Application of Lev & Schwartz Model in Human Resource ... Himanshu Srivastava CA Mohit Bahal f.: ::...

ISSN : 0972-7124 December 2015 Volume 16 No. 12

Application of Lev & Schwartz Model in Human Resource Accounting

Disparities in Growth and Inequality in India

Hire Purchase Trading & Hire Purchase Act, 1972

ISSN : 0972-7124 December 2015 Volume 16 No. 12

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Application of Lev & Schwartz Model in Human Resource Accounting

COVER UP

ABSTRACT:

Keywords:

Definition:

Introduction:

Human resource accounting (HRA) is also known as human assets accounting. The role of financial accounting in business is extremely essential because its deals with company’s profitability and their growth. But, it does not measure the value of human resource which is more important than any other assets in the world. Evaluation of human resource assets is extremely important aspects of Human Resource Accounting. In the world real assets are human being not the machines.

Human Resource Accounting, Human Assets Accounting

According to E. Flamholtz, “HRA as accounting for people as an organizational resource. It involves measuring the costs incurred by business firms and other organization to recruit, select, hire, train and develop human assets. It also involves measuring the economic value of people to the organization.”

According to American Accounting Association, “HRA is the process of identifying and measuring data about human resource and communicating this information to interested parties.”

“Human resources are the greatest assets of any company. You can raise tariffs or prevent MNCs from entering, but one can't stop the employees from leaving if they are dissatisfied.” – Narayana Murthy, Founder of Infosys Technologies.

Human Resource Accounting is one of the rising areas of the Indian Industries. In every organization human resource

SHUCHITA TIMES Dec 20153

plays very important role because without human resource organization cannot run their business. In entire world in any Industry machines cannot start without human resource. So there must be a need of human resource to run business organization smoothly and effectively. The Concept of Human Resource Accounting started to find out the exact value of human assets in organization. Human Resource Accounting finds out the value of human resource and the cost incurred by industries on employees during selection, training and development process. Now day’s Human Resource Accounting concept is used by all big business organization.

1. To study the present value of future earning of employees according to Lev and Schwartz model with suitable case study.

2. To find out the review of literature in related area.

Lev and Schwartz theory invented in the year 1971 to find out the present value of human capital associated with an organization. Lev and Schwartz proposed on economic valuation of employees based on the • Present value of future earning• Probability of employee’s death, retirement and

separation.This method is useful to find out the employees future

contribution is worth today. According to this method the value of human capital in a person who is ‘y’ years old, is the present value of his/her future earning from employment. Calculation of Lev and Schwartz model to find out the present value of future earning of employees are as given below:

Objectives of the study:

Lev & Schwartz Model:

Mr. Ashok Luhar M.Com., M.A., MBA, PGDMM, UGC-NET, M.Phil. (Ph.D.), In-Charge PrincipalAnandibai Damodar Kale Degree College of Arts & CommerceBorivali-West, Mumbai

Lev and Schwartz ModelCalculation of Present of Value of future earning of Employees

Age Unskilled Employee Semi Skilled Employee Skil led Employee Number Avg. Annual

Income in Rs.

Number Avg. Annual Income in

Rs.

Number Avg. Annual Income in

Rs. 30 to 39 Years 60 5000 40 6000 25 7000

40 to 49 Years 30 6000 20 7000 15 8000 50 to 54 years 10 7000 10 8000 5 9000

ARTICLE

SHUCHITA TIMES Dec 2015 4

In the above table three groups of employees has been given that is skilled, un-skilled and semi skilled between the age 30 to 39, 40 to 49 and 50 to 54. Total numbers of skilled employees are 45, unskilled 100 and semi skilled are 70 and

annual incomes of employees are in between 5000 to 9000. Calculations of Present of Value of future earning of employee are as follows.

Age of employees: 30 to 39 years. Assume that all 60 employees are just 30 years old.

Present Value Rs. 5000 p.a. for next 10 years 25,094.00 Rs. 6000 p.a. for next 11 to 20 years 7,443.00

Rs. 7000 p.a. for next 21 to 25 years 1,434.00 Total 33,971.00



Total 35,913.00

Age of employees: 50 to 54 years.

