The Institute of Computer AccountantsAB-26, Shalimar Bagh

New Delhi-110088Busy Assignment

Session 1

1. Create a new company with following Detail : a. Name of the Company----Khandelwal & Sons.b. Financial year--------------01-04-2006c. Address---------------------B-905, Sector-01, Rohini

New Delhid. Ward no.--------------------25e. Tel no.---------------------- 09911203903f. IT Pan----------------------RK30091983DLg. Country--------------------Indiah. State------------------------Delhii. Enable Vat-----------------Yesj. TIN-------------------------ICA110088ZO

2. Prepare the following Balance Sheet for the year ending 31-03-2005

Liabilities Amount Assets AmountCapital 150000 Building 45000Capital Reserve 45000 Cash in hand 50000Profit & Loss 16000 UTI Bank 46700Sundry Creditors

54000 Sundry Debtors 50000

Outstanding Rent

20000 Closing Stock 33300

Outstanding Salary

5000 Prepaid Insurance

15000

Bank Overdraft 15000 Machinery 65000305000 305000

Detail of Sundry Creditors

Singh & Co. DS/48/774 15000Ajay & Co. AY/985/424 14000GS Brothers GS/534/747 25000

54000Detail of Sundry Debtors

Kamal SJ/47/2225 10000P.L & Sons PA/4543/34534 25000SK & Sons SK/471/114 15000

50000Detail of Closing Stock

Particular Unit Qty AmountWire Mtr 14000 28000Switches Pcs 650 1300LCD Pcs 1000 4000

33300

Session 2

1. Mr. Sunil join as a new business partner and Borrowed Rs.850000 from Ansal Investment Co. and deposited the money into a UTI Bank Account on 01-04-2006.

2. An additional cash introduced into the business amount of Rs.950000 on 08-04-2006..

3. Rs.4000 paid on account of salary to the cashier Dhawan from Account Dept on 08-04-2006.

4. Manager’s Salary of rs.25000 was paid by cheque drawn on UTI bank Cheque No. 09051 dated 10-04-2006.

5. Purchase a new machinery from m/s Mukesh & Co. on credit Rs.78000 on 12-04-2006.

6. On obtaining the delivery of machinery it was found that the some part is damage worth Rs.3500 Mukesh & Co. agree to adjust the amount on 15-04-2006.

7. Outstanding Rent has been cleared by cash on 20-04-2006.

8. A demand draft has prepared for Rs.4500 from a UTI Bank after paying Rs150 for bank charges on 28-04-2006.

9. Received a crossed cheque from Kamal of Rs.7000 in full settlement on 28-04-2006 and deposited into the UTI Bank on same day.

Session 3

1. On 01-05-2006 Purchase the 500mtr wire @75per mtr from M/s Gagan Electronics Bill No.MG/01 against C –Form with 4%CST and 2%Surcharge.

2. On 02-05-2006 Purchase 600pcs Switches @5/- from Punit Electronics (Tin No-PT43438GF) with 12.5% Vat. Bill No.PT/01.

3. C-Form issued to M/s Gagan Electronics C form no. 045487 dated 04-05-2006.

4. Sold 400mtr wire @115 to Deepak with 10%CST on 03-05-2006 vide Bill No.DT/01.

5. Sold 600pcs Switches @9/- sold to Harish Electronics (Tin no-HT57444HGT) on 08-05-2006 with 12.5%Output Vat Bill No.HE/01.

6. 5pcs found damage due to technical fault Harish Electronics return the same pcs to company treated the return as a sales return on 10-05-2006..

7. Adjust the Vat amount and Deposit the balance amount into the UTI Bank on 15-05-2006 through Cheque No.090502, Challan no is CH74322.

