Accounting Software package: Tally — Account STD 11 Commerce — Question

Explain the process of Company Creation.

What are objectives or functions of a Trial Balance?

From the following balances extracted from the books of Raga Ltd. prepare a trading and profit and loss account for the year ended March 31, 2017 and a balance sheet as on that date.

​​​​​​The additional information is as under :

1. Closing stock was valued at the end of the year ₹ 20,000.
2. Depreciation on plant and machinery charged at 5% and land and building at 10%.
3. Discount on debtors at 3%.
4. Make a provision at 5% on debtors for doubtful debts.
5. Salary outstanding was ₹100 and Wages prepaid was ₹ 40.
6. The manager is entitled a commission of 5% on net profit after charging such commission

Define a computerised accounting system. Distinguish between a manual and computerised accounting system.

The bookkeeper of a firm found that his Trial Balance was out (excess credit) by ₹ 742. He placed the amount in a Suspense Account and subsequently found the following errors:

1. A discount of ₹ 178 was allowed to Ramesh but in his account only ₹ 100 is recorded.
2. The total of the Purchases Book was ₹ 1,000 short.
3. A sale of ₹ 375 to Kohli was entered in the Sales Book as ₹ 735.
4. From the Purchases Book, Bose’s Account was debited with ₹ 175.
5. Cash ₹ 250 received from Maitra against debt previously written off was credited to his account.
6. Purchase of office furniture worth ₹ 750 on credit from Delhi Furnitures was entered in the Purchases Book.
7. While carrying forward the total of the Sales Book from one page to another the amount of ₹ 11,358 was written as ₹ 11,538.
8. The proprietor took goods of the value of ₹ 150 for his domestic consumption. No record of it has been made in the books.
9. Repairs bill of ₹ 410 for the proprietor’s personal car, has been paid by the firm and debited to the Repairs Account.
10. A sale to Kassim of ₹ 700 has been entered in the Purchases Book.
11. Rectify the errors by means of suitable Journal entries and show the Suspense Account.

Give any three limitations of Computer System.

Verma Bros. Kolkata carry on business as wholesale cloth dealer. From the following, write up their Purchases Book for January, 2019:
Show the posting from Purchases Book to Ledger accounts also.

Modern Ltd. purchased a machinery on 1st August, 2016 for ₹ 60,000. On 1st October, 2017, it purchased another machine for ₹ 20,000 plus CGST and SGST @ 6% each. On 30th June, 2018, it sold the first machine purchased in 2016 for ₹ 38,500 charging IGST @ 12%. Depreciation is provided @ 20% p.a. on the original cost each year. Accounts are closed on 31st March every year. Prepare the Machinery Account for three years.