21 August Accountancy For Business

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

ACCOUNTANCY 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


ACCOUNTANCY FOR BUSINESSDr. T.K. Jain.

AFTERSCHO☺OLCentre for social entrepreneurship

Bikaner

M: 9414430763

[email protected]

www.afterschool.tk

www.afterschoool.tk


WHO SIGNS PROMISSORY NOTE?

PROMISER


I DRAW A BILL ON RAM, ENDORSE IT RAHIM, WHO ENDORSE IT TO MOHAN. WHO IS PAYEE, AND WHO IS PAYER? PAYEE IS MOHAN PAYER IS RAM


WHEN SHOULD WE GO TO NOTARY PUBLIC FOR BILLS?

WHEN BILL IS DISHONOURED


CAN DRAWEE AND PAYEE BE SAME PERSON?

YES - IN CASE OF PROMISSORY NOTE, IT DRAWEE MAY HOLD NOTE TILL MATURITY AND DRAWEE AND PAYEE WILL BE SAME.


CAN DRAWER AND PAYEE BE SAME PERSON?

YES – IN CASE OF BILL, THE DRAWER MAY HOLD THE BILL TILL MATURITY AND BECOME THE PAYEE


The total of sale or return day book is transferred to .. .?

Sale or return register.


What are the columns on sale or return journal?

These are : Goods sent on approval column Goods approved column Goods returned column


I have sent goods on sale or return basis on 1 August. On 31 march I reverse this entry. The customer returns the goods on 1 April. What entry should I pass now?

No entry is necessary – as I have already passed the reverse entry


In my sale or return register, the total of sent on approval is 12000, returned total is 2000, approved total is 5000. what is the balance of sent on approval?

(12000 – 2000-5000) =5000 answer.


I draw a bill on Ankit for Rs. 50000 for 3 months. We agree to share proceed equally. I get the bill discounted at 12%. How much money shall send Ankit now and how much shall I send after 3 months ?

It is an accommodation bill. I get (50000-1500) = 48500. this amount has to be shared equally. I have to send 24250 immediately to Ankit and after 3 months, I shall send Rs. 25000 to Ankit. (ans).


I have send Rs. 50000 to Ankit on 30 March on sale or return basis. (I rarely send goods on sale or return). Ankit approves half of the items on 31 March and for other half, he gives approval for 50% & rejects the rest on 1 April. When and what will I record? (GP Ratio 25%) 30 March: Ankit Dr & Sales Credit 50000 31.3: Sales Dr. Ankit Cr 25000 31.3 Stock with customers. Dr. Trading credit 20000 1.4 trading dr. stock with customers. cr20000 1.4. Ankit dr. sales cr. 12500 (ans. ).


I am a partner, can I buy building for my firm, without concent of other partners?

No


I am a partner, can I buy goods for my firm, without concent of other partners?

Yes


I am a partner, can I appoint a clerk for my firm, without consent of other partners?

Yes


I am a partner, can accept a liability in court on behalf of my firm, without consent of other partners?

No


I am a partner, can I make my firm partner in another firm, without consent of other partners?

No.


I am a partner, can I settle with a my creditor to receive only Rs. 50000 instead of Rs. 1 lakh for my firm, without consent of other partners?

No.


I and Rishabh are partners, with capital in the ratio of 1:10. how will we share profit, if there is no agreement? Equally


I and Rishabh are partners, with capital in the ratio of 1:10. I further have lot of drawings. Shall I pay interest on drawings?

NO (If there is no agreement, no interest is payable).


Can I get partnership agreement registered?

No – partnership deed is registered – not the partnership agreement.


Is account current a part of book of accounts?

No (current account is part of book of accounts, not the account current).


Ram is doing a business and shares profit / loss equally with Mohan & Ravi. Are they partners?

Yes


Is a partner an agent of the firm?

Yes


Will rent paid to partner come in P & L Appropriation account?

No.


Will interest on capital paid to partner come in P & L Appropriation account?

Yes


A,B,C have incurred loss of Rs. 90000. A has given guarantee to C. there is no other agreement. How will they share it?

A will bear Rs. 60000 and B will bear Rs. 30000. (C will not bear any loss, his share of loss will be borne by A).


ABOUT AFTERSCHOOOL 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 AFTERSCHOOOL 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 AFTERSCHOOOL 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 Indepth knowledge and expertise Professional approac: World class approach Strong intellectual and business capabilities 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

AFTERSCHOOOL 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 afterschoool 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

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21 August Accountancy For Business

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