Question
What is Software?
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Answer
Software: It is a general term for the various kind of programs used to operate computer and related devices. Software is a set of instructions on the basis of which a computer operates. Unlike computer hardware, computer software cannot be seen or touched. The hypothetical or imaginary part of the computer which is used with hardware to perform computer applications is known as Software.
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State the meaning of:
Outstanding expenses.
Outstanding expenses.
Explain the concept of cost of goods sold?
Define Depreciation.
The Swati Industries removed their works to a more suitable premises:
i. A sum of ₹ 4,750 was spent on dismantling, removing and re-installing Plant,Machinery and Fixtures.
ii. The removal of Stock from the old Works to the new one cost ₹ 500.
iii. Plant and Machinery which stood in the books at ₹ 75,000 included a machine at a book value of ₹ 1,700. This being obsolete was sold off at ₹ 450 and was replaced by a new machine which cost ₹ 2,400.
iv. The freight and cartage on the new machine amounted to ₹ 150 and the erection charges cost ₹ 275.
v. The Fixtures and Furniture appeared in the books at ₹ 7,500. Of these, some portion of the book value of ₹ 1,500 was discarded and sold off for ₹ 1,600 and new Furniture of the value of ₹ 4,200 was acquired.
vi. A sum of ₹ 1,100 was spent on painting the new factory; and ₹ 400 on next Diwali.
State which item of expenditure would be charged to capital and which to revenue.
i. A sum of ₹ 4,750 was spent on dismantling, removing and re-installing Plant,Machinery and Fixtures.
ii. The removal of Stock from the old Works to the new one cost ₹ 500.
iii. Plant and Machinery which stood in the books at ₹ 75,000 included a machine at a book value of ₹ 1,700. This being obsolete was sold off at ₹ 450 and was replaced by a new machine which cost ₹ 2,400.
iv. The freight and cartage on the new machine amounted to ₹ 150 and the erection charges cost ₹ 275.
v. The Fixtures and Furniture appeared in the books at ₹ 7,500. Of these, some portion of the book value of ₹ 1,500 was discarded and sold off for ₹ 1,600 and new Furniture of the value of ₹ 4,200 was acquired.
vi. A sum of ₹ 1,100 was spent on painting the new factory; and ₹ 400 on next Diwali.
State which item of expenditure would be charged to capital and which to revenue.
Capital of Ganesh Gupta in the beginning of the year was ₹ 70,000. During the year his business earned a profit of ₹ 20,000, he withdrew ₹ 7,000 for his personal use. He sold ornaments of his wife for ₹ 20,000 and invested that amount into the business. Find out his Capital at the end of the year.
From the details given below find out the Credit Sales and Total Sales:
Ascertain cost of Goods Sold and Gross Profit from the following:
|
|
₹
|
|
Opening Stock
|
32,000
|
|
Purchases
|
2,80,000
|
|
Direct Expenses
|
20,000
|
|
Indirect Expenses
|
45,000
|
|
Closing Stock
|
50,000
|
|
Sales
|
4,00,000
|
|
Sales Returns
|
8,000
|
Name and describe the various books of original entrie.
State with reasons whether the following are Capital or Revenue Expenses:
- Excise duty paid on purchase of new machine.
- Wages paid to install a machine.
- Repairs carried out on existing car.
- Office block of building repainted for ₹ 50,000.
- Paid telephone bill ₹ 2,500.
Ranjan, an employee of Jumbo Electronics, deposited in the bank ₹ 40,000 as the previous day's sale held overnight in the firm's safe. He has recorded the transaction in the Cash Book as follows:
In the bank column on Payments side; and in the cash column on Receipts side. Has he passed the entry correctly?
In the bank column on Payments side; and in the cash column on Receipts side. Has he passed the entry correctly?