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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Enter the following transactions in Two-column Cash Book of Reema, Chandigarh and find cash and bank balances:
| 2019 | ₹ | |||
| April 1 | Cash balance ₹ 2,000, bank balance ₹ 24,500 | |||
| April 2 | Cash sales ₹ 60,000 plus CGST and SGST @ 6% each | |||
| April 5 | Deposited in Bank | 50,000 | ||
| April 7 | Issued cheque to Sohan | 10,000 | ||
| April 9 | Sold goods for cash ₹ 10,000 plus CGST and SGST @ 6% each | |||
| April 12 | Received a cheque from National Insurance Co. Ltd. against claim lodged last year | 19,800 | ||
| April 14 | Sold goods to Niraj of ₹ 25,000 plus CGST and SGST @ 6% each, received cash ₹ 10,000 and balance by cheque. Allowed him discount ₹ 500 | |||
| April 16 | Purchased furniture for ₹ 10,000 plus CGST and SGST @ 6% each, paid for furniture by cheque | |||
| April 18 | Sold old furniture for ₹ 10,000 plus CGST and SGST @ 6% each and received cash | |||
| April 20 | Paid into bank cheque of Niraj and cash | 2,500 | ||
| April 22 | Paid to Suman by cheque | 2,500 | ||
| April 26 | Suman's cheque returned on technical ground and paid cash for equal amount | |||
| April 28 | Bank charged its commission of ₹ 300 plus CGST and SGST @ 6% each | |||
| April 29 | Bank paid insurance premium as per standing instructions | 2,500 | ||
| April 30 | Nigam paid into bank directly, intimation received on the same day | 5,000 | ||
Discuss the steps you would take to transform an ER Model into various relations of Relational Data Model. Give suitable examples.
Following balances were extracted from the books of Vijay on 31st March, 2019:
Stock as on 31st March, 2019 was valued at ₹ 2,30,000.Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date after giving effect to the following adjustments:
Stock as on 31st March, 2019 was valued at ₹ 2,30,000.Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet as at that date after giving effect to the following adjustments:
- Write off further ₹ 1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%.
- Depreciate Machinery at 10%.
- Provide ₹ 7,000 as outstanding interest on loan.
Discuss the advantages of computerised accounting system over the manual accounting system.
From the following information, ascertain the opening balance of Sundry Debtors and the closing balance of Sundry Creditors:
During the year ended 31st March, 2018:
| ₹ | |
| Sundry Creditors as on 31st March, 2017 | 20,600 |
| Sundry Debtors as on 31st March, 2018 | 37,400 |
| Stock as on 31st March, 2017 | 26,000 |
| Stock as on 31st March, 2018 | 24,000 |
| Purchases | 1,10,000 |
| Discount allowed by creditors | 800 |
| Discount allowed to customers | 1,100 |
| Cash paid to sundry creditors | 95,000 |
| Bills Payable issued by them | 14,000 |
| Bills Receivable received from customers | 16,500 |
| Cash received from customers | 1,30,000 |
| Bills receivable dishonoured | 1,900 |
Determine the missing values of the Cash Book with Bank Column of Poushali on the basis of following transactions:
|
2019
|
|
₹
|
|
March 1
|
Cash in Hand
|
2,20,000 |
| Cash at Bank | 60,000 | |
| March 3 | Deposited in Bank | 80,000 |
| March 4 | Goods purchased and issued a cheque for the same | 34,000 |
| March 7 | Cash Purchases | 16,000 |
| March 8 | Paid Commission by cheque | 12,000 |
|
March 9
|
Withdrew from bank for personal use
|
2,500
|
|
March 12
|
Received from Ved in full settlement of his account of ₹ 6,000, half of the amount was deposited into bank on the same day
|
|
|
March 16
|
Interest collected by Bank
|
14,000
|
|
March 20
|
Cash Sales
|
42,000
|
|
March 22
|
Salaries paid
|
40,000 |
| March 22 | Goods sold to Mona & Co. | 36,000 |
| March 23 | Received cheque from Mona & Co. after discount of ₹ 300 | 35,000 |
| March 26 | Deposited the cheque received from Mona & Co. into Bank |
Briefly state the purpose of functions in SQL environment.
From the following information, prepare Balance Sheet of a trader as at $31^{st}$ March,$ 2019:$ arranging the assets and liabilities:
→- In order of permanence.
- In order of liquidity.
Mr. Asif Ali, a retail trader, who keeps Incomplete Records gives you the following information for the year $2018-19:$
The Assets and Liabilities were as follows:
Other Informations:
→The Assets and Liabilities were as follows:
Other Informations:
- Credit Sales during the year were $₹\ 35,100.$
- Sales returns $₹\ 800.$
- Credit Purchases during the year were $₹\ 30,000.$
- Discount allowed to Debtors $₹\ 300.$
- Discount received from Creditors $₹\ 130.$
- Make a provision for doubtful debts $@\ 5\%$ on Debtors.
- Also make a provision for discount $@\ 2\%$ on Debtors.
The following Trial Balance has been extracted from the books of Shri Santosh Kumar as at 31st March, 2017:
The following additional information is available:
→The following additional information is available:
- Stock on 31st March, 2017 was ₹ 30,800.
- Depreciation is to be charged on Plant and Machinery at 5% and Furniture at 6%. Loose Tools are revalued at ₹ 16,000.
- Create a provision of 2% for Discount on Debtors.
- Salary of ₹ 2,000 paid to Shri B. Barua, a temporary employee, stands debited to his personal account and it is to be corrected.
- Write off $\frac{1}{5}\text{th}$ of advertisement expenses.
- You are to prepare Trading and Profit & Loss Account for the year ended 31st March, 2017 and a Balance Sheet as at that date.