accounting for business 21 october ii
TRANSCRIPT
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ACCOUNTING FOR BUSINESS AFTERSCHO☺OL – DEVELOPING CHANGE MAKERS
CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME –
World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship
OPEN FOR ALL FREE FOR ALL
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
ACCOUNTING FOR BUSINESSDr. T.K. Jain.
AFTERSCHO☺OLCentre for social entrepreneurship
Bikaner M: [email protected]
www.afterschool.tk, www.afterschoool.tk
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Mention the types of errors in accounting?
1. Errors of omission2. Error of commission3. Error of principles4. Compensatory errors
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I gave payment of Rs. 3000 as advance to Ram, who is our
employee, however, I wrote it as salary, is it error – if yes – of what
type: • It is error of principles : • Ram (Advance against salary) Dr. • To Salary Account
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Ram suffered loss of Rs. 10 Lakh from fire. His insurance property was of Rs. 20 Lakh, but he got insurance for only Rs. 10 lakhs. How much claim will he get?
• 10 * 10/20 = 5 Lakhs answer.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Solve it..• A fire occurred on 1 July, 2007, in the premises
of Chaturvedi Ltd. and business was disorganised upto 30 Nov. From the books of account, the following information was extracted
• Actual turnover from 1 July, 20DT 30 November, 2007 Rs. 60000
• Turnover from 1 July, 2006 to 30 Nov 2006 : Rs. 2 Lakh
• Net profit for the last accoyear 90000• Turnover during last accounting year 5 Lakh. It is
expected that business will increase by 20% this year
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Solution
• 200000 + 40000 = 240000• Sale during this period = 60000• Turnover during last year: 5.5 Lakhs. • GP rate : 150000/550000 *100 = 27.27%• Loss of GP this year: 180000*27.27% =
49086 claim amount.
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Right issue is given to ?
• Existing shareholders . • What is notice period: at least 15 days
(with minimum30 days and maximum 60 days open).
• What will happen – if shareholders don’t take rights issue – the directorys can decide.
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We purchased an asset for Rs. 10 Lakh, its life is 10 years, its residual value is Rs. 1 lakh. What should be
WDV depreciation rate?
• 1 – (1/10)^(1/10)• =20.5 % answer.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
What is sweat equity share?
• It is a bonus share to the employees and directors
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What is D- Mat of share?
• Where share are converted into electronic form, it is called Dematerialisation of share. NSDL, CDSL are the main bodies doing D-mat of shares.
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Which of these is revenue expenditure?
• Installation charges of Machinery :• (no – it is capital expenses)• Advertisement of Rs. 50 Lakh• (no – it is deferred revenue expenses)• Repairs of Building by Rs. 1 Lakh• (yes)• Repairs to plant, which will increase production
capacity by 2 times. (No – it is capital expenditure – because the capacity is being increased).
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Which of these is capital expenditure?
• Salary of Rs. 40000• (no – it is revenue)• Preliminary expenditure of Rs. 3 Lakh• (no – it is deferred revenue expenses)• Construction of temporary sheds • (Yes - capital expenditure)• Legal expenses to protect Patent• (revenue expenses)
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ABOUT AFTERSCHO☺OL
Afterschoool conducts three year integrated PGPSE (after class 12th along with IAS / CA / CS) and 18 month PGPSE (Post Graduate Programme in Social Entrepreneurship) along with preparation for CS / CFP / CFA /CMA / FRM. This course is also available online also. It also conducts workshops on social entrepreneurship in schools and colleges all over India – start social entrepreneurship club in your institution today with the help from afterschoool and help us in developing society.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Why such a programme?
• To promote people to take up entrepreneurship and help develop the society
• To enable people to take up franchising and other such options to start a business / social development project
• To enable people to take up social development as their mission
• To enable people to promote spirituality and positive thinking in the world
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Who are our supporters?
• Afterschoolians, our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us.
• You can also support us – not necessarily by money – but by being promotor of our concept and our ideas.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
About AFTERSCHO☺OL PGPSE – the best programme for developing great
entrepreneurs• Most flexible, adaptive but rigorous programme• Available in distance learning mode• Case study focused- latest cases • Industry oriented practical curriculum• Designed to make you entrepreneurs – not just
an employee• Option to take up part time job – so earn while
you learn • The only absolutely free course on internet
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Workshops from AFTERSCHO☺OL
• IIF, Delhi• CIPS, Jaipur• ICSI Hyderabad Branch• Gyan Vihar, Jaipur• Apex Institute of Management, Jaipur• Aravali Institute of Management, Jodhpur• Xavier Institute of Management, Bhubaneshwar • Pacific Institute, Udaipur• Engineering College, Hyderabad
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Flexible Specialisations:• Spiritualising business and society• Rural development and transformation• HRD and Education, Social Development• NGO and voluntary work• Investment analysis,microfinance and inclusion • Retail sector, BPO, KPO• Accounting & Information system (with CA / CS /CMA)• Hospital management and Health care• Hospitality sector and culture and heritage• Other sectors of high growth, high technology and social
relevance
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Salient features:• The only programme of its kind (in the whole world)• No publicity and low profile course• For those who want to achieve success in life – not just a
degree• Flexible – you may stay for a month and continue the rest of
the education by distance mode. / you may attend weekend classes
• Scholarships for those from poor economic background• Latest and constantly changing curriculum – keeping pace
with the time• Placement for those who are interested• Admissions open throughout the year • Latest and most advanced technologies, books and study
material
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Components • Pedagogy curriculum and approach based on IIM Ahmedabad and ISB
Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)• Meditation, spiritualisation, and self development • Essential softwares for business• Business plan, Research projects• Participation in conferences / seminars• Workshops on leadership, team building etc. • Written submissions of research projects/articles / papers• Interview of entrepreneurs, writing biographies of entrepreneurs• Editing of journals / newsletters• Consultancy / research projects • Assignments, communication skill workshops• Participation in conferences and seminars• Group discussions, mock interviews, self development diaryng • Mind Power Training & writing workshop (by Dr. T.K.Jain)
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Pedagogy • Case analysis,• Articles from Harvard Business Review • Quiz, seminars, workshops, games, • Visits to entrepreneurs and industrial visits• Presentations, Latest audio-visuals• Group discussions and group projects• Periodic self assessment• Mentoring and counselling• Study exchange programme (with institutions out of
India)• Rural development / Social welfare projects
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Branches
• AFTERSCHO☺OL will shortly open its branches in important cities in India including Delhi, Kota, Mumbai, Gurgaon and other important cities. Afterschooolians will be responsible for managing and developing these branches – and for promoting social entrepreneurs.
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Case Studies
• We want to write case studies on social entrepreneurs, first generation entrepreneurs, ethical entrepreneurs. Please help us in this process. Help us to be in touch with entrepreneurs, so that we may develop entrepreneurs.
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Basic values at AFTERSCHO☺OL
• Share to learn more• Interact to develop yourself• Fear is your worst enemy• Make mistakes to learn • Study & discuss in a group• Criticism is the healthy route to mutual support
and help • Ask fundamental questions : why, when, how &
where?• Embrace change – and compete with yourself
only
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