Question
Accounting Information System (AIS):
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Answer
Accounting Information System $(AIS)$ is a systemof processing data relating to financial transactions in such a manner that useful informationis made available for internal decisions of unit as also to outsiders. AIS is a part ofManagement Information System $(MIS).$ Management Information System can comprise ofProduction Information System, Marketing Information System, Accounting InformationSystem etc.Accounting Information System $(AIS)$ makes various useful accounting informationavailable to internal and external users in decision making. Accounting Information Systemcan provide following reports:
$(1)$ Profit and Loss statement
$(2)$ Balance Sheet
$(3)$ Debtor's Report
$(4)$ Creditor's Report etc.
$(1)$ Profit and Loss statement
$(2)$ Balance Sheet
$(3)$ Debtor's Report
$(4)$ Creditor's Report etc.
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Record the following transactions in the journal proper of Shri Rakesh Patel:
1. Gave goods of ₹ 5,000 to Anath Ashram.
2. Distributed goods of ₹ 4,000 as free samples.
3. Withdrew goods of ₹ 8,000 from the business for the personal use.
1. Gave goods of ₹ 5,000 to Anath Ashram.
2. Distributed goods of ₹ 4,000 as free samples.
3. Withdrew goods of ₹ 8,000 from the business for the personal use.
Distinguish between : $(1)$ General Reserve and Provision :
→Prepare trading account for the year ended on $31-03-2015$ from the following balances of Bhavesh :
Cost price of closing stock of goods as on $31-03-2015$ was $₹ 44,000,$ whereas its market value is $₹ 50,000.$
→Cost price of closing stock of goods as on $31-03-2015$ was $₹ 44,000,$ whereas its market value is $₹ 50,000.$
Avinash of Ahmedabad has purchased goods of $Rs. 2,00,000$ from Rajesh of Rajkot and payment is made by cheque. From this goods of $Rs. 1,30,000$ sold for $Rs. 1,60,000$ to Bhavesh of Bhavnagar and payment received through cheque. $12 \% GST$ rate is applicable to these transactions, were $CGST$ is $6\%$ and $SGST$ is $6 \%$. Pass journal entries till the accounting settlement of $GST$ in the books of Avinash.
→Write journal entries for the following transactions and explain accounting treatments basedon equation :
$(1)$ Rent paid in cash $₹ 4000$ and $₹ 1500$ are outstanding.
$(2)$ Goods donated $₹ 2000.$
$(3)$ Furniture of $₹ 15,000$ purchased from Prexa Furniture Mart.
→$(1)$ Rent paid in cash $₹ 4000$ and $₹ 1500$ are outstanding.
$(2)$ Goods donated $₹ 2000.$
$(3)$ Furniture of $₹ 15,000$ purchased from Prexa Furniture Mart.
Write journal entries for the following transactions and explain accounting treatments based on equation.
$(1)$ Ramesh has brought cash of $Rs. 20,000$ and furniture of $Rs. 10,000$ to commence business.
$(2)$ $Rs. 5000$ deposited in bank and opened account.
$(3)$ Goods of $Rs. 8000$ purchased from Rajesh.
→$(1)$ Ramesh has brought cash of $Rs. 20,000$ and furniture of $Rs. 10,000$ to commence business.
$(2)$ $Rs. 5000$ deposited in bank and opened account.
$(3)$ Goods of $Rs. 8000$ purchased from Rajesh.
Write journal entries in the books of Shailesh for the following transactions.
$2018$
April
$1$ Machine purchased $₹ 50,000$ and installation expense $₹ 5000$ paid in cash.
$7$ Goods of $₹ 2000$ distributed as sample.
$15\ ₹ 4000$ was receivable from Ved. He becomes insolvent and $50 \%$ amount is received by cheque as final settlement.
→$2018$
April
$1$ Machine purchased $₹ 50,000$ and installation expense $₹ 5000$ paid in cash.
$7$ Goods of $₹ 2000$ distributed as sample.
$15\ ₹ 4000$ was receivable from Ved. He becomes insolvent and $50 \%$ amount is received by cheque as final settlement.
To which account, the following transactions will be debited and credited in the books of Ganesh? Describe with reason.
$(1)$ $Rs.50,000$ brought in cash and started business.
$(2)$ A loan of $Rs.10,000$ taken from Jasleen.
$(3)$ Bank account opened by depositing $Rs.30,000.$
→$(1)$ $Rs.50,000$ brought in cash and started business.
$(2)$ A loan of $Rs.10,000$ taken from Jasleen.
$(3)$ Bank account opened by depositing $Rs.30,000.$
Write short-note on: $(1)$ Accounting Entity Concept:
→Discuss the limitation of Single Entry System in detail.