Explore topic-wise InterviewSolutions in Current Affairs.

(a) collection of ledgers initially

(a) Company Features

Voucher is a document which contains details of transaction. Transactions are to be recorded through voucher entries. Tally has a set of predefined vouchers such as purchase, sales, payment, receipt and contra. To view the list of voucher type Gateway of Tally > Masters > Accounts Info > Voucher Types > Display As per the requirement of users, additional voucher type can be created.

Accounting Information (AIS) system is one of the system in MIS. It collects financial data (AIS) processes them and provides information to the various users.

Following are some of the major accounting vouchers in an organisation: 

1. Receipt Voucher 

2. Payment Voucher 

3. Contra Voucher 

4. Purchase Voucher 

5. Sales Voucher 

6. Journal Voucher

(d) Account Info

To view profit and loss account in Tally ERP9. 

F10: A/c Reports > Profit and Loss A/c > Alt FI (detailed) 

or 

Gateway of Tally > Reports > Profit and Loss A/c > Alt FI (detailed)

The organisation is an important factor of production and enterprise is different from an organisation. Some economists still think that organisation and enterprise are the same and can be used interchanging. In common language, the organisation means a systematic arrangement of different parts of a thing to achieve the desired result. In economics also we use the term organisation in the same sense.

(c) Jewellery

Correct answer is Yes

Group is a collection of ledgers of the same nature. There are predefined groups of accounts which are widely used in accounts of many organisation. Groups are categorised as primary groups and sub – groups.

(c) Both (i) and (ii)

(a) Six sections

Functions of the organiser are as follows: 

(a) Sale of the Product: He tries to achieve the speedy sale at a maximum price. 

(b) Provision of Proper Tools to Labourer: He provides necessary tools and machinery to labourers and does not let machinery stand idle. 

(c) To find out an entrepreneur: After completing the investigations regarding the most profitable channel of investing productive resource, the organiser finds out an entrepreneur who is ready to undertake risk in the proposed business. 

(d) The localisation of Production: The organiser locates the production unit (UPBoardSolutions.com) itself. In doing so he keeps in his mind several consideration such as nearness to the raw material and the power resources, availability of trained labour, transport facilities, providing to the market etc.

The functions of organisation and enterprise are different. The joint-stock company is the most typical business unit in which the organisation is undertaken by a paid manager and enterprise by shareholders. The functions of organisation and risk-bearing are theoretically separate. Organisers supervise and administer business while entrepreneurs take a risk.

The entrepreneurs are the owners of the business and the organisers are the employees of the business.

The organisers get a salary for the services they render to the business, the entrepreneurs get profits for taking risks and get nothing if the business does not make any profit. The entrepreneurs bear losses when the business runs into a loss.

(b) Outstanding expense

(a) Current Assets

1. Following Steps are to be followed to enter the transactions in Tally ERP9, 

1. To Create Company: 

Company Info > Create Company

ype the Name as Devi and keep all other fields as they are and choose. “Yes” to accept.

2. To maintain accounts only: 

Gateway of Tally > Fll Accounting Features > General > Maintain Accounts only: Yes > Accept Yes

3. To Create Ledger Accounts:

Gateway of Tally > Masters > Accounts Info > Ledgers > Single Ledger > Create 

(i) To Create Devi’s Capital A/c Name: Devi’s Capital A/c Under: Capital Account Accept: Yes 

(ii) To Create Indian Bank A/c Name: Indian Bank A/c Under: Bank Accounts Accept: Yes

(iii) To Create Furniture A/c Name: Furniture A/c Under: Fixed Assets Accept: Yes

(iv) To Create Purchases A/c Name: Purchases A/c Under: Purchase Accept: Yes 

(v) To Create Sumathy A/c Name: Sumathy A/c Under: Sundry Creditors Accept: Yes

(vi) To Create Sales A/c Name: Sales A/c Under: Sales Account Accept: Yes

(vii) To Create Aran A/c Name: Aran A/c Under: Debtors A/c Accept: Yes 

(viii) To Create Salaries A/c Name: Salaries A/c Under: Indirect Expenses Accept: Yes 

(ix) To Create Carriage A/c Name: Carriage A/c Under: Direct Expenses Accept: Yes

(x) To Create Computer A/c Name: Computer A/c Under: Assets A/c Accept: Yes 

(xi) To Create Muthu Ltd A/c Name: Muthu Ltd A/c Under: Sundry Creditors Accept: Yes

4. To enter transactions through vouchers Gateway of Tally > Transaction > Accounting vouchers 

(i) Devi commenced a business with a capital of Rs.4,00,000 

F6: Receipt Voucher Accounts: Cash Particulars: Devi’s Capital A/c (Choose from List of Ledger Accounts) 

