ACCOUNTING FOR BUSINESS & MANAGEMENT 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
ACCOUNTING FOR BUSINESS & MANAGEMENT Dr. T.K. Jain. AFTERSCHO☺OL Centre for social entrepreneurship Bikaner M: 9414430763 [email_address] www.afterschool.tk , www.afterschoool.tk
Goti draws a bill on Dhaval for Rs. 60000 on 1/4/7 for 2 months. Dhaval accepts the bill and send it back to Goti, who gets it discounted for Rs. 58800. Goti remits Rs. 19600 to Dhaval. On due date Goti being unable to remit the amount due accepts a bill for Rs. 84000 for 2 months which is discounted by Dhaval for 82200. Dhaval sends Rs. 14800 to Goti. How much discounts will be borne by them?
From the first 60000, the bank had charged discount of 1200. 60000 was shared by Goti and Dhaval in the ratio : 4:2. (39200+19600=58800). Thus share of Dhaval was 400 & Goti = 800
Out of 84000, (40000 are already with Goti, 14800 are further sent to him). Discount = 1800 (54800 +27400 =82200) thus ratio is 2:1, thus Goti will bear Rs. 1200 and Dhaval will bear 600 answer.
Rakhi consiged goods of Rs. 8250 to Nidhi & paid Rs. 650 (freight) and insurance Rs. 400. She drew a bill of Rs. 3000 & got it discounted for Rs. 2960. Nidhi told that a part of goods realised Rs. 8350 and expenses & commission was Rs. 870. Closing stock was Rs. 2750. How much money will Nidhi send?
She sold goods of Rs. 8350, but has already paid Rs. 3000 to Bank. She also incurred Rs. 870, which has to be deducted from this amount.
8350 – (3000+870) = 4480 answer.
Goti & Kap are partners sharing profit in the ratio of effective capital. They invest 1 & .6 on ¼. G invested Rs. .1 on 1/7 & .05 on 1/10. G withdrew .4 on 31/12. on1/10 K brought Rs. .3 . G drew Rs. .01 every monthend.K drew .01 on 30/9 & .05 31/12. Interest on capital & drawings: 12% (all figures in lakhs)
Afterschoool conducts three year integrated PGPSE (after class 12 th 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.
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.
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.