Assume that all 10 employees are just 50 years old. Present Value Rs. 7000 p.a. for next 5 years 23,465.00

Total 23,465.00

1. Unskilled Employees



Rs. 8000 p.a. for next 21 to 25 years 1,638.00 Total 40,435.00



Total 41,760.00

Age of employees: 50 to 54 years.

Assume that all 10 employees are just 50 years old. Present Value Rs. 8000 p.a. for next 5 years 26,817.00

Total 26,817.00

BODY & BRAIN


1. A public company can start business–

(a) After incorporation

(b) After promotion

(c) After registration

(d) After getting certificate of commencement of

business

2. Which one of the following transactions changes the

current ratio?

(a) Purchase of goods for cash

(b) Plant acquired on account

(c) Sold goods on credit

(d) Debentures converted into equity capital

3. Life insurance is a contract of which one of the

following?

(a) Indemnity

(b) Guarantee

(c) Contribution

(d) Subrogation

4. Which of these must hold a Statutory Meeting?

(a) Public Limited Company

(b) Private Company

(b) Unlimited Company

(d) All of these

5. Bad loans in banking terminology are generally

known as–

(a) BPOs

(b) Prime Asset

(c) NPAs

(d) CBS

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alcoholic beverages. Do not try to give beverages to an

unconscious person.After body temperature has

increased, keep the person dry and wrapped in a warm

blanket, including the head and neck.Get medical

attention as soon as possible.

Commerce Quiz

Hypothermia

ARTICLE


Age (Years)

Unskilled Employees Semi-Skilled Employees Skilled Employees Total

Number of Employees

Avg. Annual Income Rs. In Lakh

Number of Employees

Avg. Annual Income Rs. In

Lakh

Number of Employees

Avg. Annual Income Rs. In Lakh

Rs. In Lakh

30-39 60 20.38 40 16.17 25 11.72 48.27

40-49 30 10.77 20 8.35 15 7.14 26.26 50-54 10 2.35 10 2.68 5 1.51 6.54 Total 100 33.50 70 27.20 45 20.37 81.07

Conclusion

Lev and Schwartz model is a best tool to indentify Present of Value of future earning of Employee. In the above case study it is clear that the present value of future earnings of from the age 30-39 years for unskilled employees is 20.38 lakhs, for semi skilled employees 16.17 lakhs and for skilled employees 11.72 lakhs and from the age 40-49 years for unskilled employees is 10.77 lakhs, for semi skilled employees 8.35 lakhs and for skilled employees 7.14 lakhs and from the age 50-54 years for unskilled employees is 2.35 lakhs, for semi skilled employees 2.68 lakhs and for skilled

employees 1.51 lakhs. so the total value of 100 unskilled employees is 33.50 lakhs, total value of 70 semi skilled employees is 27.20 lakhs and total value of skilled employees is 20.37 lakhs.

Arvind Luhar, Babita Kanojia, Hiresh Luhar, Human Resource Accounting, Himalaya publication, ISBN No. 978-93-5202-753-8.http://www.scribd.com/doc/38460535/Lev-Schwartz-Model#scribd

Bibliography


Present Value Rs. 7000 p.a. for next 10 years 35,131.00 Rs. 8000 p.a. for next 11 to 20 years 9,925.00 Rs. 9000 p.a. for next 21 to 25 years 1,843.00

Total 46,899.00



Total 47,608.00


Present Value Rs. 9000 p.a. for next 5 years 30,169.00

Total 30,169.00

ARTICLE


Coefficients t-stat istic

PCSDP 0.231985 1.371978

AGSHARE -0.25113 -1.35496

D1 -30.7333 -3.24309

D2 -11.6903 -1.6260

D3 -28.6064 -3.1333

R-square 0.30387

Adjusted R-square 0.223547

Observations 30

This result shows that the coefficients are not very significant (significant only at 18% level) though they have their expected signs. Even though from this result I may conclude that the criticism is somewhat valid and the results if not justify lead towards this criticism regarding the inverse relationship between growth and inequality. Given a better and a much larger data set, this matter can be explored further and in a much better way.

