Question
Write three disadvantages of AIS.
✓
Answer
However, computerised accounting suffers from the following disadvantages:
- Controls: If adequate controls are not built and, where built, are not followed, it can lead to loss of data. It is important to take back-ups at regular intervals to avoid such a situation.
- Data Corruption: The data can get corrupted through viruses that may come in through the internet or the use of external input devices without scanning them for viruses.
- Trained Computer Operators: Untrained computer operators can lead to loss of data.
- Limitations of Software: The software is developed on the basis of the experiences of the team of developers. As such, it may not be able to deal with a specific problem that may arise.
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Write a note on the following:
- Dishonour of Bill.
- Endorsement of Bill.
What are the possible reasons for keeping incomplete records?
Mr. Akshat keeps his books on incomplete records following information is given below:
During the year he withdrew ₹ 45,000 and introduced ₹ 25,000 as further capital in the business compute the profit or loss of the business.
| April 01, 2016 | March 31, 2017 | |
| ₹ | ₹ | |
| Cash in hand | 1,000 | 1,500 |
| Cash at bank | 15,000 | 10,000 |
| Stock | 1,00,000 | 95,000 |
| Business premises | 75,000 | 1,35,000 |
| Furniture | 9,000 | 7,500 |
| Creditors | 66,000 | 87,000 |
| Bills payable | 44,000 | 58,000 |
Give the rectifying entries of the following:
- Sales of ₹ 20,000 to Manoj were recorded as ₹ 2,000 in the Sales Book.
- An amount of ₹ 25,000 spent for the extension of machinery has been debited to the Wages Account.
- Discount received from Ram & Co. ₹ 350, has not been entered in the discount column of the Cash Book.
- Goods of ₹ 3,000 sold to Mahesh were recorded in the Purchases Book.
Ascertain Gross Profit from the following:
What do you understand by Readymade or Off-the-Shelf Software?
Rectify the following errors assuming that there is no Suspense Account:
- The Returns Inward Book has been overcasted by ₹ 200.
- Purchases Book carried forward ₹ 75 less.
- Sales Book carried forward ₹ 41 less on Page 10 and ₹ 43 more on Page 12.
- Goods sold to Gautam were posted as ₹ 215 instead of ₹ 251.
From the following information, calculate Total Sales made during the period:
| ₹ | |
| Debtors as on 1st April, 2017 | 20,400 |
| Cash received from debtors during the year (as per Cash Book) | 60,800 |
| Returns Inward | 5,400 |
| Bad Debts | 2,400 |
| Debtors as on 31st March, 2018 | 27,600 |
| Cash Sales (as per Cash Book) | 56,800 |
Explain how the following may be ascertained from incomplete records:
Opening capital and closing capital.
Opening capital and closing capital.
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.