Question
Write short notes on the following:
- Customised Accounting Software;
- Readymade Accounting Software.
✓
Answer
- Customised accounting software.
- Ready to use accounting software.
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Similar questions
What do you understand by Grouping of Accounts?
Give a definition of Bill of Exchange and its two characteristics.
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
|
What is a Contra Entry? How is it recorded? Give two examples of a Contra Entry.
What do you understand by Customised Software?
Calculate Total Sales from the following information:
| ₹ | |
| Bills Receivables as on 1st April, 2017 | 7,800 |
| Debtors as on 1st April, 2017 | 30,800 |
| Cash received on maturity of Bills Receivable during the year | 20,900 |
| Cash received from Debtors | 70,000 |
| Bad Debts written off | 4,800 |
| Returns Inward | 8,700 |
| Bills Receivable dishonoured | 1,800 |
| Bills Receivable on 31st March, 2018 | 6,000 |
| Debtors as on 31st March, 2018 | 25,500 |
| Cash Sales during the year | 15,900 |
From the following information, determine Gross Profit for the year ended $31^{st}$ March,$ 2019:$
[Hint: Packing Expenses on Sales' are indirect expenses, therefore, they are not considered whike computing Cost of Goods Sold.]
→[Hint: Packing Expenses on Sales' are indirect expenses, therefore, they are not considered whike computing Cost of Goods Sold.]
Mr. Girdhari Lal does not keep full double entry records. His balance as on April 01, 2016 is as.
His position at the end of the year is:
He withdrew ₹ 500 per month out of which to spent ₹ 1,500 for business purpose. Prepare the statement of profit or loss.
His position at the end of the year is:
| ₹ | |
| Cash in hand | 7000 |
| Stock | 8,600 |
| Debtors | 23,800 |
| Furniture | 15,000 |
| Plant | 20,350 |
| Bills payable | 20,200 |
| Creditors | 15,000 |
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, $2014$.
From the following information calculate the amount to be paid to creditors:
| ₹ | |
| Sundry creditors as on March 31, 2017 | 1,80,425 |
| Discount received | 26,000 |
| Discount allowed | 24,000 |
| Return outwards | 37,200 |
| Return inward | 32,200 |
| Bills accepted | 1,99,000 |
| Bills endorsed to creditors | 26,000 |
| Creditors as on April 01, 2016 | 2,09,050 |
| Total purchases | 8,97,000 |
| Cash purchases | 1,40,000 |