Question
Give three features of a Computer.

Answer

  1. Computer is an automatic machine: Once the data and instructions are fed into a computer, it executes them one by one without human intervention.
  2. Memory or Storage: The memory of a Computer is so large that it can store any volume of information or data for being processed. Such informations can be stored in it on a permanent basis on magnetic discs, floppy discs, punched cards or microfilms etc. The information stored in it can also be recalled at any time when required.
  3. High Speed: Computers are known for their lightning speed of operations. The speed is so high that it is ordinarily expressed in microseconds (1 micro second $=\frac{ 1}{10,00,000}$ of one second). In other words, they can perform millions of operations in one second. Moreover, the calculations will be error-free and the speed is rapidly increasing day-by-day.

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From the following information, complete the missing figures of Trading Account of Anadiram for the financial year ended on $31^{st}$ March, $2019$:
 
 
Wages
8,514
Opening Stock
19,380
Purchases
28,380
Office Rent
5,400
Carriage and Freight on Goods Purchased
3,510
Sales
78,600
Returns Inward
8,600
Returns Outword
6,000
Closing Stock
18,000
Custom Duty
300
Power and Fuel
2,600
Trade Expenses
4,200
Write a note on relationship between Accounting Information System, Manufacturing Information System and Human Resource System.
From the following information relating to the business of Mr. X who keeps books by single entry ascertain the profit or loss for the year ended $31^{st}$​​​​​​​ March,$ 2017:$
Mr. X withdrew ₹ 4,100 during the year to meet his household expenses. He introduced ₹ 600 as fresh capital. Machinery and furniture to be depreciated by 10% and 5% per annum respectively.
Prepare a trading and profit and loss account of M/s Green Club Ltd. for the year ending March 31, 2017. from the following figures taken from his trial balance :
Adjustments:
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  2. Further bad debts 1,500, discount on debtors @ 5% and make a provision on debtors @ 6%.
  3. Wages prepaid 1,000.
  4. Interest on investment @ 5% p.a.
  5. Closing stock 10,000
From the following information, prepare Balance Sheet of a trader as at $31^{st}$ March, $2019$ arranging the assets and liabilities:
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  2. In order of liquidity.
Prepare Two-column Cash Book of Bimal, Lucknow from the following transactions:
2019
 
June 1
Cash Balance
5,000
June 1
Bank Balance
17,500
June 5
Cash received from sale of personal asset deposited in firm's account
5,000
June 6
Cheque received as advance against sale, paid into bank
50,000
June 7
Paid S. Bose by cheque
12,500
 
Discount received
200
June 9
Paid wages in cash
3,000
June 20
Received a cheque from A. Mukherjee and sent it to bank
6,000
June 21 Drawn from Bank 5,000
June 29 Paid office salaries in cash 4,000
June 30 Sold goods in cash for ₹ 8,000 plus CGST and SGST @ 6% each and banked the same  
June 30 Paid rent by cheque including CGST and SGST @ 6% each 1,120
June 30 Paid into Bank 7,500
Give any three limitations of Computer System.
Distinguish between capital and revenue expenditure and state whether the following statements are items of capital or revenue expenditure:
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  2. Expenditure incurred to provide one more exit in a cinema hall in compliance with a government order.
  3. Registration fees paid at the time of purchase of a building.
  4. Expenditure incurred in the maintenance of a tea garden which will produce tea after four years.
  5. Depreciation charged on a plant.
  6. The expenditure incurred in erecting a platform on which a machine will be fixed.
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The Capital of Sh. Madhusudan on $1^{st}$ April, $2016$ was ₹ $5,00,000$ and on $31^{st}$ March, $2017$ was ₹ $4,80,000$. He has informed you that he withdrew from the business ₹ $8,000$ per month for his private use. He paid ₹ $20,000$ for his income-tax and the installment of the loan of his personal house at the rate of ₹ $15,000$ per month from the business. He had also sold his shares of Reliance Company costing ₹ $1,00,000$ at a profit of $20\%$ and invested half of this amount in the business. Calculate the profit or loss of the business.
Prepare Trading Account from the transactions givne below:
Also pass the Journal entries.
[Hint: Depreciation is not accounted in the Trading Account.]