✓ Board-verified
Accountancy · 2022 · 3 marks
CBSE 2022 · Region 4 · Set 3 · Q11
How is Net Salary calculated ? Explain.ORExplain the terms 'Contra Voucher' and 'Receipt Voucher' by giving examples.
OR
Explain the terms 'Contra Voucher' and 'Receipt Voucher' by giving examples.Marking-scheme solution
Net Salary = Total Earnings – Total deductions
NS = TE -- TD
Where
Total Earnings (TE) = BPE + DA + HRA + TRA
= Basic Pay Earned + Dearness Allowance + House Rent
Allowance + Transport Allowance
and total deductions (TD) include :
• Professional Tax (Applicable to some states) (PT)
• Provident Fund (PF)
• Tax Deduction at source (TDS)
• Recovery of Loan Instalment
•
Any other deduction.
Q. Explain the terms …………………………………………………
Ans.
Contra Voucher :
Contra Voucher is a voucher used for fund transfer between Cash and
Bank account only. For example, ₹ $\displaystyle 15,000$ cash withdrawn from Bank of
India :
Cash A/c Dr. $\displaystyle 15,000.00$
To Bank of India $\displaystyle 15,000.00$
( Cash withdrawn from Bank)
Receipts Voucher
All inflow of money is recorded through Receipt Voucher. Such receipts
may be towards any income such as receipts from debtors or any advance
taken or refund of any loan. Foe example, Suresh & Co. to whom goods
were sold earlier on credit for ₹ $\displaystyle 22,000$ paid against bill no. $\displaystyle 865$
Cash A/c ……………………………Dr. $\displaystyle 22,000.00$
To Suresh & Co. $\displaystyle 22,000.00$
( Cash payment received against bill no. $\displaystyle 865$)
Practice Use of Spreadsheet in Business Applications →All Use of Spreadsheet in Business Applications questions
More from Use of Spreadsheet in Business Applications
- Which built-in function can be used to compute monthly instalments of repayment of loan? State its parameters…2025
- State the three elements used in Payroll calculation. OR What is the use of 'CUMIPMT' function? Write and…2022
- Explain the term 'Provident Fund' and 'Tax deduction at source' as used in payroll computation. OR What is…2022
- Explain 'Grade Pay', 'Dearness Allowance' and 'Transport Allowance' as components of payroll. OR List the…2022
- State any three components of payroll from sub- head 'Deduction'. OR Explain the three types of 'Vouchers'.2022
- Which built-in function can be used to compute monthly instalments of repayment of loan? State its parameters…2025
- Explain the terms 'Basic Pay', 'House Rent Allowance' and 'Tax Deducted at Source' as used in preparation of…2022
- Which built-in function can be used to compute monthly instalments of repayment of loan? State its parameters…2025
CBSE Class 12 Accountancy past-paper question from the 2022board exam, with the answer as CBSE’s own marking scheme gives it. Where our answers come from.