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1 august accounting and book keeping

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					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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

ACCOUNTANCY FOR BUSINESS Dr. T.K. Jain.
AFTERSCHO☺OL
Centre for social entrepreneurship Bikaner M: 9414430763 tkjainbkn@yahoo.co.in www.afterschool.tk www.afterschoool.tk
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What is AS1 ?


Accounting standard – on disclosure of accounting policies.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is AS 2?
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Accounting standard on valuation of inventories.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is AS 3?
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Accounting standard – Cash flow statement

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is AS 4?
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Accounting standard coningency and events after balance sheet dates.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is the Accounting standard on lease accounting?
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AS 19

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is the Accounting standard on depreciation accounting?
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AS 6

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is AS 9 about?


Revenue recognition

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is AS 7 about ?


Accounting of construction contracts.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is AS 22 about ?


Accounting standard on income Tax.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is the Accounting standard on investments ?


AS 13.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is AS 14 about?
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Accounting standard on accounting of amalgamation / mergers etc.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

How many accounting standards were issued till 2004?


29 ( the AS 29 was issued in 2003).

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

We have two companies in two different industries. Mention the areas where we can have different accounting policies?
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We can have different policies in inventory valuation, valuation of investments, and in providing depreciation. Valuation of fixed assets, treatment of goodwill etc.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is the debtors accounts called in self balancing ledger system?


Sales ledger adjustment account

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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?
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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).
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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Which are principal books?
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Ledgers and cash book

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What do we call to a book of primary entry or original entry?


Subsidiary books.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Which is the subsidiary book to record the promissory notes issued?


Bills Payable book

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Name the seven subsidiary books generally used?
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Purchase book Sales Sales return book BP book BR book Purchase return book Cash book
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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Journal proper

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

I have recorded Rs. 10000 purchased cash in sales book, am I right?


I am wrong. ( I have to record it in cash book)

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

I have recorded Rs. 10000 purchased cash in purchase book, am I right?


No. ( I have to record it in cash book)

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is return inward book?


Sales return book

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is return outward book?


Purchase return book.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Debit notes are used to prepare ?


Purchase return book

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Credit notes are used to prepare ?


Sales return book.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

Purchase book

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Goods outward journal records?


Purchase returns

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Should I record cash purchase in purchase day book?


No

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Should I record credit purchase in purchase day book?


Yes

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Where will the total of purchase day book be transferred?


Purchase account

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What are the 3 columns in three column cash book?


Cash, Bank and Discount

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Are the discount account balanced?


No.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

What is imprest system?


It is a system of petty cash = here we entrust some money as petty cash to a person.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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

Seller

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Why such a programme?
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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
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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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 AFTERSCHOOOL PGPSE – the best programme for developing great entrepreneurs
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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
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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Workshops from AFTERSCHOOOL
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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
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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Flexible Specialisations:
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
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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  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 www.afterschoool.tk AFTERSCHO☺OL's MATERIAL material FOR PGPSE PARTICIPANTS
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Components
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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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Pedagogy
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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

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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.

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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 afterschoool
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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
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

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www.afterschoool.tk social entrepreneurship for better society

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS


				
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