Question
What menu option is available in Gateway of Tally Screen?
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Answer
The menu option available in Gateway of Tally Screen are:
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Write a note on types of Assets with one example of each.
How will be the following errors rectified?
- Purchases Book is overcasted by ₹ 10,000.
- Purchases Return Book is overcasted by ₹ 1,000.
- Purchases Return Book’s balance is carried forward in excess by ₹ 100.
- Purchases Book’s balance is carried forward in excess by ₹ 1,000.
A merchant has earned a Net Profit of ₹ 57,200 for the year ended 31st March, 2017. Other balances in his Ledger are as under: 
Prepare his Balance Sheet as at 31st March, 2017.
Prepare his Balance Sheet as at 31st March, 2017.From the following information, prepare the bills receivable account and total debtors account for the year ended March 31, 2017.
| ₹ | |
| Opening balance of debtors. | 1,80,000 |
| Opening balance of bills receivable. | 55,000 |
| Cash sales made during the year. | 95,000 |
| Credit sales made during the year. | 14,50,000 |
| Return inwards. | 78,000 |
| Cash received from debtors. | 10,25,000 |
| Discount allowed to debtors. | 55,000 |
| Bills receivable endorsed to creditors. | 60,000 |
| Cash received (bills matured). | 80,500 |
| Irrecoverable amount. | 10,000 |
| Closing balance of bills receivable on March 31, 2017. | 75,500 |
What is a Contra Entry? How is it recorded? Give two examples of a Contra Entry.
From the following information ascertain the opening balance of sundry debtors and closing balance of sundry creditors
The rate of gross profit is 25% on selling price and out of the total sales ₹ 85,000 was for cash sales.
Total sales $=4,00,000=3,00,000\times\frac{100}{75}$
→| ₹ | |
| Opening stock, | 30,000 |
| Closing stock, | 25,000 |
| Opening creditors, | 50,000 |
| Closing debtors, | 75,000 |
| Discount allowed by creditors, | 15,00 |
| Discount allowed to customers, | 2,500 |
| Cash paid to creditors, | 1,35,000 |
| Bills payable accepted during the period, | 30,000 |
| Bills receivable received during the period, | 75,000 |
| Cash received from customers, | 2,20,000 |
| Bills receivable dishonoured, | 3,500 |
| Purchases, | 2,95,000 |
Total sales $=4,00,000=3,00,000\times\frac{100}{75}$
Distinguish between Current Assets and Fixed Assets.
From the following figures, calculate Operating Profit:
Calculate the amount of gross profit, operating profit and net profit on the basis of the following balances extracted from the books of M/s Rajiv & Sons for the year ended March 31, 2017.
|
|
₹
|
|
Opening Stock
|
50,000
|
|
Net Sales
|
11,00,000
|
|
Net Purchases
|
6,00,000
|
|
Direct Expenses
|
60,000
|
|
Administration Expenses
|
45,000
|
|
Selling and Distribution Expenses
|
65,000
|
|
Loss due to Fire
|
20,000
|
|
Closing Stock
|
70,000
|
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