NBU, B.Com Program: DSC 3A: COMPUTERISED ACCOUNTING AND SYSTEM Past Solved Paper 2022
UNIVERSITY OF NORTH
BENGAL
B.Com. Programme 6th
Semester Examination, 2022
The figures in the
margin indicate full marks.
Solution
GROUP-A
Answer any two questions 12×2 = 24
1.(a) What is Computerized Accounting? 2+10
1.(b) Explain the Advantages and Limitations of Computerized Accounting.
Answer: (a). Computerized accounting is
accounting with the use of computer and software. It involves using of software
to record, store, and process financial transactions electronically,
streamlining tasks like invoicing, payroll, and reporting, enhancing accuracy
and efficiency in financial management processes.
(b). Advantages of Computerized Accounting:
1. Efficiency: Computerized accounting systems
automate repetitive tasks such as data entry, calculations, and report
generation, saving time and reducing the risk of errors.
2. Accuracy: With built-in validation checks and
automatic calculations, computerized accounting minimizes human errors compared
to manual methods, ensuring more accurate financial records.
3. Real-time Reporting: Instant access to
up-to-date financial information allows for timely decision-making and better
financial management.
4. Cost-effectiveness: While initial setup costs
may be significant, computerized accounting systems often prove more
cost-effective in the long run due to increased efficiency and reduced reliance
on manual labor.
5. Data Security: With proper security measures
in place, computerized accounting systems offer better protection against
unauthorized access, data loss, and fraud compared to traditional paper-based
systems.
Limitations of Computerized Accounting:
1. Initial Costs: Implementing a computerized
accounting system requires investment in software, hardware, training, and
possibly customization, which can be a significant financial burden for small
businesses.
2. Technical Issues: Software glitches, hardware
malfunctions, and compatibility issues can disrupt operations and require
technical expertise to resolve, leading to downtime and potential loss of
productivity.
3. Dependence on Technology: Any system downtime
or technical failure can halt accounting processes, affecting business
operations and potentially causing financial losses.
4. Data Security Risks: Despite security
measures, computerized accounting systems are vulnerable to cyber threats such
as hacking, malware, and data breaches, which can compromise sensitive
financial information.
5. Compliance Issues: Keeping up with changing
regulations and ensuring compliance with tax laws and accounting standards can
be challenging, requiring regular updates and adjustments to the system.
In summary, while computerized accounting offers
numerous advantages in terms of efficiency, accuracy, and scalability,
businesses must also consider potential limitations such as initial costs,
technical challenges, security risks, and compliance issues. Proper planning,
investment, and ongoing maintenance are essential to maximize the benefits of
computerized accounting while minimizing its drawbacks.
2. State the process to file an income tax
return by a salaried individual in India. Discuss with examples in each step. 12
1.(b) Explain the Advantages and Limitations of Computerized Accounting.
Answer: Filing an income tax return in India as a salaried individual involves several steps which are as follows:
3. How will you prepare an account in a widely used accounting software? Considering the following items:
Started business with Cash Rs. 50,000, Purchased goods Rs. 25,000 (out of which Rs. 20,000 from Bijoy on credit). Wages paid Rs. 2,000. Salary outstanding Rs. 1,000. Goods sold Rs. 40,000 (out of which Rs. 30,000 to Madan on credit). Payment made for personal furniture Rs. 10,000 and to Bijoy Rs. 10,000. Cash received from Madan Rs. 20,000. Closing stock Rs. 10,000.
Step-1: Gather Documents: Collect all necessary documents including Form 16 (provided by your employer), bank statements, investment proofs, and any other relevant documents such as house rent receipts or medical insurance premiums.
Example: Mr. Kumar, a salaried individual, gathers his Form 16, bank statements, and investment proofs for the financial year.
Step-2: Choose the Correct ITR Form: Select the appropriate Income Tax Return (ITR) form based on your income sources and eligibility criteria. Salaried individuals typically file using ITR-1 (Sahaj) or ITR-2, depending on their income sources and deductions.
Example: Mr. Kumar, who earns only salary income and has no other sources of income, chooses to file using ITR-1 (Sahaj).