Enter the Amount of Capital of Rs. 4,00,000 

Narration: Capital introduced. Accept: Yes

(ii) An Account was opened with Indian Bank and deposited Rs. 60,000 

F4: Contra Voucher Accounts: Indian Bank

Particulars: Cash Amount: Rs. 30,000 

Narration: Opened Bank Account in Indian Bank Accept: Yes

(iii) Purchased furniture by paying cash Rs. 15,000 

F5: Payment Voucher Account: Cash 

Particulars: Furniture A/c Amount: Rs. 15,000 

Narration: Furniture bought by cash Accept: Yes

(iv) Goods purchased on credit from Sumathy for Rs. 50,000 

F9: Purchase Voucher Party’ A/c, Name: Sumathy A/c 

Particulars: Purchase A/c Amount: Rs. 50,000 

Narration: Goods purchased on credit from Sumathy Accept: Yes

(v) Cash Sales made forRs. 10,000 

F8: Sales Voucher Account: Cash

Particulars: Sales A/c Amount: Rs. 10,000 

Narration: Cash Sales made Accept: Yes

(vi) Goods purchased from Raja Rs. 5,000 and paid by Cheque 

F9: Purchase Voucher Account: Bank 

Particulars: Purchase A/c Amount: Rs. 5,000 

Narration: (Bank) Purchase by cheque

(vii) Goods sold to Arun on credit for Rs. 70,000 

F8: Sales Voucher Party A/c Name: Arun A/c Amount: Rs. 70,000 

Narration: Goods sold on credit to Arun Accept: Yes 

(viii) Money withdrawn from bank for office use Rs. 25,000 

F4: Contra Voucher Account: Cash 

Particulars: Indian Bank Amount: Rs. 25,000

Narration: Cash withdrawn from bank Accept: Yes

(ix) Part Payment of Rs. 30,000 to Sumathy by Cheque

F5: Payment Voucher Account: Indian Bank 

Particulars: Sumathy A/c Amount: Rs. 30,000 

Narration: Payment made to Sumathy by Cheque Accept: Yes

(x) Salaries paid to staff through ECS Rs. 36,000 

F5: Payment Voucher Account: Indian Bank 

Particulars: Salaries A/c Amount: Rs. 36,000 

Narration: Salaries paid through ECS Accept: Yes

(xi) Carriage of Rs. 6,000 paid by cash 

F5: Payment Voucher Account: Cash 

Particulars: Carriage A/c Amount: Rs. 6,000 

Narration: Carriage paid by Cash Accept: Yes

(xii) Purchase computer from Muthu Ltd. on credit Rs. 44,000 

F7: Journal Voucher Particulars: Computer Amount Rs. 44,000 To Muthu Ltd Amount: Rs. 44,000

Narration: Computer bought on credit from Muthu Ltd. Accept: Yes

5. To view reports:

(i) To view Trial Balance 

Gateway of Tally > Reports > Display > Trial Balance > Alt FI (detailed)

(ii) To view Profit and Loss Account 

F10: A/c Reports > Profit and Loss A/c > Alt FI (detailed) (or) 

Gateway of Tally > Reports > Profit and Loss A/c Alt FI (detailed)

(iii) To view Balance Sheet 

F10: A/c Reports > Balance Sheet > Alt FI (detailed) (or) 

Gateway of Tally > Reports > Balance Sheet > Alt FI (detailed)

(iv) To view Ratio Analysis 

F10: A/c Reports > Ratio Analysis (or) 

Gateway of Tally > Reports > Ratio Analysis 

(v) To view Day Book 

F10: A/c Reports > Day Book> Alt FI (detailed) (or) 

Gateway of Tally > Reports > Display > Day Book > Alt FI (detailed)

(c) Gateway of Tally -> Reports -> Display -> Trial Balance

(d) Employers

(d) Indirect Expenses

(b) Journal voucher

(a) Contra Voucher

Gross loss, administrative expenses, selling and distribution expenses, financial expenses and other expenses and losses are shown on the debit side of the Profit and Loss account.

Only personal accounts and assets accounts are shown in the Balance Sheet.

Goods accounts, expenses accounts and incomes accounts are closed by preparing Trading account and Profit and Loss account.

Correct option is (a) to Trading A/c by closing entries

Correct option is (c) Deducted from debtors on Assets side of Balance Sheet

Correct option is (b) Closing stock

Correct option is (d) Added in Liabilities side of provident fund in Balance Sheet.

Correct option is (b) In Profit and Loss A/c

Correct option is (a) Salary-Wages

Correct option is (d) Assets side of Balance Sheet

Correct option is (a) to Capital A/c

Disagreement among partners may result in delayed decisions, poor marketing plans, poor morale, etc. and hence affect the firm badly.

When goods or services or both are sold then output GST is chargeable.

5 %, 12 %, 18 % and 28 % are the present slabs of GST.

ENIAC, EDSAC

LSICs and VLSICs are the electronic components used in IV generation computer systems.

“Vacuum Tube” was the main electronic component used in the first generation computer system.

Integrated Circuit chips were the main electronic components used in the third generation computers.

1. The first computers used vacuum tubes for electronic circuitry and magnetic drums for memory. 

2. They were very expensive to operate and the power consumption was high, generated a lot of heat, which was often the cause of malfunctions.

3. First-generation computers were communicated through machine language to perform operations, and they could only solve one problem at a time.

4. Input was based on punched cards and paper tape, and output was displayed on printouts.

5. UNIVAC and ENIAC computers are examples of first-generation computing devices.

Advantages:

• For Calculation and computation.
• Payroll Processing
• Record keeping

Disadvantages:

• Required a huge space
• Too big in size
• Very slow in speed
• Low level of accuracy and reliability
• Low storage capacity
• High power consumption
• High heat generation
• Used machine language
• Difficult to maintain
• Fault finding was very difficult

IBM 360, PDP 8 Series.

Nanoseconds are the processing speed of third-generation computers.

Too big in size and very slow in speed.

• The development of the integrated circuits.
• The users interacted with computers through keyboards and monitors and interfaced with an operating system.

• Better than first and second-generation computers 
• Used high level language
• Size got reduced further
• Speed got increased
• Much better performance
• Much more reliability

• Initial problem with Manufactures.

COBOL and FORTRAN

1. In the second generation computers, symbolic or assembly languages were used.

2. High-level programming languages were also in use at this time, such as early versions of COBOL and FORTRAN.

3. The memory storage used was magnetic core technology.

4. Second-generation computers still relied on punched cards for input and printouts for output.

Advantages: 

• Smaller in size
• Better speed
• Low power consumption
• No heat was generated
• Better storage capacity
• More reliability
• Compact Design
• Faster than I Generation Computers. 

Disadvantages:

• Needed Air conditioning environment
• Constant maintenance needed.
• No operating system