Question
What do you understand by Customised Software?
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Answer
The term Customised Software means making changes in the readymade software to suit the specific requirements of the user, i.e., making it user-specific. The software available off-the-shelf is modified to suit the requirements of the user. For example, the design of the invoice is changed to the specifications of the user. The developer, to meet specific user requirements, can modify all the readymade softwares. However, the user has to bear the cost of such changes. The advantages and disadvantages of readymade software are also the advantages and disadvantages of Customised Software.
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Suchitra started a business on $1^{st}$ April, $2013$ with a Capital of ₹ $50,00,000$. On $31^{st}$ March, $2014$ her total Assets were ₹ $60,00,000$ and Creditors were $3,00,000$. She withdrew during the year for her personal expenses ₹ $10,000$ per month upto $30^{th}$ June, $2013$ and thereafter ₹ $15,000$ per month upto $31^{st}$ March, $2014$. During the year she sold her personal investments of ₹ $80,000$ at $5\%$ loss and introduced that amount in the business.
You are required to prepare a Statement of Profit or Loss for the year ending $31^{st}$ March, $2014$.
→You are required to prepare a Statement of Profit or Loss for the year ending $31^{st}$ March, $2014$.
Prepare Returns Inward and Return Outward Books of Manoj, Mumbai from the following transactions and post them into Ledger Accounts:
Mrs. Anu started firm with a capital of ₹ 4,00,000 on 1st October, 2016. She borrowed from her friends a sum of ₹ 1,00,000 @ 10% per annum (interest paid) for business and brought a further amount to capital ₹ 75,000 on March 31, 2017, her position was:
He withdrew ₹ 8,000 per month for the year. Calculate profit or loss for the year and show your working clearly.
| ₹ | |
| Cash | 30,000 |
| Stock | 4,70,000 |
| Debtors | 3,50,000 |
| Creditors | 3,00,000 |
From the following figures, calculate Operating Profit:
Following balances appear in the Trial Balance of a firm as on $31^{st}$ March, $2019$:
Prepare Trading Account of the firm.
→|
|
|
₹
|
|
Opening Stock:
|
Raw Material
|
80,000
|
|
|
Finished Goods
|
1,40,000
|
|
Purchases
|
|
3,60,000
|
|
Sales
|
|
7,00,000
|
|
Returns:
|
Purchases
|
10,000
|
|
|
Sales
|
6,000
|
|
Wages
|
|
1,30,000
|
|
Factory Expenses
|
|
90,000
|
|
Freight:
|
Inwards
|
20,000
|
|
|
Outwards
|
30,000
|
|
At the end of the accounting period, stock was:
|
|
|
|
Raw Materials
|
|
70,000
|
|
Work-in-Process
|
|
20,000
|
|
Finished Goods
|
|
1,10,000
|
Give a definition of Bill of Exchange and its two characteristics.
Calculate the amount of gross profit, operating profit and net profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
|
|
₹
|
|
Opening Stock
|
50,000
|
|
Net Sales
|
11,00,000
|
|
Net Purchases
|
6,00,000
|
|
Direct Expenses
|
60,000
|
|
Administration Expenses
|
45,000
|
|
Selling and Distribution Expenses
|
65,000
|
|
Loss due to Fire
|
20,000
|
|
Closing Stock
|
70,000
|
Prepare Sales Return Book of Shiv Shankar, Delhi from the following transactions and post them into Ledger:
Discuss the need of preparing a balance sheet.
Give the similarities of Cash Book with Journal?