12th Commerce IT Chapter 3 Exercise – Computerised Accounting with GST | Maharashtra Board (Free Solution)

12th Commerce IT Chapter 3 Exercise

Chapter 3 – Computerised Accounting with GST

Q 1. Fill in the blanks

1) A pre-numbered accounting document used for posting daily transactions is called as voucher.

2) When cash is going out of the business payment type of voucher is used.

3) Return of goods to a supplier comes under Purchase return/Debit Note type of voucher.

4) France was the first country to implement the GST in 1954.

5) GSTIN stands for Goods and Service Tax Identification Number (GSTIN) .

6) GST came into force in India with effect from 1^st July 2017.

7) Rectifying entries or transfers or adjustment entries comes under Journal voucher type.

Q 2. State whether the statement is True or False

1) Creation of company is the first step in Computerized Accounting process.
Answer: True

2) All Ledger accounts have same groups in Computerized Accounting.
Answer: False

3) Receipt voucher is used when the cash is accepted.
Answer: True

4) Cash deposited into bank comes under bank voucher.
Answer: False

5) Recording a transaction through voucher is called as voucher entry.
Answer: True

6) Goods sold from Solapur to Hubli is an example of SGST.
Answer: False

7) GST is focus on one nation one tax.
Answer: True

8) GSTIN is PAN based registration number.
Answer: True

9) CGST, SGST and IGST Ledgers are common for goods and services.
Answer: True

Q 3. Choose Single correct answer from the given options.

1) Contra Voucher is used for ………………….
a) Master Entry
b) Withdrawal of cash from bank
c) Reports
d) Credit Purchase

2) Salary account comes under which of the following head ……………
a) Indirect Income
b) Indirect Expenses
c) Direct Income
d) Direct Expenses

3)In India the GST Act came into effect on …………………….
a) 1st July 2018
b) 1st July 2017
c) 1st June 2018
d)1st June 2017

4) Sale or purchase out of state involves ………. invoice.
a) OutGST
b) IGST
c) WithGST
d) NoGST

5) GSTIN is ………. digit alphanumeric number.
a) 13
b)10
c) 15
d)1

6) In GSTIN first two digits represents ………. code.
a) State
b) Central
c) Company
d) General

7) GST is ………. type of tax.
a) Regular
b) Indirect
c) Direct
d) Irregular

Free online lecture on above topic – Click Here

Solution of other subjects
Solution of Chapters of IT
1 – 2 – 3 – 4 – 5 – 6

Q 4. Choose Two correct answer from the given options.

1) Every voucher maintained its …………. and ………….. record.
a) debit
b) in
c) out
d) credit
e) open

2) Valid types of vouchers are ……………..and ………………….
a) contra
b) sales
c) income
d) expenditure
e) liability

3) …………… and…………… ledger accounts can be created under Group Indirect Expenses.
a) Insurance
b) Sale
c) Rent
d) Bank Loan
e) Octroi

4) Codes given to Goods and Servies under GST are …………… and…………
a) HSN
b) HSC
c) SSC
d) SAC
e) HNS

Q 5. Activity

Find out the GST exemption list for various goods and services.

List of goods and services Exempt Under GST are:

Goods

• Live animals
• Meat
• Fish
• Honey, fresh and pasteurized milk, cheese, eggs, etc.
• Live trees and plants
• Vegetables 
• Dry fruits
• Tea, coffee and spices

Services

• Cultivation, supplying farm labour, harvesting, warehouse related activities, renting or leading agricultural machinery, services provided by a commission agent or the Agricultural Produce Marketing Committee or Board for buying or selling agriculture produce, etc.
• Transportation of goods by road, rail, water, etc., payment of toll, transportation of passengers by air, transportation of goods where the cost of transport is less than INR 1500, etc.
• Postal service, transportation of people or goods, services by a foreign diplomat in India, services offered by the Reserve Bank of India, services offered to diplomats, etc.
• Services offered by arbitral tribunal, partnership firm of advocates, senior advocates to an individual or business entity whose aggregate turnover is up to INR 40 lakhs

Solution of other subjects
Solution of Chapters of IT
1 – 2 – 3 – 4 – 5 – 6

Extra Questions

Choose a single correct answer from the given options.

1. Computerized Accounting system is based on the concept of_____.
a) Database
b) Software
c) Hardware
d) Design

2. Using_____ accounting the transaction data is stored in a well-organized database.
a) Manual
b) Computerized
c) Artificial
d) Virtual

3. _____ software describes a type of application software that records and processes accounting transactions within functional modules.
a) Designing
b) Creating
c) Accounting
d) Manual

4. _____ involves providing basic information about companies whose books of accounting are to be maintained.
a) Making Company
b) Developing Company
c) Destroying Company
d) Creating Company

5. For maintaining account _____ concepts of accounting are being followed.
a) Single ledger
b) One ledger
c) Ledger
d) Double ledger

6. All financial entries are made using _____ or account heads.
a) Balance sheet
b) Ledgers
c) P/L Account
d) Voucher Entries

7. _____Accounts are created to identify transactions.
a) Voucher
b) P/L
c) Balance sheet
d) Ledger

8. In accounting software_____ classify to their nature.
a) Groups
b) Ledger
c) Vouchers
d) Entries

9. A_____is a pre-numbered accounting document used for recording daily transactions.
a) Groups
b) Ledger
c) Vouchers
d) Entries

