Question
Give the names of different accounting packages.
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Answer
Ready-to-use: A variety of readymade softwares is available in the market. These softwares are for users at large and are not developed according to the requirements of any specific user. Most popular readymade softwares available in the market are Tally, Ex. Busy etc.
Customised: The term "Customised Software means making changes in the ready to use software so as to suit the specific requirements of the user. Any readymade software can be changed according to the needs and specifications of the user. However, the cost of installation of customised softwares are high because the cost of change is to be paid by the user.
Tailored: The term “tailor-made software means developing a software according to the needs and specifications of the user. These softwares are not available off-the-shelf.
Customised: The term "Customised Software means making changes in the ready to use software so as to suit the specific requirements of the user. Any readymade software can be changed according to the needs and specifications of the user. However, the cost of installation of customised softwares are high because the cost of change is to be paid by the user.
Tailored: The term “tailor-made software means developing a software according to the needs and specifications of the user. These softwares are not available off-the-shelf.
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Mr. Muneesh maintains his books of accounts from incomplete records. His books provide the information:
He withdrew ₹ 300 per month for personal expenses. He sold his investment of ₹ 16,000 at 2% premium and introduced that amount into business.
| April 01, 2016 | March 31, 2017 | |
| ₹ | ₹ | |
| Cash | 1,200 | 1,600 |
| Bills receivable | — | 2,400 |
| Debtors | 16,800 | 27,200 |
| Stock | 22,400 | 24,400 |
| Investment | — | 8,000 |
| Furniture | 7,500 | 8,000 |
| Creditors | 14,000 | 15,200 |
Enter the following transactions in proper Subsidiary Books of Ram, Lucknow (UP) for the month of January 2019:
From the following Trial Balance, extracted from the books of Raga Ltd., prepare a Profit and Loss Account for the year ended 31st March, 2019 and a Balance Sheet as at that date:
The additional informations are as under:
The additional informations are as under:
- Closing stock was valued at the end of the year at ₹ 20,000.
- Depreciation on Plant and Machinery charged at 5% and on Land and Building at 10%.
- Make a provision for discount on debtors at 3%.
- Make a provision at 5% on debtors for Bad-debts.
- Salary outstanding was ₹ 100 and Wages prepaid were ₹ 40.
- The manager is entitled to a Commission of 5% on Net Profit after charging such Commission.
Charu do not keep proper books of accounts. Prepare the statement of profit or loss for the year ending 31-3-2017 from the following information:
The following adjustments are to be made:
The following adjustments are to be made:
- Proprietor withdrew cash ₹ 5,000 per month for private use.
- Depreciation @ 5% on Car and @ 10% on furniture.
- Outstanding Rent ₹ 6,000.
- Fresh Capital introduced during the year ₹ 30,000.
Journalise the following transactions, post them into Ledger and prepare a Trial Balance:
On 1st April, 2016, Shivam Enterprise purchased a second-hand machinery for ₹ 52,000 and spent ₹ 2,000 on cartage, ₹ 3,000 on unloading, ₹ 2,000 on installation and ₹ 1,000 as brokerage of the middle man. It was estimated that the machinery will have a scrap value of ₹ 6,000 at the end of its useful life, which is 10 years. On 31st December 2016, repairs and renewals amounted to ₹ 2,500 were paid. On 1st October, 2018, this machine was sold for ₹ 30,600 and an amount of ₹ 600 was paid as commission to an agent. Calculate the amount of annual depreciation and rate of depreciation. Also prepare the Machinery Account for first 3 years, assuming that firm follows financial year for accounting.
Enter the following transactions in Two-column Cash Book of Reema, Chandigarh and find cash and bank balances:
| 2019 | ₹ | |||
| April 1 | Cash balance ₹ 2,000, bank balance ₹ 24,500 | |||
| April 2 | Cash sales ₹ 60,000 plus CGST and SGST @ 6% each | |||
| April 5 | Deposited in Bank | 50,000 | ||
| April 7 | Issued cheque to Sohan | 10,000 | ||
| April 9 | Sold goods for cash ₹ 10,000 plus CGST and SGST @ 6% each | |||
| April 12 | Received a cheque from National Insurance Co. Ltd. against claim lodged last year | 19,800 | ||
| April 14 | Sold goods to Niraj of ₹ 25,000 plus CGST and SGST @ 6% each, received cash ₹ 10,000 and balance by cheque. Allowed him discount ₹ 500 | |||
| April 16 | Purchased furniture for ₹ 10,000 plus CGST and SGST @ 6% each, paid for furniture by cheque | |||
| April 18 | Sold old furniture for ₹ 10,000 plus CGST and SGST @ 6% each and received cash | |||
| April 20 | Paid into bank cheque of Niraj and cash | 2,500 | ||
| April 22 | Paid to Suman by cheque | 2,500 | ||
| April 26 | Suman's cheque returned on technical ground and paid cash for equal amount | |||
| April 28 | Bank charged its commission of ₹ 300 plus CGST and SGST @ 6% each | |||
| April 29 | Bank paid insurance premium as per standing instructions | 2,500 | ||
| April 30 | Nigam paid into bank directly, intimation received on the same day | 5,000 | ||
Cash Book shows a balance of ₹ 12,500. On comparing the Cash Book with the Pass Book, following discrepancies were noted:
Prepare Bank Reconciliation Statement.
|
|
|
₹
|
|
(i)
|
Cheques issued but not yet presented for payment.
|
6,000
|
|
(ii)
|
Cheques deposited in the bank but not collected.
|
9,000
|
|
(iii)
|
Bank paid insurance premium.
|
5,000
|
|
(iv)
|
Bank charges.
|
300
|
|
(v)
|
Directly deposited by a customer.
|
8,000
|
|
(vi)
|
Interest on investment collected by bank.
|
2,000
|
|
(vii)
|
Cash discount allowed of ₹ 200 was recorded on the debit side of the Bank column.
|
|
From the following Trial Balance of Mahesh, prepare his Final Accounts for the year ended 31st March, 2019:
Additional Information:
Additional Information:
- Closing Stock on 31st March, 2019 was ₹ 21,000.
- Rent of ₹ 1,200 has been received in advance.
- Outstanding liability for Miscellaneous expenses ₹ 12,000.
- Commission earned during the year but not received was ₹ 2,100.
- Goods costing ₹ 2,000 were taken by the proprietor for his personal use but entry was not passed in the books of account.
'A computer system is capable of performing many things.' Explain some of the capabilities of a Computer System.