Question
Write short note on the following:
Readymade Accounting Software.
Readymade Accounting Software.
✓
Answer
Readymade Softwares are the softwares that are developed not for any specific user but for the users in general. Since, the readymade softwares are for general user, it is not necessary that all the modules of such softwares are of use for every user. It is likely that a particular module say 'Payroll' may not be used because the enterprise has very few employees. Similarly, a service enterprise will not require VAT module while a retail enterprise will not require Service Tax module. Some of the Readymade Softwares available are Tally, Ex, Busy and Professional Accountant. Out of these, Tally is very widely used.
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On 1st January, 2019, X sold goods to Y for ₹ 25,000 and immediately received from Y ₹ 10,000 by cheque and drew a bill on Y at three months for the balance amount. Bill is accepted by Y. Bill was dishonoured on the due date and Y paid ₹ 150 as noting charges. Ten days later, Y pays the due amount to X. Pass the Journal entries in the books of both the parties.
Explain the objects of preparing Profit and Loss Account.
When you proceed to reconcile the Bank Account starting with 'Debit' Cash Book balance. how is the following dealt with and why?
- Cheques issued but not presented for payment.
- Cheques deposited but not yet credited.
- Bank charges charged by the bank not recorded in the Cash Book.
- Interest allowed by the bank not recorded in the Cash Book.
Write short notes on the following:
- Customised Accounting Software;
- Readymade Accounting Software.
Prepare Purchases Return Book of Aruna Stores, Kolkata from the following transactions and post them into Ledger:
Which out of the following are (a) Capital Expenditure; (b) Revenue Expenditure and (c) Deferred Revenue Expenditure?
- ₹ 1,200 spent on the repairs of machines.
- ₹ 72,500 spent on the overhaul of machines purchased second hand.
- Whitewash expenses.
- Paper purchased for use as stationery.
- Advertising campaign to launch a new product.
- Renovation of a cinema hall.
- Brokerage paid in connection with purchase of land.
- Expenses incurred to get the manager's office air-conditioned.
- Loss on investments.
- Expenses to move the stock of goods from one place to another.
Ram draws a bill for ₹ 2,000 on Shyam on 15th September, 2018 for 3 months. On maturity, Shyam failed to honour the bill.
Pass the necessary Journal entries in the books of Ram and Shyam.
Pass the necessary Journal entries in the books of Ram and Shyam.
Record the following transactions in Double Columns Cash Book and balance the book on 31st March, 2019:
|
2019
|
|
₹
|
||
|
March 1
|
Cash in Hand
|
12,750
|
||
|
|
Cash at Bank
|
72,400
|
||
|
March 4
|
Received from Asha cash ₹ 1,200 and a cheque for ₹ 3,200, allowed discount ₹ 400
|
|
||
|
March 7
|
Paid salary to staff by cheque
|
25,600
|
||
|
March 9
|
Withdrawn cash from bank for office use
|
21,900
|
||
|
March 12
|
Interest paid by bank on bank balance
|
1,200
|
||
|
March 16
|
Purchased furniture in cash
|
16,500
|
||
|
March 21
|
Paid Mohan & Co. by cheque, discount received ₹ 100
|
10,900
|
||
|
March 24
|
Proprietor withdrew from office cash for his personal use
|
11,600
|
||
|
March 29
|
Sold goods to Manoj for cash
|
14,800
|
||
|
March 31
|
Deposited office cash into bank
|
21,200
|
||
Determine the missing information in the following books of Drawer and Drawee:
Prepare Profit and Loss Account for the year ended 31st March, 2017 from the following particulars:-