The objective of my research has been mainly to explore whether there is at all an element of truth in the arguments made by critics as far as the inclusiveness of growth in India is considered. Unless growth is inclusive in nature it cannot have a positive impact in reducing inequality, though I did not get very convincing evidence, still it seems that the critics’ arguments are not absolutely baseless. On the view of my descriptive analysis I can say that states like Maharashtra and Tamil Nadu which have consistently shown high levels of inequality have also recorded high levels of per capita SDP. The benefits of growth have not been shared by all as far as these states are concerned. Again states like Assam and Bihar which are low growth states have shown low level of inequality. This means that even though growth has been very low in these states, the benefits have been shared by all. Then again states like Punjab and Haryana which record a strong share of agriculture in SDP show medium levels of inequality though inequality levels should be low in these states. There could be many reasons behind this – one reason being the large land holding patterns in these states. So basically there are many variables other than the ones I have explored which

CONCLUDING REMARKS

do have affect inequality. Within the limited scope of my research it is not possible to capture all these effects. Nevertheless the issue of growing inequality associated with high growth is a problem in our country and needs to be addressed much more seriously in the near future.

? Household consumption expenditure data of the following rounds have been used to compute the Gini for the fifteen major states of India.1. NSSO 50th round 1993-19942. NSSO 55th round 1999-20003. NSSO 60th round 2003-20044. NSSO 66th round 2009-2010

? The shares of agriculture in State Domestic Product for relevant years from the following sources:o For 1993-1994 – Economic Developments in India,

volume 16.o For years 1999-2000, 2003-2004, 2009-2010 –

Components of net state domestic product at factor cost by industry of origin. (SOURCE CSO)

o The state domestic product for the different years has been calculated using data on per capita net state domestic product at factor cost at constant prices. (SOURCE CSO)

DATA SOURCE

• Household consumption expenditure data of the following rounds have been used to compute the Gini for the fifteen major states of India

