Accountancy For Business 17 October

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

BikanerM: 9414430763

[email protected]

www.afterschoool.tk

http://www.afterschool.tk/

http://www.afterschoool.tk/


What is AS1 ? Accounting standard – on disclosure of

accounting policies.


What is AS 2? Accounting standard on valuation of

inventories.


What is AS 3? Accounting standard – Cash flow

statement


What is AS 4? Accounting standard coningency and

events after balance sheet dates.


What is the Accounting standard on foreign exchange rates? AS 11


What is the Accounting standard on interim financial reporting? AS 25


What is the Accounting standard on consolidated financial statement? AS 21


What is Accounting standard on provisions, contingencies, and contingent assets? AS 29


What is the Accounting standard on lease accounting? AS 19


What is the Accounting standard on accounting of intangible assets? AS 26.


What is the Accounting standard on accounting of fixed assets? AS 10


What is the Accounting standard on financial reporting of Joint ventures? AS 27


What is the Accounting standard on depreciation accounting? AS 6


What is AS 9 about? Revenue recognition


What is AS 7 about ? Accounting of construction contracts.


What is AS 22 about ? Accounting standard on income Tax.


What is the accounting standard on government grants and subsidies? AS 12.


What is the Accounting standard on investments ? AS 13.


What is AS 14 about? Accounting standard on accounting of

amalgamation / mergers etc.


How many accounting standards were issued till 2004? 29 ( the AS 29 was issued in 2003).


We have two companies in two different industries. Mention the areas where we can have different accounting policies? We can have different policies in

inventory valuation, valuation of investments, and in providing depreciation. Valuation of fixed assets, treatment of goodwill etc.


What are the 3 fundamental rules for selecting accounting policies? Prudence Substance over form Materiality


What is the debtors accounts called in self balancing ledger system? Sales ledger adjustment account


You have sent goods of marked price Rs. 50000 to your branch, which is lying in godown there unsold. How much will you show as closing stock in final accounts, if your GP margin is 25%?

You have to show the goods at cost. Thus the closing stock will be shown at 50000*100/125 = 40000 answer.


You purchased a second hand plant for Rs. 10 lakh and spent Rs. 1 lakh on its repairs and then installed it. How much money will you show in machineary account and in repairs account respectively?

All the amount will go to the plant and machinary account. No amount will be shown in repairs account. (all the expenses till installation are treated in plant and machinary account).


Which are principal books? Ledgers and cash book


What do we call to a book of primary entry or original entry? Subsidiary books.


Which is the subsidiary book to record the promissory notes issued? Bills Payable book


Which is the subsidiary book to record the hundies issued? Bills Payable book


Name the seven subsidiary books generally used? Purchase book Sales Sales return book BP book BR book Purchase return book Cash book


Name the subsidiary book , where we can record a transaction, which cannot be recorded in any of the seven main subsidiary books?

Journal proper


I have recorded Rs. 10000 purchased cash in sales book, am I right? I am wrong. ( I have to record it in cash

book)


I have recorded Rs. 10000 purchased cash in purchase book, am I right? No. ( I have to record it in cash book)


Sales tax rate is 20% My marked price is Rs. 100, cash discount is 10 and trade discount is 15, how much will be sales tax per unit?

Tax will be on (100-15) = 85, so 20% of 85 is 17 answer.


What is return inward book? Sales return book


What is return outward book? Purchase return book.


Debit notes are used to prepare ? Purchase return book


Credit notes are used to prepare ? Sales return book.


A BR of Rs. 1000, which was received from a debtor in final settlement against Rs. 2000 was dishonoured, where should we record it (subsidiary book)? Journal Proper


I am a stationery dealer, I purchase on credit stationery of Rs. 10000, where should I enter (subsidiary book)? Purchase book


I received Rs. 2000 from D (this amount was written off as bad debt). Now where should I record it (subsidiary book)? Cash book


Goods outward journal records? Purchase returns


Should I record cash purchase in purchase day book? No


Should I record credit purchase in purchase day book? Yes


Where will the total of purchase day book be transferred? Purchase account


What are the 3 columns in three column cash book? Cash, Bank and Discount


Are the discount account balanced? No.


What is imprest system? It is a system of petty cash = here we

entrust some money as petty cash to a person.


Who will pay the commission to the bank, when the sale is by credit card? Seller


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

http://www.afterschoool.tk/