Business Accounting 4 Nov

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

Business Accounting 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


Business AccountingDr. T.K. Jain.

AFTERSCHO☺OLCentre for social entrepreneurship

Bikaner M: [email protected]

www.afterschool.tk, www.afterschoool.tk

http://www.afterschool.tk/

http://www.afterschoool.tk/


Average stock = 12000, closing stock = 3000 more than opening

stock. What is closing stock?

• The total of opening and closing stock = 12000* 2 = 24000

• Let us assume opening stock = X• Closing stock = X + 3000• X+X+3000 = 24000• 2X = 21000• X = 10500, closing stock = 13500


If profit is 25% of cost price, then it is X% of sales price, what is X?

• Let us assume cost 100• Profit = 25• Sale price = 125• 25/125 *100 = 20%• Thus it is 20% of sale price.


Using weighted average cost, find the cost of closing stock & rate

• 1.1 opening stock 50 units Rs. 2200• 2.1. purchased 100 units Rs. 4700• 4.1. issued 50 units• 5.1. purchased 200 units @ 48• Solution : • Weighted average cost when 50 units were

issued: (2200+4700)/150 = 46• Issue price = 46 * 50 = 2300• Closing stock : 4600+9600• Rate cl.st. = (14200)/300 = 47.33 answer.


Goti draws a bill on Ajay for Rs. 20000 for 3 months on 1.1.8.

Discounting charges Rs. 100. On due data the bill is dishonoured.

What will be entries in Goti’s accounts?

• Ajay A/c Dr. 20100• Bank A/c Credit 20000 • Discount on Bill Credit 100


Ram and Shyam are partners with profit sharing ratio 3:2. they admit Goti as a partner. Now new profit sharing ratio is 1:1:1. Goti has to bring Rs. 25000 as capital and

10000 as goodwill. He brings only Rs. 30000. how will you pass the

entries. • Sacrificing ratio =Ram = 3/5 – 1/3 = 4/15• Shyam = 2/5 -1/3 = 1/15


Solution • Total goodwill • 10000*3 = 30000• Goti has to bring Rs. 10000 (his share). But

he brought only Rs. 5000. Remaining goodwill be created.

• Goodwill A/c dr. 15000• Ram A/c credit 9000• Shyam A/c credit 6000• In future this goodwill a/c will be closed and

partners’ accounts will be debited by 5000 each.


Ram and Shyam are partners with profit sharing ratio 3:2. they admit

Goti as a partner. How much capital should Goti bring, if his

share is 1/5. Ram and shyam have capital of Rs. 30000 & 15000

respectively.

• The total capital for 4/5 share is 45000• Thus total capital is = 45000*5/4 = 56250• Goti will bring = 11,250 answer


Ram and Shyam are partners with profit sharing ratio 3:2. they admit

Goti as a partner. How much money should Goti bring, if the total

capital of the firm will be 1 lakh, goodwill Rs. 25000 and share of

Goti is 1/5?

• 20000 for capital & 5000 for goodwill


In the previous question, what will happen, if Goti brings only Rs.

1000 as goodwill?

• He has brought only 1/5 of the goodwill. Thus goodwill be raised in accounts for 4/5 of the value =

• Goodwill A/c Dr. 20000• Ram A/c credit 12000• Shyam A/c credit 8000• 1000 Rs. Will be taken away by Ram (600)

and Shyam (400) answer.


Subscribed capital Rs. 80 lakh (face value = 100)

final call was paid on 77500 shares. Call in arrears was 62500. What

was the final call per share?

• Total no. of shares 80 lakh / 100 = 80000• Call in arrears by = 80000-77500 = 2500• Per share call=62500/2500 = 25• Thus final call was of Rs. 25


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 startA 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 justA

degree• Flexible – you may stay forA 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 • 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)


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


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 inA 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

http://www.afterschoool.tk/

Business Accounting 4 Nov

Education

Transcript of Business Accounting 4 Nov