th1. NSSO 50 round 1993-94nd

2. NSSO 52 round 1995-96

ARTICLE


th3. NSSO 55 round 1999-00th

4. NSSO 60 round 2003-04th

5. NSSO 66 round 2009-10• SOURCE: NATIONAL SAMPLE SURVEY

ORGANISATION

1993-94 1995-96 1999-00 2003-04 2009-10

RURAL URBAN RURAL URBAN RURAL URBAN RURAL URBAN RURAL URBAN

A.P. 0 .294 0.332 0.266 0.347 0.253 0.322 0.259 0.359 0.225 0.325

Assam 0.18 0.289 0.197 0.287 0.231 0.275 0.191 0.249 0.199 0.259

Bihar 0.2477 0.331 0.296 0.34 0.253 0.359 0.231 0.353 0.174 0.28

Gujarat 0.2356 0.287 0.212 0.269 0.244 0.29 0.222 0.293 0.207 0.275

Haryana 0.3023 0.282 0.234 0.337 0.241 0.288 0.23 0.325 0.248 0.303

Karnataka 0.2794 0.328 0.252 0.339 0.256 0.33 0.248 0.324 0.185 0.272

Kerala 0.2894 0.342 0.261 0.339 0.271 0.326 0.296 0.365 0.369 0.454

M.P. 0.2892 0.339 0.255 0.33 0.292 0.338 0.266 0.358 0.24 0.308

Maharashtra 0.2967 0.359 0.264 0.368 0.281 0.354 0.304 0.355 0.218 0.354

Orissa 0.3207 0.323 0.24 0.377 0.318 0.331 0.399 0.362 0.207 0.334

Punjab 0.2743 0.276 0.223 0.305 0.24 0.291 0.235 0.272 0.241 0.314

Rajasthan 0.2626 0.296 0.253 0.254 0.214 0.285 0.247 0.278 0.177 0.329

Tamil Nadu 0.3199 0.349 0.242 0.325 0.3 0.386 0.252 0.307 0.213 0.275

U.P. 0.2924 0.342 0.298 0.367 0.269 0.36 0.269 0.339 0.215 0.304

W.B. 0.2538 0.34 0.19 0.302 0.246 0.347 0.228 0.344 0.191 0.324

• GINI FOR THE 15 MAJOR STATES OF INDIA USING THE DATA SOURCE MENTIONED ABOVE

1993-94 1999-00 2003-04 2009-10

A.P. 0.310079 0.282343 0.28449 0.267755

Assam 0.200135 0.237911 0.175136 0.211132

Bihar 0.266504 0.276815 0.269989 0.202189

Guj arat 0.260474 0.266811 0.24341 0.239

Haryana 0.295281 0.257918 0.253895 0.270649

Karnataka 0.301288 0.288651 0.274899 0.22593

Kerala 0.310826 0.294538 0.306427 0.403631

M.P. 0 .31169 0.308278 0.323954 0.268164

Maharashtra 0.340759 0.320525 0.288828 0.283294

Orissa 0.284605 0.320431 0.395732 0.23767

Punjab 0.268417 0.260759 0.248258 0.274544

Rajasthan 0 .27358 0.238696 0.25228 0.231907

Tamil Nadu 0.334511 0.342083 0.269941 0.243204

U.P. 0.307741 0.296605 0.272846 0.245263

W.B. 0.288354 0.283618 0.256877 0.245403

The weighted state Gini has been computed by taking the weighted average of the rural and urban Gini for each state

with the weights being the share of rural and urban population share for the respective states.


ARTICLE

STATES 1993-94 1999-00 2003-04 2009-10

Andhra Pradesh 34.6 0.306 0.284 0.196064 Assam 35.7 0.373 0.3 0.214805

Bihar 31.8 0.343 0.333 0.18059

Gujarat 18.5 0.176 0.196 0.111255 Haryana 41.3 0.334 0.261 0.159789

Karnataka 34.6 0.324 0.184 0.141835 Kerala 33.9 0.212 0.166 0.079167

Madhya Pradesh 40.8 0.314 0.324 0.240838

Maharashtra 16 0.17 0.157 0.067665 Orissa 31.7 0.343 0.316 0.178332

Punjab 45 0.399 0.354 0.258176 Rajasthan 40.2 0.317 0.328 0.168926

Tamil Nadu 19.6 0.178 0.119 0.076386

Uttar Pradesh 41 0.367 0.345 0.227263 West Bengal 27.1 0.317 0.273 0.169913

The shares of agriculture for the four rounds of NSSO have been calculated using data share of agriculture in state domestic product (for these years) from the following source:For 1993-94 - Economic Developments in India, volume 16.For years 1999-00, 2003-04, 2009-10- share of agriculture, service and industry total from data on components of net state domestic product at factor cost by industry of origin.h

• STATES DOMESTIC PRODUCT FOR THE FOUR ROUNDS OF NSSO

STATES 1993-94 1999-00 2003-04 2009-10

ANDHRA PRADESH 12112.93 15427 18819 28654.42 ASSAM 12133.38 12282 13675 16852.04

BIHAR 5354.077 5786 6117 10096.39

GUJARAT 13896.21 18864 22387 35746.99 HARYANA 19332.47 23222 28805 44778.45

KARNATAKA 12571.54 17502 18236 27837.33 KERALA 14895.22 19461 23159 36661.83

MADHYA PRADESH 9885.579 12384 11870 15377.85

MAHARASHTRA 18374.71 23011 24859 42560.28 ORISSA 9057.003 10622 11900 18455.98

PUNJAB 21998.11 25631 27075 36415.2 RAJASTHAN 9841.339 13619 15579 18993.75

TAMIL NADU 14302.09 19432 20707 35685.12

UTTAR PRADESH 8702.808 9749 10120 13205.73 WEST BENGAL 11517.1 15888 18374 25708.37

• THE SHARE OF AGRICULTURE FOR THE DIFFERENT ROUNDS OF NSSO

The state domestic product for the different years has been calculated using data on Per Capita Net State Domestic Product at factor cost (at constant prices).

ARTICLE


Hire purchase trading is very popular these days as it is advantageous to the seller as well as the buyer. For the seller it helps him to increase his turnover and for the buyer he gets a chance to enjoy costly goods by paying the price in convenient instalments. This is a method of deferred payment of price of the goods or property purchased selling an article on instalment is similar to Hire Purchase sale but there is a difference between the two on legal and technical grounds. In instalment selling, the buyer immediately becomes the owner though he pays the price in a pre-decided number as instalments. Here, if the purchaserfails to pay some instalments, the seller can file a suit against him to recover his dues but he cannot cancel the contract of sale and recover back the goods sold. However, in the case of Hire purchase the legal position of the buyer is that of a hirer. The instalments he pays are legally treated as hire charges and the seller continues to be the owner of the goods as long as all the instalments are paid by the buyer. When he pays the last instalment, he becomes the legal owner of the article. If the buyer fails to pay one or two instalments the seller can cancel the contract and repossess the goods. As the seller continues to be the legal owner of the goods he can resell the goods repossessed by him to any third party.

