ADVANCED ACCOUNTANCY 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
ADVANCED ACCOUNTANCY Dr. T.K. Jain. AFTERSCHO☺OL Centre for social entrepreneurship Bikaner M: 9414430763 [email_address] www.afterschool.tk , www.afterschoool.tk
In a Joint Venture A contributes As. 50,000 and B contributes Rs. 1,00,000. Goods are purchased for As. 1,12,000. Expenses amount to As. 7,500. Sales amount to Rs. 1,30,500 the remaining goods were taken up by B at an agreed price of As. 5,000. A and B share profit and losses in the ratio of 1:2 respectively. Accounts are duly settled.
SOLUTION JOINT VENTURE ACCOUNT 10667 PROFIT B 5333 PROFIT A 5000 BY B 7500 EXPENSES 130000 BY BANK (SALES) 112000 BANK - EXPENSES
SOLUTION JOINT VENTURE BANK ACCOUNT 130500 BY J.V. (SALES) 55333 15667 TO A TO B 50000 100000 BY A BY B 112000 7500 TO J.V. TO J.V.
COVENTURER ACCOUNTS 10667 5333 15667 (BANK) 55333 (BANK) 100000 50000 5000 TOTAL B CREDIT A CREDIT BDEBIT A DEBTI
On a sale of As. 50, 00,000, a company earned a net profit of Rs. 2,00,000 after charging fixed expenses totaling As. 9,00,000. In the next year, there was a fire due to which there was no production or sale for a period of 3 months whereas in the corresponding period of the previous year there was a sale of Rs. 15, 00,000. If there was a consequential loss policy, what is the amount of the claim that could be lodged under this policy?
A merchant, while balancing his books of account, finds that’the trial balance shows As. 3,765 excess credit. Being required to prepare the final accounts, he places the difference to a newly opened suspense account, which he carries forward. In the next accounting year, he locates the following errors:
(I) A sale for As. 4,000 has been passed through the purchases book. The customer’s account has, however, been correctly debited.
(ii) A sum of Rs. 896 paid to Dwarka Prasad has been credited to Durga Prasad as Rs. 869.
(iii) Salary Rs. 1,500 paid to a peon has been debited to the peon’s personal account.
(iv) Schedule of debtors has been totalled As. 66,560 instead of Rs. 76,560. A provision for bad debts @ 5% of the debtors has been created.
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.
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