarcane Purchase Tax to sugar factories establishing co-generation units.
Stamp Duty:- In order to simplify the Stamp Duty structure, the present slabs for charging of Stamp Duty on conveyance deeds of immovable properties is proposed to be replaced by a simpler rate of 3 per cent for areas falling under Grampanchayats, 4 per cent for areas under Municipal Councils and Influential Areas and 5 per cent for other urban areas including Municipal
Substantial old dues of electricity duty are outstanding.

Majority of the dues are disputed in courts of law. In order to settle these disputes and recover outstanding dues quickly, I propose an Amnesty Scheme. In this scheme, if the outstanding electricity duty as on 31st December, 2011, is paid in one installment, it is proposed to waive 50 per cent of interest accrued thereon, subject to withdrawal of pending court cases. This scheme will be in operation from 1 st April, 2012 to 30 th June, 2012.

Budgetary Control Formula and Standard Costing

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Control Ratios:

Activity Ratio = Standard Hours for Actual Production ÷ Budgeted Hours x 100

Capacity Ratio = Actual Hours Worked ÷ Budgeted Hours x 100

Efficiency Ratio = Standard Hours for Actual Production ÷ Actual Hours Worked x 100

STANDARD COSTING

Direct Material Variances:

Direct Material Cost Variance (DMCV) = (Standard cost for actual output – Actual cost)

Direct Material Price Variance (DMPV) = Actual Quantity x (Standard Price – Actual Price)

Direct Material Quantity or Usage Variance (DMUV) = Standard Price x (Standard Quantity for Actual Output – Actual quantity)

Direct Material Mix Variance (DMMV) = Standard Price x (Revised Standard quantity – Actual quantity)

Revised usage variance = Standard price x (Standard quantity for actual output – Revised standard Qty)

Direct Material Yield Variance = Standard Cost per unit x (Standard production for actual mix – Actual production)
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Process Costing Formula

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1.       Cost of Abnormal Wastage
= Normal cost ÷ Normal output x Abnormal Wastage inn units
2.       Cost of Abnormal Effectives
= Normal Cost ÷ Normal Output x Abnormal Effectives in units
3.       Computation of Abnormal loss :
Quantity of abnormal loss = Normal output – Actual output
Normal output = Input – normal loss
4.       Value of abnormal loss = Normal cost of the normal output ÷ Normal output x units of Abnormal loss

Value of normal cost of normal output = Expenditure of the process – Scrap value of normal loss
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Contract Costing Formula

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Profit to be taken to Profit & Loss in case of Incomplete Contracts.

1. When the work certified is less than ¼ of the contract price: No profits to profit and loss account.
2. When the work certified is ¼ but less than ½ of the contract price :
Profit to date x 1/3 x Cash received / Work certified
3. When the work certified is ½ or more of the contract price :
Profit to date x 2/3 x Cash received / Work Certified
4. When contract is almost complete and further estimated expenditure is given : Estimated Total Profit x work certified ÷ contract price x Cash received ÷ work certified
5. In case of loss :
The entire loss to be transferred to Profit & Loss Account.
6. When the contract is nearing completion:
Profit to be taken = Estimated profit x Work certified ÷ Contract price (or)
Estimated profit x Cost of work to date ÷ Estimated total cost (or)
Estimated profit x cost of work to date ÷ Estimated total cost x cash received ÷ work certified
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Batch Costing Formula

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Economic batch Quantity:
1.       EOQ = 2AB / CS
A = Annual consumption in units               B = Buying cost per order
C = Cost per unit                                               S = Storage & carrying cost per annum.
2.       EOQ = 2UO / C
U = Usage in units per annum                    O = Ordering cost
C = Cost of inventory carrying cost per unit in year.
3.       EOQ = 2CO  / I
C = Consumption of the material in units per year             O = Ordering cost                                         I = Interest  & other carrying cost per unit / annum.
4.       EOQ = 2AB / S
A = Annual consumption in units               B = Buying cost per order
S = Storage & carrying cost per annum.

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Overhead Costing Formula

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Factory Overhead Rate:
(i) Direct Material Cost Method =Amount of Factory Overheads ÷ Cost of Direct materials used x 100
(ii) Direct Labour Cost Method = Amount of Factory Overheads ÷ Cost of direct labour x 100
(iii) Prime Cost Method = Amount of Factory overheads ÷ Prime cost x 100
(iv)
(i) Machine SHour Rate Method = Amount of Factory overheads ÷ Machine Hours
(ii) Labour Hour Rate Method = Amount of Factory overheads ÷ Total Number of direct labour hours

Office Overhead Rates:
(i) As a Percentage of Factory Cost = Total Administration Overheads ÷ Total factory cost x 100
(ii) As a Percentage to Factory Overheads = Total Administration Overheads ÷ Total Factory Overheads* x 100
(iii) As a Percentage to Sales = Administration Overheads ÷ Total sales x 100
(iv) As a Percentage of Conversion Cost = Total Administration Overheads ÷ Total Conversion Cost x 100
(v) As a Percentage of Gross Profit = Total Administration Overheads ÷ Gross Profit x 100

Selling Overhead Rate:
(i) As a Rate Per Article = Total selling & Distribution Overheads ÷ Number of Products sold
(ii) As a Percentage of Selling Price = Total Selling & Distribution Overheads ÷ Total Sales x 100
(iii) As a Percentage of Works Cost = Total Selling & Distribution Overheads ÷ Total Works Cost x 100

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Materials Costing Formula

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        Maximum Level
Maximum Level = Re-order level + Re-order quantity – (Minimum consumption x Minimum
Re-order period)
 
2.       Minimum Level
Minimum Level = Re-order level – (Average rate of consumption x Average time
required to obtain fresh delivery)        (or)
 
Minimum Level = Re-order level – (Normal consumption x Normal Re – order period)
 
3.       Re-order level
Re-order level = Maximum consumption x Maximum re-order period
 
4.       Average Stock Level                                                                                                                             Average Stock Level = ½ (Maximum Level + Minimum level)  
       (or)                        Minimum level + ½ of Re-order Quantity
5.       Danger level
Danger level = Average consumption x maximum re-order period for emergency
 purchases.
 
6.       Economic Ordering Quantity
 
1.EOQ = 2U XP/ S
U = Quantity(units) Purchased or used in a year                P = Cost of Placing Order
S = Annual cost of storage of one unit
 
2.EOQ = 2AB / CS
A = Annual consumption in units               B = Buying cost per order
C = Cost per unit                                               S = Storage & carrying cost per annum.
 
3.EOQ = 2UO / C
U = Usage in units per annum                    O = Ordering cost
C = Cost of inventory carrying cost per unit in year.
 
4.EOQ = 2CO / I
C = Consumption of the material in units per year             O = Ordering cost  
I = Interest  & other carrying cost per unit / annum.
 
5.EOQ = 2AB / S
A = Annual consumption in units               B = Buying cost per order
S = Storage & carrying cost per annum.
  1. Inventory Turnover Ratio:  =
 
Cost of materials consumed during the period
 
 Average stock of material held during the period
Cost of material Consumed = Opening Raw material
 + Purchased Raw  Material   l – Closing raw material
Average stock of materials = ½ ( Opening Raw material +
 Closing Raw materials)
Inventory Turnover in days =  Days in the period 
                                                    Inventory Turnover Ratio

8.       Input – Output Ratio Analysis   = Standard cost of Actual quantity  

  Standard cost of Standard quantity
 
9.       No.of Orders  = Quantity purchased / Consumed
                             Economic Order Quantity(EOQ)
10.   Desired Purchase quantity  = Difference in fixed Cost
                                                            Difference in Variable Cost
    
11.   Computation of Purchase price of Raw Materials 
 
Particulars                                                                                          Amount
Units Purchased(No of units X Price per unit/Kg)               XXX
Less
Trade Discount                                                                                  (XXX)
                Add                                                                                                        XXX
                Container Cost(No of containers X Per container)             XXX
                Less
                Returned containers(No of containers X Per container) (XXX)
                Add
                Transport Charges                                                                          XXX
                Storage Charges                                                                               XXX
                Rent,Taxes,Insurance,Extra                                                        XXX
                Total Material Cost                                                                          XXX
             
12.   Cost Per Unit = Total Material Cost
                              Total Units Purchased

Process Costing Formula
Contract Costing Formula
Batch Costing Formula
Direct Labour Costing Formula