Generally, hire purchase transaction involves payment of first instalment before the buyer takes the goods. The first instalment is generally larger than other regular instalments. Say about 10 to 25% of the total hire purchase price agreed upon. Goods are delivered to the buyer on the payment of the first instalment and he can start using them immediately. Here the seller may insist that the buyer should insure his life,so that the seller can be assured of full and timely payment of instalments. The article sold under this system, may also be insured.

All types of goods cannot be sold under this method. Only a limited variety of goods can be sold under this system. The goods to be sold under Hire Purchase system should have the following qualities: 1. They must be durable goods.2. Taste of the customers for these goods should not change

very often like fashion goods. In other words, the demand for such goods, should be stable.

3. Goods should be portable i.e.easily shifted.4. The quality of the goods should be standardised.5. Value of the goods should more, It should not be easily

possible for lower and middle class people to purchase

Types of goods handled:

Hire Purchase Trading & Hire Purchase Act, 1972

Prof V.H. Koppar (M.Com., LLB)Chiplun, Mumbai

them by paying cash immediately.6. Profit margin should be high.

Usually the following goods are sold under this system.1. Motor cars and trucks.2. Sewing machines.3. Agricultural implements like tractors sowing machines

etc.4. Costly furniture.5. Musical instruments6. Computers etc.

The shop keeper should carefully select customers for selling goods under this system. Customers should have a regular income so that they can pay the instalments regularly in time. Sale under this system needs a written contract between the seller and the buyer. So, the customer should not be a minor or a foreigner not having a permanent address in India etc.

Banks and other financial institutions easily finance such transactions as the seller continues to be the owner of the goods and the recovery of the loan is not a problem.

As stated earlier, the system gives certain advantages to both the seller and also to the buyer. They can be enumerated as follows:1. Encourages economy: Customer is required to pay the

instalments regularly, So, he will try to save enough money to pay the instalment regularly by economising in his other expenses.

2. Luxury goods for common man: Under this system, common people can purchase costly luxury articles like Car, Air conditioners, T.V. etc. as they have not to pay the full price in one instalment. But for this system, middle class people could not have been able to enjoy these luxuries.

3. Pay out of the earnings from these goods: Tailors, Taxi Drivers etc. can earn by using sewing machine or laxi and soon become the proud owners of the same. Thus, the system encourages self employment amongst the people.

4. After sales services: As the seller continues to be the owner of the goods, he will promptly provide aftersale services and see that the goods sold remain in good condition.

5. A method of financing: Manufacturers find this system very convenient to expand theirmanufacturing activities. They can purchase latest machine and

Advantages:

ARTICLE


3. Hirer means the person who obtains the goods from the owner.

4. Owner means the person who lets the goods on hire. In other words he is the seller.

5. Hire purchase agreement should be in writing and signed by all the concerned parties viz. the seller or owner purchaser or hirer and surety if any. This agreement should contain the Hire purchase price as well as the cash price of the goods. The date of the agreement and the dates on which the instalments are to be paid. Sometimes some part of the price is payable in Kind, then that fact should be specifically mentioned.

6. The conditions and warranties are those in a regular sale transactions. Under the sale of Goods Act.7. Interest to be charged may be prescribed by the Reserve Bank.8. The Hirer has the option of paying the remaining instalments after deducting the rebate and complete the transaction, however, he has to give a fourteen days’ notice to the owner about his intention to complete the transaction. Hirer can also terminate the contract by returning the goods to the owner.9. Hirer should take proper care of the goods. He has to use the goods as per the contract only. It he uses them for any other purpose, he may have to compensate the owner for any damage done to the goods.10. Owner can terminate the contract if the hirer fails to pay instalments in time. He can recover back the goods and also file a suit for the balance of the instalments. In such cases, the hirer may pay the balance of the instalments and the court may permit him to retain the goods.Thus, with a special Act to deal with such transactions the Hire Purchase system has a great opportunity to grow in our country.

modernise their factories. The instalment they pay is treated as hire charges and will reduce their income tax liability. Seller is also benefited because he gets the depreciation on these assets as he is the owner.

