Question
What is a Credit Note?
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Answer
A form or letter sent by a seller to a buyer, stating that a certain amount has been credited to the buyer's account.
A credit note is issued in various situations to correct a mistake, such as when:
A credit note is issued in various situations to correct a mistake, such as when:
- An invoice amount is overstated.
- Correct discount rate is not applied.
- Goods spoil within guaranty period.
- They do not meet the buyer's specifications and are returned. Also called credit memo.
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What is Software?
Calculate Stock in the beginning:
→| ₹ | |
| Sales | 80,000 |
| Purchases | 60,000 |
| Stock at the end | 8,000 |
| Loss on Cost | $\frac{1}{6}$ |
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.
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?
Write Short Notes on:
Software.
Software.
Mukesh found that the Trial Balance did not agree. He found the following errors:
- In the Sales Book for the month of January, total of Page No. 3 was carried forward to Page No. 4 as ₹ 1,000 instead of ₹ 1,200 and total of Page No. 7 was carried forward to Page No. 8 as ₹ 5,600 instead of ₹ 5,000.
- Goods returned to Anshuka ₹ 10,000 were recorded in the Sales Book.
- Bill Receivable for ₹ 800 from Riya was dishonoured and posted to the debit of Allowances Account.
Name three components of a Transaction Processing System.
Total of the purchase invoices recorded in the Purchases Book is posted to debit side of the Purchases Account in the Ledger and credited to the accounts of suppliers. Do you agree? Give reasons.
Atul does not keep proper records of his business. He gives you the following information:
Calculate profit or loss for the year.
Calculate profit or loss for the year.
Calculate Closing Capital:
Opening Capital ₹ 90,000; Profit for the year ₹ 25,000; Drawings ₹ 17,000. During the year proprietor sold ornaments of his wife for ₹ 40,000 and invested the same in business.
Opening Capital ₹ 90,000; Profit for the year ₹ 25,000; Drawings ₹ 17,000. During the year proprietor sold ornaments of his wife for ₹ 40,000 and invested the same in business.