8. Mr.Dinesh from Marketing Dept takes the advance from company on account of traveling Rs.900 on 15-05-2006.

Session 4

1. On 18-05-2006 Purchase the following item from sanjay traders item are treated as a raw material for the point of Excise.Bill No.ST/01.4000pcs LCD @ 30/-4000 Battery Cover @850/-12000mtr Wire @ 14/-With 16%Excise Duty and 2%Education Cees.Record the transaction in appropriate Excise register

2. Company has set a production formula to generate 01pcs of battery.7Pcs LCD2pcs Switches1Pcs Battery cover5mtr Wire

3. Check whether the Sufficient material available for manufacturing 70pcs of battery as per the BOM.

4. On 01-06-2006 Produce 70pcs of battery and store in Shalimar Godown.

5. Transfer the 5pcs of Batteries from Shalimar to Rajouri Godown on 03-06-2006.

6. 1pcs of battery is given to Punit Traders as a Sample on 05-06-2006..

7. 6pcs of battery sold to Ekta Manufacturing Co. @9500/-per pcs on 5days credit on 08-06-2006 bill no.EKT/001.

8. 3pcs of batteries is used for internal office Use on 10-06-2006.9. 01 pcs of Battery is returned by Ekta Manufacturing Co on 11-

06-2006 company ia planed to unassembled the same.

Session 5

1. Purchase the following item from Harish & sons on 15-06-2006 on 3days creit bill No.HS/014000pcs lcd @ 25/-Rs.250/- is charged towards Cartage a/c.

2. Sold the 40pcs of battery @ 9000/-per pcs to Rajesh Electronics with 16% Excise Duty and 2% Education Cees.on 20-06-2006 Bill no.RE/01Sale deed is finalized by the broker (Ajit Tyagi)

3. Paid the balance excise duty through TR-6 Challan by UTI Bank Ch No.090503. and maintain the register of Excise Duty.25-06-2006

4. Adjust the Excise Amount in appropriate Register5. Company has paid Rs.75000 to Advertising Agency and

deducts the Service Tax 12% and Surcharge 2% on 28-06-2006.

6. Make the adjustment entry and paid the balance service tax amount through UTI bank Challan No.0723233 dated 30-06-2006 Ch No.090504.

Session 6

1. Company hire a Godown for Rent Rs.1800000 from A.B.Associates on 01-07-2006. A.B Associates is Individual Resident , Deduct the TDS-15% and Education Cees 2%., Tds ref no TDS/01 on

2. Deduct the TDS amount from A.B. Associates 15-07-2006.3. Paid the TDS & Education Cees amount through UTI Bank

cheque no. 090505 dated 18-07-06.4. Paid the balance amount to AB Associates in on 20-07-2006

through Cheque No-09056.5. Charged 10% Depreciation on Machinery on 25-07-2006.6. Paid the due amount of Harish & Sons with 5% Interest on

25-07-2006.7. Mr.Anil is the legal advisor of company has Rs.5000 as paid

towards legal expenses on 27-07-2006..

8. Calculate the Brokerage amount of Ajit Tyagi and paid in cash on 28-07-2006.

Session 7

1. Create a new author S.K Das he will charge 5% royalty for Tally Books. The MRP of book is Rs.150/- .

2. Purchase 50pcs of tally books @100/- from Lalit & Co bill no. LC/01 dated 01-08-2006 .

3. Sold the 40pcs of Tally Books to Ramesh @145/- bill no.RT/01 dated 05-08-2006.

4. Calculate the Royalty amount and paid the royalty amount to the Author on 15-08-2006.

5. A sale bill is made to Manish for 10pcs of Tally Books @135/-on 18/08/2006 but as per the instruction from stock incharge books are delivered after 2 days.

6. Company will merge the stock of LCD with colour lcd.7. Set an credit limit for Lalit & Co. for Rs.3000/- and try to pay

the amount of Rs.3500/- we want to set Don’t allow action.8. Set the criteria whenever we can login the company if the

company cash balance is going to negative it will shown an warning message at the time of startup of the company.

9. Cheque status As per the Bank statement 20-08-2006.

Cheque No Clearing Date090501 14-04-2006090502 18-05-2006090503 28-06-2006090504 03-07-2006090505 22-07-2006

10. As on 01-09-2006 freeze the data of company.