Advanced Accountancy 29 Sept

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

ACCOUNTING & INFORMATION SYSTEM FOR MANAGEMENT

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


ACCOUNTING & INFORMATION SYSTEM FOR MANAGEMENT

Dr. T.K. Jain.

AFTERSCHO☺OLCentre for social entrepreneurship

Bikaner M: 9414430763

[email protected]

www.afterschool.tk, www.afterschoool.tk


Bank Reconciliation Statement

• On 31st March, 2007 the cash book of Prateek showed a debit bank balance of Rs. 4,800. Prepare a bank reconciliation statement as at that date taking into account the following additional information:

• (i) Cheques deposited but not yet credited by bank Rs. 3,610.

• (ii) Cheques issued but not yet presented by payees for payments in the bank Rs. 2,050.

• (iii) Bank changes appearing in pass book but not yet recorded in cash book Rs. 40.

• (iv) Collections made by the bank and appearing in pass book but not yet recorded in cash book; Rs. 1,000.


Solution ….

• 4800

• Add 2050 + 1000

• Less -3610 -40

• Thus bank balance (as per pass book) is Rs. 4200 answer.


BANK RECONSILIATION STATEMENT

• On 31st March, 2007 the cash book of a trader shows a bank overdraft of Rs. 1,800. A comparison of the cash book with the pass book reveals the following facts:

• (i) Cheques issued but not presented for payment upto 31st March, 2007 Rs. 8,500.

• (ii) Cheques deposited with the bank on 31st March, 2006 but credited by bank on 1st April, 2007 Rs. 9,200.

• (iii) Bank charges debited by bank, Rs. 230 and dividends collected by bank on behalf of the trader As. 5,000 have not been recorded in the cash book.

• (iv) A cheque of Rs. 1,400 received from X and deposited with the bank on 26th March, 2007 was recorded as that of Rs. 400 in the cash book.

• You are required to prepare a bank reconciliation statement after passing the necessary entries in the cash book to bring its balance The firm closes the books on 31st March. How much will be shown in the balance sheet as bank balance/overdraft?


SOLUTION . ….

• STARTING BALANCE (-) 1800

• ADD (+) 8500 + 5000+ 1000

• DEDUCT (-) 9200 – 230 – • BALANCE AS PER PASS BOOK: • = 3270 CREDIT BALANCE AS PER

PASS BOOK ANSWER.


How will you rectify these• 1. An amount of As. 2,000 withdrawn by the proprietor for his personal ii has

been debited to Trade Expenses Account.• 2. A purchase of goods from Goti amounting to As. 3,000 has bouti wrongly

entered through the Sales Book.• 3. A credit sale of As. 1,000 to Santhanam has been wrongly passed through

the Purchases Book.• 4. IRs. 1,500 received from Malhotra have been credited to Mehrotra.• 5. Rs. 3,750 paid on account of salary to the cashier Dhaval stands debph to his

personal account.• 6. A contractor’s bill for extension of premises amounting to Rs. 27,500 boon

debited to Building Repairs Account.• 7. On 25th June, goods of the value of Rs. 5,000 were returned by purchaser

and were taken into stock but the return’s were entered in Iho• Books under date 3rd July, i.e.; after the expiration of the financial year on• 30th June.• 8. A bill of Rs. 2,000 for old office furniture sold to Sethi were entered in thu

Sales Day Book.• 9. An amount of As. 800 received on account of interest was credited to

Commission Account.


Solution . . .

1. Drawings dr. to trade expenses

2. Purchase dr. , sales dr. to Goti A/c credit 6000

3. S dr. 2000, to sales 1000 to purchase 1000

4. Mehrotra Dr. to Malhotra credit 3750

5. Salary Dr. to Dhawal Credit


Solution

6. Building a/c dr. to building repairs account credit 27500

7. Return inward dr. to Purchaser. Credit

Purchaser Dr. to return inwards5000

8. Sales A/c dr. Office furniture credit 2000

9. Commission a/c dr. interest credit 800


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.


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


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.


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


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


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


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


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)


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


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.


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.


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


www.afterschoool.tk social entrepreneurship for better

society

Advanced Accountancy 29 Sept

Economy & Finance

Transcript of Advanced Accountancy 29 Sept