10. Every voucher maintains its debit and _____record.
a) In
b) Out
c) Profit
d) Credit

11. The_____ voucher type is used for recording the amount received by way of cash.
a) Contra
b) Receipt
c) Purchase
d) Sales

12. The _____ voucher type is used for recording payment mode by cash.
a) Payment
b) Receipt
c) Contra
d) Journal

13. The______ voucher type is used for recording cash and credit sale of goods and services.
a) Receipt
b) Payment
c) Purchase
d) Sales

14. The______ voucher type is used for recording cash and credit purchase of goods and services.
a) Receipt
b) Payment
c) Sales
d) Purchase

15. The____ voucher type is used for recording deposit or withdrawals of cash from bank.
a) Contra
b) Sales Return
c) Receipt
d) Payment

16. The_____ voucher type is used for recording transfer of funds from one bank to another.
a) Receipt
b) Contra
c) Payment
d) Journal

17. The_____ voucher type is used for recording rectifying entries or adjustment entries.
a) Journal
b) Purchase
c) Sales
d) Contra

18. The______ voucher type is used for recording return of goods by a customer.
a) Purchase
b) Sales Return
c) Sales
d) Purchase Return

19. ______is issued when there is a reduction in the price charged to a customer.
a) Debit Note
b) Purchase
c) Contra
d) Credit Note

20. The______ voucher type is used for recording return of goods to a supplier.
a) Purchase
b) Sales Return
c) Sales
d) Purchase Return

21. _____is issued when there is a reduction in the price given by supplier.
a) Credit Note
b) Debit Note
c) Contra Note
d) Receipt

22. Capital account comes under which of the following head_____.
a) Current Assets
b) Fixed Assets
c) Capital
d) Investment

23. Petty cash account comes under which of the following head______.
a) Capital
b) Fixed Assets
c) Investment
d) Current Assets

24. Commission received account comes under which of the following head_____.
a) Direct Income
b) Indirect Income
c) Direct Expenses
d) Indirect Expenses

25. GST stands for_______.
a) Goods and Services Tax
b) Goods and Sales Tax
c) Goods and Supply Tax
d) Goods and Survey Tax

26. ______is an Indirect Tax which is replaced many Indirect Taxes in India.
a) IST
b) SST
c) AST
d) GST

27. In India, GST Act came into effect on_____.
a) 1 June 2017
b) 1 July 2017
c) 1 August 2010
d) 1 July 2018

28. ____is one nation one tax.
a) GST
b) IST
c) SST
d) BST

29. Posting a transaction through a voucher is called______.
a) Custom entry
b) Repeat entry
c) Balance entry
d) Voucher entry

30. _______provides a report with debit and credit balance of all ledger accounts.
a) Balance sheet
b) Profit and Loss Account
c) Day Book
d) Trail Balance

31. _____report gives the final working results of the business with Net profit /Net Loss.
a) Trail Balance
b) Profit and Loss Account
c) Balance sheet
d) Day Book

32. _____is a statement showing the assets and liabilities of the business concern.
a) Trail Balance
b) Profit and Loss Account
c) Balance sheet
d) Day Book

33. _____ contain all vouchers for the day including inventory vouchers.
a) Day Book
b) Balance sheet
c) Trail Balance
d) Profit and Loss Account

34. The______report prints a summary of the GST received and paid by you.
a) GST
b) Sales
c) Payment
d) Receipt

35. _______is one of the most widely used financial accounting software.
a) Tally
b) Office
c) C++
d) Java

36. In Tally for deleting any ledger, group, or voucher______key combination is used.
a) CTRL+D
b) ALT+D
c) ALT+S
d) CTRL+S

37. ______was the first country to implement the GST.
a) France
b) Germany
c) Russia
d) Italy

38. _____ means every kind of movable property other than money and securities.
a) Services
b) Goods
c) Tax
d) Supply

39. _____ are the activities provided by other people like doctors, consultants, CA, etc.
a) Services
b) Goods
c) Tax
d) Supply

40. _____ a compulsory contribution to state revenue, levied by the Government.
a) Services
b) Goods
c) Tax
d) Supply

41. GSTIN stands for______.
a) Goods and Supply Tax Identification Number
b) Goods and Survey Tax Identification Number
c) Goods and Services Tax Identification Number
d) Goods and Sales Tax Identification Number

42. The GSTIN is a ______ digit PAN-based registration number.
a) 15
b) 17
c) 18
d) 22

43. HSN stands for_____.
a) Harmonized Supply of Nomenclature
b) Harmonized Services of Nomenclature
c) Harmonized Sales of Nomenclature
d) Harmonized System of Nomenclature

44. SAC stands for______.
a) Supply Accounting Code
b) Services Accounting Code
c) Services Arrival Code
d) Survey Accounting Code

45. CGST stand for_____.
a) Common Goods and Services Tax
b) Clear Goods and Services Tax
c) Central Goods and Services Tax
d) Consumer Goods and Services Tax

12th Commerce IT Textbook Solutions

Chapter Name	Solution Link
1) Advanced Web Designing	Click Here
2) Digital Marketing	Click Here
3) Computerised Accounting with GST	Click Here
4) E-Commerce and E-Governance	Click Here
5) Database Concepts using Libre Office Base	Click Here
6) Enterprise Resource Planning (ERP)	Click Here

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