There are also few disadvantages of the system.1. The buyer does not get the ownership of the article he has

purchased as long as he pays all the instalments in time. Thus, he is under constant stress to pay every instalment in time. His future income is hypothecated with the seller.

2. The first instalment to be paid is always heavy.3. The total price to be paid is higher as it includes the

element of interest on the deferred payment.4. Seller has to spend more on office administration as he

has to make special arrangement for such transactions. There is always a fear of bad debts.

Though the system of hire purchase transactions has been in vogue for a pretty long time there was no special Act to deal with the possible problems that may crop up. The provisions of Indian Contract Act, 1872 and the Sale of Goods Act, 1930 were made applicable. So, Government of India passed a Special Act for Hire purchase transactions in 1972 still if on any point, there are no provisions in this Act then the provisions of Contract Act and Sale of Goods Act will be made applicable.

Some of the important provisions of the Hire Purchase Act 1972 can be enumerated as follows:1. The sum payable periodically by the hirer under a hire

purchase agreement will be called Hire.2. Hire purchase price means the total sum payable by the

hirer in instalments.

Disadvantages :

Hire Purchase Act, 1972:

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ustdial was founded by Mr. V S S Mani who performs in Jthe capacity of the Managing Director and Chief Executive Officer of the Company. Mr.Mani thought of the idea while working for yellow pages company called United Database India (UDI)[5] in 1987. He felt that the information could prove to be much more useful if it could be provided over the phone. In 1996, he came to know that Mumbai's Kandivali exchange owned the number 8888888888. He was well aware of the importance of having an easy to remember number for a service like this and he somehow persuaded the GM to allot the number to him.[6] However, the company could not be started for almost a year because Mr. Mani could not afford a telephone connection which used to cost INR 15,000. The other option to wait for many years for the connection. The Company finally started providing local search services over the phone in 1996 under the Just Dial brand and launched their Internet and mobile Internet services in 2007. In the beginning, Mr. Mani started the company with a few pieces of borrowed furniture, rented computers, a 15 sq. feet garage which he took on hire and a


nce upon a time there was a Miser who used to hide Ohis gold at the foot of a tree in his garden; but every

week he used to go and dig it up and gloat over his gains. A

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SHUCHITA TIMES 2015Dec 14

ARTICLE


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ATTENTION


Scanner CA-CPT(Hindi)

ISBN : 978-93-5159-161-0Price : ` 270/-Author : CA Amar Omar and CA Rasika GoenkaEdition : July 2015

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in in SuccessSuccess

CYNOSURE OF THE MONTHAman Mehta

IndorethAIR 28 (CMA/CWA Final Exam, 2015)

1. How do you feel after passing CMA Examination?

2. What all has contributed to this success?

3. What challenges did you face during your preparation?

4. How could you cope up with them? How did your coaching/teacher(s) help

you?

5. Your advice to the aspirant for CMA Examination.

6. Your views about or Solved Scanner.

Definitely, it’s a dream come true feeling. Achieving the goal you have set

certainly makes ecstatic.

In addition to the endless support from my family, I think smart work and a

proper planned approach towards study has helped me a lot.

Covering the vast course and retaining the amount of course is the biggest

challenge. You need to keep your cool during such times.

I guess the passion and the hard work gives the confidence to overcome these

challenges. Since I am CA also, I completed this course without any help of

coaching classes.

Be clear about what you want in life. Be passionately curious, smart work is

also required with hard work and leave the rest to the Almighty.

The scanners are officially recommended by the institute, so obviously

understanding the past exam questions (with solution) serve the students to the

fullest. This is the great help to the students.

ISBN : 978-93-5159-219-8

Edition : October-15

Price : ` 200/-

Author : CA. Raj K Agrawal

INCOME TAX Volume - II

A.Y. 2016-17

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