Manual balancing of books was the main drawback of software.

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Solution

The correct option is B lotus 123
When accounting was moved from the paper-based journal, ledger and trial balance to spreadsheets on software called Lotus 123, this event was as revolutionary as the double entry system itself. But even then, the balancing of books was done manually.

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Q. On 31st March, 2017 the following Trial Balance was extracted from the books of Mohan:-

	Dr. (₹)	Cr. (₹)
Capital		30,000
Drawings	5,000
Debtors and Creditors	20,000	10,000
Bank Loan		9,500
Interest on Loan	300
Cash	2,000
Provision for Bad-Debts		700
Stock 1-4-2016	6,800
Motor Vehicles	10,000
Bank	3,500
Land and Buildings	12,000
Bad-Debts	500
Purchases and Sales	66,000	1,10,000
Returns	8,000	1,500
Carriage Outward	2,500
Carriage Inward	3,000
Salaries	9,000
Rent and Insurance	3,000
Advertising	3,500
Discount		500
General Expenses	3,400
B/R and B/P	6,000	2,000
Rent received		300
	1,64,500	1,64,500

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2017 and Balance Sheet as at that date after taking into account the following:-
(a) Private purchases amounting to ₹ 4,000 have been debited to Purchases Account.
(b) Depreciate Land and Buildings at

2 \frac{1}{2} %

and Motor Vehicles at 20%.
(c) Salaries outstanding ₹ 200.
(d) Prepaid Insurance ₹ 200.
(e) Provision for Doubtful Debts is to be maintained at 5% on Debtors.
(f) Stock on 31st March, 2017 was valued at ₹ 7,000.

Q. On 31st March, 2017 the following Trial Balance was extracted from the books of Sh. Ghanshyam Das:-

	Dr. (₹)	Cr. (₹)
Capital Account		2,00,000
Debtors and Creditors	40,000	25,000
Loan on Mortgage		30,000
Interest on Loan	2,250
Discount		1,800
Stock on 1st April, 2016	20,000
Motor Vehicle	50,000
Cash at Bank	4,450
Investments	16,000
Wages	18,000
Land and Building	2,80,000
Bad-Debts	1,500
Purchases and Sales	2,50,000	4,80,000
Purchases and Sales Returns	12,000	10,000
Carriage Outward	8,000
Carriage Inward	6,500
Salaries	7,200
Outstanding Salaries		600
Rates, Taxes and Insurance	15,000
Advertising	5,000
General Expenses	6,400
Bills Receivable and Payable	7,500	5,400
Prepaid Insurance	3,000
	7,52,800	7,52,800

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2017 and Balance Sheet as at that date, after making adjustments for the following matters:
1. Depreciate Land and Building at 2.5% and Motor Vehicles at 20%.
2. Interest on Loan at 15% p.a. is unpaid for six months.
3. Ghanshyam Das withdrew ₹ 2,000 for his private use. This amount was included in general expenses.
4. Interest on Investments is receivable for full year @ 10%.
5. Provide for Manager's Commission at 10% on Net Profit after charging such commission.
6. Stock in hand on 31st March, 2017 was valued at ₹ 25,000 (Realisable value ₹ 22,000).

Q. Manual balancing of books was the main drawback of software.

Q. Bank balance as per cash book (Dr.) of NZ & Co. was Rs.

1, 050

-Bank charges not recorded in cash book was Rs.

180

.
-Rs.

750

was directly paid by customer into bank was not recorded in cash book.
-Debit side of cash book was undercast by Rs.

100

-Cheque deposited for Rs.

700

was not credited in pass book.
-Out of cheques of Rs.

900

issued but not presented for payments.
If BRS is prepared after adjusting cash book, balance as per Adjusted Cash book should be Rs.________ and balance as pass book should be Rs.__________

The balance shown by bank column of cash book was Rs 48,000 on 31.1.2018. A cheque issued worth Rs 24,000 on 16.1.2018, was not cleared till 31.1.2018. The balance as per pass book as on 31.1.2018 (assuming the opening balance of passbook and cash book are equal) is :

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Manual balancing of books was the main drawback of software.

The correct option is B lotus 123When accounting was moved from the paper-based journal, ledger and trial balance to spreadsheets on software called Lotus 123, this event was as revolutionary as the double entry system itself. But even then, the balancing of books was done manually.

The correct option is B lotus 123
When accounting was moved from the paper-based journal, ledger and trial balance to spreadsheets on software called Lotus 123, this event was as revolutionary as the double entry system itself. But even then, the balancing of books was done manually.