Step-3: Calculate Total Income: Compute your total income for the financial year by summing up your salary income, income from other sources, and any eligible deductions under various sections of the Income Tax Act.
Example: Mr. Kumar calculates his total income by adding his salary income and interest earned from fixed deposits, deducting eligible deductions such as Section 80C investments and medical insurance premiums.
Step-4: File the Return Online: Log in to the Income Tax Department's e-filing portal and select the appropriate ITR form. Fill in the required details such as personal information, income details, deductions, and tax payable.
Example: Mr. Kumar accesses the e-filing portal, selects ITR-1, and fills in his personal details, salary income, and deductions.
Step-5: Verify the Return: After filing the return, it must be verified either electronically using Aadhaar OTP, net banking, or by sending a signed physical copy to the Centralized Processing Center (CPC) within 120 days of filing.
Example: Mr. Kumar chooses to verify his return using Aadhaar OTP for quick verification.
Step-6: Receive Acknowledgment**: Once the return is successfully filed and verified, an acknowledgment (ITR-V) is generated. This acknowledgment serves as proof of filing and should be retained for future reference.
Example: Mr. Kumar receives the acknowledgment (ITR-V) after successfully filing and verifying his return.
By following the above steps, salaried individuals in India can effectively file their income tax returns and fulfill their tax obligations.
3. How will you prepare an account in a widely used accounting software? Considering the following items:
Started business with Cash Rs. 50,000, Purchased goods Rs. 25,000 (out of which Rs. 20,000 from Bijoy on credit). Wages paid Rs. 2,000. Salary outstanding Rs. 1,000. Goods sold Rs. 40,000 (out of which Rs. 30,000 to Madan on credit). Payment made for personal furniture Rs. 10,000 and to Bijoy Rs. 10,000. Cash received from Madan Rs. 20,000. Closing stock Rs. 10,000.
Write all types of steps from company creation
to preparation of Balance Sheet. 12
Answer: To prepare an account in a widely used accounting software like Tally ERP9, follow these steps:
Step-1: Company Creation: Open Tally and press ALT+F3 from Gateway of Tally. Click on create company option and create a new company by entering basic details such as company name, address, and financial year and save the company by pressing Ctrl+A.
Step-2: Chart of Accounts Setup: Configure the chart of accounts by creating relevant ledgers for assets, liabilities, equity, income, and expenses using Accounting info option from Gateway of Tally.
Step-3: Recording Transactions: Navigate to Accounting Voucher from Gateway of Tally and start recording the above transactions as mention below;
a. Initial Capita: Create a ledger for Capital and record the initial investment of Rs. 50,000 as a credit entry using receipt voucher.
b. Purchase of Goods: Record the purchase of goods totaling Rs. 25,000 by debiting the Purchase ledger and crediting the cash ledger Rs. 5000 and Supplier/Bijoy ledger Rs. 20000 using purchase voucher.
c. Wages Paid: Debit the Wages Expense ledger and credit the Cash ledger for Rs. 2,000 using payment vouvher.
d. Salary Outstanding: Debit the Salary Expense ledger and credit the Outstanding Expenses ledger for Rs. 1,000 using journal voucher.
e. Goods Sold: Debit the cash ledger Rs. 10000 and Debtor/Madan ledger for Rs. 30,000 and credit the Sales ledger for Rs. 40,000.
f. Payment for Personal Furniture: Debit the capital ledger and credit Cash ledger for Rs. 10,000 using payment voucher.
g. Payment to Bijoy: Debit the Supplier/Bijoy ledger and credit the Cash ledger for Rs. 10,000.
h. Cash Received from Madan: Debit the Cash ledger and credit the Debtor/Madan ledger for Rs. 20,000.
i. Closing Stock: Adjust the closing stock by crediting the Inventory or Stock ledger for Rs. 10,000.
4.Financial Reporting: Generate a Profit & Loss Account to view revenues, expenses, and net profit/loss and view Balance Sheet to see the company's assets, liabilities, and equity at a specific date by navigating to Profit & Loss Account option from Gateway of Tally. ons.
By following these steps in Tally, you can accurately record transactions and prepare financial statements, facilitating effective financial management for your business.
