Question
Give one difference between a Computer and a Calculator.
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Answer
A Computer contains much more than a Calculator. A Calculator can work only with numbers whereas a Computer can work with both numbers and words. Another difference is that a Calculator is not capable of storing the data, whereas a Computer can store large volume of data in its memory and reproduce any part of it, as and when needed.
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Prepare a Trading Account from the following particulars for the year ended 31st March 2017:
Give one feature of a Computer.
Following errors affecting the accounts of the year 2018-19 were detected in the books of Das & Co., Meerut:
- Sale of old furniture for ₹ 5,000 was treated as sales of goods.
- Rent of proprietor’s residence ₹ 6,000 was debited to Rent Account.
- Cash received from Rajesh ₹ 2,150 was credited to Brajesh.
From the following information, prepare the Trading Account for the year ended 31st March, 2017:
Adjusted Purchases ₹ 15,00,000; Sales ₹ 21,40,000; Returns Inwards ₹ 40,000; Freight and Packing ₹ 15,000; Packing Expenses on Sales ₹ 20,000; Depreciation ₹ 36,000; Factory Expenses ₹ 60,000; Closing Stock ₹ 1,20,000.
Adjusted Purchases ₹ 15,00,000; Sales ₹ 21,40,000; Returns Inwards ₹ 40,000; Freight and Packing ₹ 15,000; Packing Expenses on Sales ₹ 20,000; Depreciation ₹ 36,000; Factory Expenses ₹ 60,000; Closing Stock ₹ 1,20,000.
Classify the following into Capital, Revenue and Deferred Revenue expenditure, stating reasons in each case:
- A sum of ₹ 32,000 has been spent on a machine as follows: (i) ₹ 20,000 for addition to double the output, (ii) ₹ 5,000 for repairs necessitated by negligence and (iii) ₹ 7,000 for replacement of worn-out parts.
- Total expenditure on a cinema building during the year was ₹ 2,00,000 out of which 20% related to repairs and 80% represented improvements and additions.
- Compensation paid to a retrenched employee for the loss of employment.
- Second-hand furniture worth ₹ 40,000 was purchased and repairing of this furniture cost ₹ 15,000. The furniture was installed by own workmen-wages for this being ₹ 5,000.
- A person was injured by the motor car of the company. ₹ 10,000 was paid to him by way of compensation.
- Advertisement expenditure in special advertisement drive.
Goods costing ₹ 26,000 were sent to a customer at 20% profit on sale on sale or return basis. Customer returned goods of the selling price of ₹ 7,000. At what amount the remaining goods with the costomer will be shown in the Balance Sheet?
Depreciation cannot be provided in case of loss in a financial year. Comment.
Mohan maintains books on Single Entry System. He gives you the following information:
You are required to calculate the Profit or Loss made by Mohan.
| ₹ | |
| Capital on 1st April, 2018 | 15,200 |
| Capital on 31st March, 2019 | 16,900 |
| Drawings made during the year | 4,800 |
| Capital introduced on 1st August, 2018 | 2,000 |
Calculate the value of Closing Stock from the following particulars: