accounting for business 24 october
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www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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
Goti of Bikaner sends goods costing Rs. 1 lakh to Monu of Delhi.
3/5th of the goods were sold by consignee for Rs. 70000.
Commission 2% on sales plus 20% of sales less all commission exceeds cost. What will be
commission? • 2% of 70000 = 1400. 70000-3/5of 1 lakh= 10000.
10000-1400=8600. 20/120 of 8600 = 1433. Thus total commission = 2833 Ans.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Goti drew an accommodation bill on Monu for Rs. 2 Lakh and
discounted it from bank @10% for 3 months. Monu also drew an
accommodation bill on Goti of Rs. 5 Lakh and got it discounted @12%
for 6 months. What is the net amount to be paid by whom, what
commission will they bear?
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Solution …• Discount on 2 lakh= • 200000*10/100*3/12 = 5000• Goti has to return Rs. 2 Lakh to Monu after 3
months. Goti will bear Rs. 5000• Discount on Rs. 5 Lakh• 500000*12/100*6/12 = 30000• Monu will send Goti Rs. 5 Lakh after six
month and will bear 30000. Thus the net amount payable is Rs. 3 Lakh by Monu to Goti after six month. Answer.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Z Ltd. issued 10,000 shares of Rs.10 each. The called up value
per share was Rs.8, The company forfeited 200 shares of Mr. A for
non-payment of 1st call money of Rs.2 per share. He paid Rs.6 for application and allotment money.
On forfeiture, the share capital account will show balance of ?
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Solution …
• Share Capital Account • = (10000-200) *8 = 78400• Balance in forfeiture account • = 6*200 = 1200 • Answer.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
S draws 2 bills of exchange on 1.1.06 for Rs 3,000 and Rs 5,000 respectively. The bill of exchange for Rs 3,000 is for 2 months, while the bill of exchange for Rs 5,000
is for 3 months. These bills are accepted by K. On 4.3.06 K requests S to renew the first bill with interest at 18% p.a. for a period of 2 months. S agrees to this proposal. On 20.3.06 K retires the acceptance for Rs 5,000 the interest rebate i.e., discount being Rs 50.Before the due date of the renewed bill K becomes
insolvent and only 60 paise in a rupee can be recovered from his estate. How much bad debt will be
recorded in the books of S:
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Solution
• There are 2 bills = the bill of Rs. 5000 has been paid.
• The bill of Rs. 3000 has to be paid. • 3000 + interest for 2 months• 3000*2/12*18/100 =90• New bill is for 3090. since only 60 paise
per ruppe is recovered, the bad debt is :• 3090*.4 =1236 answer.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
B Ltd. issued shares of Rs.10 each at a discount of 10%. Mr. C
purchased 30 shares and paid Rs.2 on application but did not pay the
allotment money of Rs.3. If the company forfeited his entire shares,
the forfeiture account will be credited by
• 2*30 = 60 answer.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
A draws a bill on B for Rs 50,000. A endorsed it to C in full settlement of
Rs 50,500. Notingcharges of Rs 200 as the bill
returned dishonoured. A want to pay the amount to C at 2 %
discount. The amount to be paid by A to C will be:
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Solution
• 50500 + 200• 50700 – 2% (discount)• =50700-1014= 49686 answer.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
On 1.1.05 Goti draws a bill on Dhaval for Rs 15000 for 3 months. At maturity Dhaval request Goti to
accept Rs 5000 in cash and for balance to draw a fresh bill for 2 months together with 12% p.a.
interest, amount of interest will be:• Interest on 10000 *2/12*12/100 =200
answer.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
X draws a bill on Y for Rs 20,000 for 3 months on 1.1.05. The bill is
discounted with banker at a charge of Rs 100. At maturity the bill return dishonoured. In the books of X, for dishonour, the bank account will be
credited by:
• Rs. 20000 answer.
www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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 • EsGotitial 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• PreGotitations, 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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