4.(b) Write the steps to enable GST and passing transaction in widely used popular accounting software. 6+6
Answer (a): In widely used accounting software like Tally, , dealing with TDS (Tax Deducted at Source) involves several steps:
In Tally, handling TDS involves the following detailed steps:
1. Enable TDS Features: Start by enabling TDS features in Tally. This is done by navigating to F11: Features > Statutory & Taxation and activating TDS under Statutory & Taxation Features.
2.*TDS Configuration: - Go to F11: Features > Statutory & Taxation > TDS Setup. Configure TDS parameters such as TDS rates, threshold limits, and deduction rules as per the relevant tax laws and regulations.
3. Creating TDS Ledgers: Create TDS-related ledgers such as TDS Receivable, TDS Payable, TDS Deducted, and TDS Deposit under the appropriate groups.
4. Recording Transactions: While recording transactions subject to TDS, ensure that the TDS feature is enabled in the voucher entry screen. Select the relevant TDS ledger and specify the TDS amount to be deducted. Tally will automatically calculate the TDS based on the predefined rates and rules.
5. Generating TDS Challans: Create TDS payment vouchers to generate TDS challans for depositing TDS amounts to the government. Enter the payment details, including the TDS ledger, amount, and payment mode.
6. TDS Return Filing: Use Tally's TDS module to prepare TDS returns. Generate TDS reports such as Form 26Q, Form 27Q, or Form 24Q, depending on the nature of transactions. E-file TDS returns directly from Tally to comply with regulatory requirements.
7. Reconciliation and Reporting: Reconcile TDS deducted with TDS payable using Tally's reports and ledgers. Review TDS-related reports regularly to ensure accurate reporting and compliance with tax regulations.
By following these detailed steps in Tally, businesses can effectively manage TDS obligations, streamline the process, and ensure compliance with tax laws within the accounting software.
(b): In Tally, enabling GST involves several detailed steps:
1. Activate GST Feature: Access Tally's Gateway of Tally, navigate to F11: Features, and select "GST" under Statutory & Taxation features. Save the settings.
2. GST Configuration: Go to Gateway of Tally > F11: Features > Statutory & Taxation > GST. Configure GST-related settings such as GSTIN, tax periods, and tax rates applicable to your business.
3.*GST Registration: Enter your company's GST registration details including GSTIN, registration date, and taxpayer type in the relevant section.
4. Creating GST Ledgers: Set up GST-related ledgers such as CGST, SGST, IGST, Input CGST, Input SGST, Input IGST, and GST Payable/Paid under the appropriate groups.
5. Recording GST Transactions: While entering transactions, select the relevant GST ledgers and specify the applicable GST rates for goods or services. Tally will automatically calculate GST based on the rates and generate a GST-compliant invoice.
6. GST Returns: Use Tally's GST module to prepare and file GST returns such as GSTR-1 (Outward Supplies), GSTR-3B (Summary Return), and GSTR-9 (Annual Return). Generate GST reports to review and verify the data before filing returns.
By following these steps, businesses can effectively enable and configure GST in Tally, accurately record GST transactions, and comply with GST regulations seamlessly within the accounting software.
GROUP-B
Answer: In popular accounting software like Tally, accounting vouchers are the primary means of recording financial transactions. They serve as digital documents that capture the details of each transaction entered into the system. Common types of accounting vouchers in Tally include:
In Tally, accounting vouchers are fundamental for recording financial transactions, and they can be efficiently created using specific keys:
1. Payment Voucher (F5): Utilized for documenting payments made for expenses or purchases. It captures essential details like payment mode, party name, and amount paid, entered using the designated fields.
2. Receipt Voucher (F6) Employed to record income received from sales or services rendered. It captures information such as the receipt mode, party name, and amount received, entered through the appropriate fields.
3. Contra Voucher (F4): Enables the recording of fund transfers between bank accounts or cash accounts. By using this voucher (F4), users can reconcile bank balances and manage cash flows efficiently.
4. Journal Voucher (F7): Facilitates the recording of non-cash transactions like adjustments, provisions, or depreciation entries. Users can input adjustments to various accounts without actual cash exchange, enhancing accuracy in financial reporting.
