ACCOUNTING 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
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
ACCOUNTING FOR BUSINESS Dr. T.K. Jain.
AFTERSCHO☺OL Centre for social entrepreneurship Bikaner M: 9414430763
[email protected] www.afterschool.tk, www.afterschoool.tk www.afterschoool.tk
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Is it necessary to show the value of fixed assets in the beginning and at the end of the year with all additions? • Yes – as per AS 10
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
At what exchange rate will you show your fixed assets abroad? • Exchange rate prevailing at the date of purchase (AS 11)
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
At what exchange rate will you show your Monetary assets abroad? • Closing date
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
How can you value your inventories? • FIFO or Weighted average method (AS 2) • Absorption costing method
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
A,B,C are partners, B retires. How much goodwill will B get if on the date of retirement, the goodwill was valued at Rs. 30000.? • Rs. 10000 answer
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
If our company does not receive minimum subscription, that what is the period within which we can refund the money? • 42 days • (90% minimum subscription is required).
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
What is the minimum number of shares that a person can apply? • As per SEBI guidelines 27/1/2000, it is 200 shares of Rs. 10 face value each.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
What is the minimum application form fees on the issue? • 25% of nominal value of securities. (as per companies amendment bill 2003
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
What is the minimum period between 2 calls? • 1 month
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
If issue size is Rs. 200 crores, what is the maximum period in which shares can be made fully paid? • 1 year.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
If the company delays in refunding the amount to the applicants (if shares are not alloted to them), what is the interest that it has to pay? • 15%
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Is it necessary to disclose minimum subscription? • Yes, it has to be disclosed in prospectus. It has to be identified on the basis of various factors.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Is the condition of minimum subscription also applicable on rights issue? • Yes
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Is the condition of minimum subscription also applicable on offer of sale of securities? • No
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
We have made a 1st call on 10000 shares for Rs. 20 each. All but owners of 100 shares didn’t make the payment. What is our closing balance in first call account? • Debit balance of Rs. 2000
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
What type of resolution is required for issue of shares on discount? • Ordinary resolution with permission from company law board.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Can a company issue shares on discount before 1 year from commencement of year? • No
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
We have issued 1000 shares at Rs. 90 (discount of Rs. 10). What is the balance in our share capital account? • 100000 answer.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
For which purpose we cannot use share premium? 1. Write off preliminary expenses 2. To pay dividend 3. To write off expenses on commission paid on shares 4. To pay premium on redemption 5. To pay bonus shares. SOLUTION: 2 answer. www.afterschoool.tk
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
What are the interest rates on call in arrears and call in advance as per Table A? • 5% and 6% respectively.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
We have 100 shares on which face value is 100, called up money is 50 paid up money is 25 (Rs. 25 on first call is due). They are forfeited. Which account will be debited and which account credited for how much amount? • Share capital A/c Debit : Rs. 5000 • Forfeiture a/c credit Rs. 2500 • First call a/c credit Rs. 2500 www.afterschoool.tk
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
We are forfeiting 100 shares on which we have received Rs. 10 as premium. Now what will be the entry in premium account • No entry required.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
We are forfeiting 100 shares on which we have given a discount of Rs. 10. Now what will be the entry in discount account • Discount account will be credited with Rs. 1000. answer.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
What can be the maximum loss on reissue of forfeited shares? • Forfeited amount.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
We has a loss on forfeited shares of Rs. 10 per share, forfeited amount is Rs. 30 per shares on 100 shares. What should we do now? • Transfer Rs. 20 per share (total Rs. 2000) to capital reserve
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Where should we show forfeited amount in balance sheet? • In balance sheet as addition to capital
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
If the shares are re-issued at premium, where should premium go?
• Securities premium account
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
If we reissue shares at a loss, where should loss go? • Forfeited shares account.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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 www.afterschoool.tk
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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 www.afterschoool.tk
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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 www.afterschoool.tk
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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)
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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 www.afterschoool.tk
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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.
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
www.afterschoool.tk social entrepreneurship for better society
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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS