Home Busy Accounting Software Unit 6 – Transactions 173

Unit 6 – Transactions 173

5 min read

Unit 6 – Transactions 173

a) Increase Input Tax

c) Increased Output Tax

b) Decreased Input Tax

d) All of the above

1 7

. Maximum number of lines used for item Description can be:

a) 10

c) 4

b) 15

d) 5

1 8

. Account Settlement details can be defined for:

a) Sales Return voucher

c) Journal voucher

b) Debit Note voucher

d) All of the above

1 9

. We can configure Voucher Optional Fields for:

a) Sales Voucher

c) Debit Note Voucher

b) Stock Transfer Voucher

d) All of the above

2 0

. A Sales voucher can be printed as:

a) Account Voucher

c) Full Invoice

b) Inventory Voucher

d) All of the above

2 1 . Explain with a suitable example, the use of Debit Note / Credit Note vouchers.

2 2 . Can we sort items while saving a voucher? If yes, then explain the steps.

2 3 . Open company Star Electronics Pvt. Ltd. and perform the following steps in it:

a) Create a series named Retail for Sales voucher and change name of the series Main to Tax

b) Set the following configuration for Retail series:

Set Voucher Numbering as Automatic.

Enable Item Additional field and specify its name as Item Specification.

Enable Item wise Discount feature and set the discount type as percentage.

Enable Auto Round off feature and set rounding off mode as Always Upper.

c) Set the following configuration for Tax series:

Set Voucher Numbering as Automatic with Prefix as T, Suffix as / 2010-11, length of numeric part – 4 and padding character as 0.

Enable Item wise Discount and specify discount type as Absolute amount.

Enable Auto Round off with Rounding off mode as Automatic.

Enable Account Settlement Details feature with payment mode as Cash and Credit card only.

d) In the Main series of Purchase voucher, set the Voucher Numbering as Automatic with prefix as ‘Purc’ and starting number as 1.


2 4 . Enter following transactions for Star Electronics Company:

a) Purchased 10 pieces of item LG AC 1.5 Ton @ Rs. 18,000 per piece from LG India Company on 5/4/2010 and paid VAT @ 5%. Star Electronics Company created a bill reference for this transaction with Bill Reference No. as LG1 and due date on 15/4/2010.

b) Sold 10 pieces of item Nokia 7210 @ Rs. 4,500 per piece with 1% discount and charged VAT @ 5% on it. The transaction was made in cash.

c) Sold 5 pieces of item LG AC 1.5 ton @ Rs. 20,000 per piece and 5 pieces of item Sony LCD Bravia @ Rs. 45,000 per piece to Galaxy International on 10/4/2010. The goods were actually delivered on 12/4/2010 from Karol Bagh – Godown Material Centre and VAT @ 5% is charged on the items.

d) Sold 5 pieces of item Godrej Frost Free 320 Ltr @ Rs. 18,000 per piece to Jindal Appliances against Form C on 15/4/2010.

e) Received Rs. 2,00,000 from Galaxy International on 15/4/2010.

f) Paid Rs. 1,89,000 to LG India on 15/4/2010 and adjusted it with LG1 bill reference.

g) Paid Telephone bill of Rs. 5,000 by cheque on 20/4/2010.

h) Paid Salary amounting to Rs. 1,00,000 through cheque on 2/5/2010.

i) Received Bank Interest of Rs. 10,000 for the amount lying in the HDFC Bank account on 30/6/2010.

j) Stock of item Sony LCD Bravia of 10 pieces is transferred from R.P. Bagh Godown to Karol Bagh Godown on 20/4/2010 on which Rs. 500 is paid as conveyance charges.

k) C Form Received from Galaxy International whose form no. is 1234567890. Note: Galaxy International is located in Punjab.


You Learn something

Every Day

if you pay Attention.

Ray Leblond

Load More Related Articles
Load More By amitgupta
Load More In Busy Accounting Software

Leave a Reply

Check Also

What is Account Master & How to Create Modify and Delete

What is Account Master & How to Create Modify and Delete Administration > Masters &…