5. Sales (F8) and Purchase (F9) Vouchers: These vouchers streamline the recording of sales and purchase transactions, capturing vital details such as party name, item specifics, quantity, rate, and applicable taxes, entered using the respective keys.
By leveraging these keys and voucher types efficiently, Tally users can ensure accurate and comprehensive recording of financial transactions, enabling effective bookkeeping and financial management within the software.
(b) Write about Inventory features in widely used popular accounting software.
Answer: In popular accounting software like Tally ERP 9, a widely used accounting software, offers robust inventory management features to streamline tracking and control of stock items for businesses. Key inventory features include:
1. Stock Item Management: Tally allows businesses to create and manage a comprehensive list of stock items, including details like item code, description, unit of measurement, and selling price.
2. Stock Grouping and Classification: Users can categorize stock items into groups for better organization and analysis. This enables businesses to manage inventory efficiently by grouping similar items together.
3. Multiple Units of Measurement: Tally supports multiple units of measurement for stock items, allowing businesses to maintain stock levels accurately and facilitate seamless transactions in different units.
4. Stock Valuation Methods: Tally offers various stock valuation methods such as FIFO (First In, First Out), LIFO (Last In, First Out), and weighted average to calculate the value of inventory accurately.
5. Inventory Tracking: Businesses can track stock movements, including purchases, sales, transfers, and adjustments, in real-time. This ensures accurate inventory levels and minimizes stockouts or overstock situations.
6. Inventory Reports: Tally provides comprehensive inventory reports such as stock summary, stock item-wise reports, and movement analysis, enabling businesses to monitor stock levels, identify trends, and make informed decisions.
Overall, Tally ERP 9's inventory features empower businesses to effectively manage their stock items, optimize inventory levels, and improve operational efficiency.
(c) Explain Group Classification Chart.
Answer: In popular accounting software like Tally, the Group Classification Chart is represented by the chart of accounts, which organizes accounts into groups and subgroups for effective financial management and reporting. Here's how it works:
1. Main Groups: Tally categorizes accounts into main groups such as Assets, Liabilities, Equity, Income, and Expenses. These main groups serve as the top-level categories in the chart of accounts.
2. Subgroups: Within each main group, Tally allows for the creation of subgroups to further classify accounts. For example, under the Assets main group, subgroups could include Current Assets, Fixed Assets, Investments, and so on.
3. Ledgers: Each subgroup contains individual ledgers, representing specific accounts such as Cash, Bank, Debtors, Creditors, Sales, Purchases, etc. These ledgers capture transactional details and are classified under their respective subgroups.
4. Hierarchy: The Group Classification Chart in Tally follows a hierarchical structure, with main groups at the top, followed by subgroups, and then individual ledgers. This hierarchy provides a systematic arrangement of accounts for easy navigation and analysis.
5. Reporting: Tally generates various financial reports based on the Group Classification Chart, including trial balance, balance sheet, profit and loss statement, and cash flow statement. These reports reflect the organization's financial position and performance based on the classification of accounts within the chart of accounts.
Overall, the Group Classification Chart in Tally facilitates organized and accurate financial management by structuring accounts into logical groups and subgroups, enabling efficient reporting and analysis.
(d) Explain about GST form in widely used popular accounting software.
Answer: In widely used accounting software like Tally, the Goods and Services Tax (GST) module facilitates seamless compliance with GST regulations by providing features to generate and file various GST forms. Tally's GST module typically includes features for generating the following GST forms:
1. GSTR-1 (Outward Supplies): This form captures details of outward supplies made by the taxpayer during a specified period, including sales invoices, credit and debit notes, and advance receipts. Tally allows users to generate and export GSTR-1 data in the required format for filing with the GST portal.
2. GSTR-3B (Summary Return): GSTR-3B is a monthly summary return that summarizes the taxpayer's outward and inward supplies, input tax credit (ITC) claimed, and tax liability for a particular tax period. Tally facilitates the generation of GSTR-3B reports based on the data entered in the software.
3. GSTR-9 (Annual Return): GSTR-9 is an annual return that consolidates all the monthly/quarterly returns filed during the financial year. Tally enables users to generate GSTR-9 reports, providing a comprehensive view of the taxpayer's GST compliance for the entire financial year.
4. GSTR-9C (Reconciliation Statement): GSTR-9C is a reconciliation statement that reconciles the taxpayer's annual returns with the audited financial statements. Tally supports the generation of GSTR-9C reports, assisting users in reconciling GST data with financial statements and facilitating compliance with audit requirements.
Overall, Tally's GST module simplifies GST compliance by providing features to generate and file various GST forms accurately and efficiently, ensuring seamless adherence to GST regulations.
(e) Explain contra entry in widely used popular
accounting software.
Answer: In widely used accounting software like Tally, a contra entry refers to a transaction involving the transfer of funds between different bank accounts or cash accounts maintained by the same entity. This type of entry is recorded when there is a movement of funds within the organization, such as cash withdrawals, deposits, or transfers between bank accounts.
When recording a contra entry in Tally, users typically navigate to the voucher entry screen and select the contra voucher type (shortcut key: F4). They then specify the details of the transaction, including the bank or cash accounts involved, the amount transferred, and the narration describing the purpose of the transaction.
For example, a contra entry could involve transferring funds from the main bank account to a petty cash account for daily expenses. In this case, the user would debit the petty cash account and credit the main bank account in the contra voucher.
Contra entries in Tally help maintain accurate records of cash and bank transactions, ensuring proper reconciliation of accounts and compliance with accounting principles. They also provide a clear audit trail of fund movements within the organization, facilitating transparency and financial reporting.
(f) Explain about gateway of widely used popular
accounting software.
The Gateway in Tally ERP 9 typically consists of several key components:
1. Company Management: Users can create, select, or switch between company profiles directly from the Gateway. This allows for seamless management of multiple companies or entities within the software.
2. Accounting Features: Core accounting functions such as voucher entry, ledger management, and financial reporting can be accessed directly from the Gateway. Users can perform essential accounting tasks efficiently and accurately.
3. Inventory Management: The Gateway provides access to inventory management features, including stock item creation, stock movements, and inventory reports. This enables businesses to track and manage their inventory effectively.
4. Statutory Compliance: Users can access features related to statutory compliance, such as GST filing, TDS management, and statutory reports, directly from the Gateway. This ensures that businesses can comply with legal requirements and regulations seamlessly.
5. Utilities and Settings: The Gateway allows users to configure software settings, access utilities like data backup and restore, and perform maintenance tasks. This ensures smooth operation and optimal performance of the software.
Overall, the Gateway in Tally ERP 9 serves as a central hub for accessing and managing various modules and functionalities, facilitating efficient financial and business management processes.
GROUP-C
6. Answer any four questions: 3×4 = 12Answer: To create a company in popular accounting software like Tally ERP 9, launch the software, navigate to "Company Info" in the menu, choose "Create Company," input company specifics such as name, address, and financial year, then save the details. Required Company will be created.
Answer: In computerized accounting, set up software, input company details, define accounts, record transactions, generate reports, reconcile, and prepare financial statements for efficient financial management.
(c) What is Purchase Order?
Answer: A purchase order is a document generated by a buyer to request goods or services from a seller, specifying details like quantity, price, and terms, managed in in popular accounting software like Tally ERP 9.
(d) How to file GST? Explain the procedure.
Answer: To file GST, log in to the GST portal, select the return form, upload details of sales, purchases, and payments, verify, submit, and pay taxes if applicable.
(e) Discuss the components of GST.
Answer: Components of GST include CGST (Central Goods and Services Tax), SGST (State Goods and Services Tax), IGST (Integrated Goods and Services Tax), and UTGST (Union Territory Goods and Services Tax).
(f) How to put outstanding expenses in widely used popular accounting software?
Answer: In Tally, record outstanding expenses access a voucher entry, select the appropriate expense ledger, enter the amount, and specify the due date. Save the entry to reflect the outstanding expense.
References:
For references, you might want to consult authoritative sources on accounting principles and practices, as well as official documentation and tutorials provided by the creators of accounting software such as Tally ERP 9. Additionally, textbooks and online courses on accounting software usage and financial management can be helpful resources for further study and understanding.
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