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Accountancy For Business 17 October

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Dr. Trilok Kumar Jain
Dr. Trilok Kumar Jain

The document provides details about an accounting and business programme run by Afterscho☺ol Centre for social entrepreneurship. It includes journal entries for various accounting transactions such as admitting a new partner, revaluing assets, transferring reserves and calculating new capital balances. It also discusses topics such as preference shares, redemption of preference shares, and provides examples of journal entries for related transactions.

Economy & FinanceBusiness
1 of 100
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 www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
ACCOUNTING FOR BUSINESS Dr. T.K. Jain. AFTERSCHO☺OL Centre for social entrepreneurship Bikaner M: 9414430763 [email_address] www.afterschool.tk , www.afterschoool.tk www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
Prepare necessary accounts.. ,[object Object],[object Object],[object Object],[object Object]
Balance sheet
Journal entries ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Journal entries.. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
New balance sheet ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
PREFERENCE SHARE ? ,[object Object]
Redemption of preference share… ,[object Object],[object Object]
Redemption of preference share… ,[object Object],[object Object]
Redemption : CRRA ,[object Object]
CRRA ,[object Object]
Redemption …. ,[object Object],[object Object]
Redemption of preference shares… ,[object Object]
Redemption ,[object Object]
Prepare journal entries.. ,[object Object]
Balance sheet….
Solution…. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Prepare trading and P & L a/c ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Continued… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Continued… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Debtors A/c ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Trading ac ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Creditors a/c ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
P & L ac/ ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Balance sheet ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Cash received from X and discount allowed to him. ,[object Object],[object Object],[object Object]
Cash account ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Cash paid to V and discount received from him. ,[object Object],[object Object],[object Object]
Credit Sales to Z. ,[object Object],[object Object]
Cash Sales to A. ,[object Object],[object Object]
Purchases from B on credit. ,[object Object],[object Object]
Salary.paid to clerk by means of cheque. ,[object Object],[object Object]
Payment of cash to Landlord for rent. ,[object Object],[object Object]
Depreciation on furniture. ,[object Object],[object Object]
Interest on debenture due but not yet paid. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Interest provided on capital. ,[object Object],[object Object]
 
A firm purchases a lease of 3 years for Rs. 60,000 on 1.4.2004. it decides to provide for its replacement by means of an insurance policy for Rs. 60,000. The annual premium is Rs. 19,000. On 1.4.2006, the lease is renewed for a further period of 3 years for Rs. 60,000. You are required to show necessary ledger accounts.
Solution… Ist year.. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
IInd year … ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
IIIrd year … ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
IIIrd year continued… ,[object Object],[object Object]
Which of these is not a preliminary expenditure ? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Which of these is a preliminary expenditure ? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Difference between financial accounting & management accounting .. ,[object Object],[object Object]
ACCOMMODATION BILL ,[object Object]
Holder in due course ,[object Object]
QUORUM ,[object Object]
Goti had entered Rs 75 in petty cash book, but did not post it in repairs account. What should he do now? ,[object Object],[object Object],[object Object]
Define a cheque? ,[object Object]
Protection of a paying bak ,[object Object]
 
Goti maintains single entry system of accounting. He had Rs. 3 Lakh on 1 January 2006 following is the details of accounts that he had 31/3/7 1/4/6 3000 5000 Creditors 2000 1000 Debtors 29000 19000 Stock 3000 2000 Cash in hand
Other details ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Solution….. ,[object Object],[object Object],[object Object],[object Object],[object Object]
Opening capital = ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Closing capital ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Profit ,[object Object],[object Object],[object Object],[object Object]
Solve it … ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Other details … ,[object Object],[object Object],[object Object],[object Object]
Trading account ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
P & L account ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Promissory note ,[object Object]
Crossing of cheque.. ,[object Object]
Accounting numericals ,[object Object]
BANK ACCOUNT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Continued…. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Solution – trading a/c ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
P & L a/c ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Balance sheet ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Debtors a/c ,[object Object],[object Object],[object Object]
Fictitious person ,[object Object]
SOLVE IT …. ,[object Object]
SOLUTION…lease account ,[object Object],[object Object],[object Object],[object Object],[object Object]
Dep. Fund account ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Investment account ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Declaration of dividend out of reserves… ,[object Object],[object Object],[object Object],[object Object],[object Object]
Due to inadequacy of profit during the year, the company proposes to declare dividend out of the general reserves. From the following particulars, find the amount that can be drawn applying the Companies (Declaration of dividend out of Reserves) Rules, 1975: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Solution … ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Solution… ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Goti purchases Ito Ltd. For Rs. 250000 and pays in 20000 shares of Rs. 10 + cash. Show the entries?
Solution .. (entries in Goti ltd) ,[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
For payment … ,[object Object],[object Object],[object Object],[object Object]
VALUATION OF INTANGIBLES ,[object Object],[object Object],[object Object],[object Object]
Amortisation … ,[object Object],[object Object]
A company purchased 3 years lease on ist April, 2004 for Rs. 50,000. it is decided to provide for the replacement of the lease at the end of 3 years by setting- up a depreciation fund. It is expected that investment will fetch at 12%. Sinking fund tables shows that As. 0.296349 invested each year will produce Re. 1 at the end of 3 years at 12% per annum. The investments are sold for Rs. 28,500. ,[object Object],[object Object]
Solution.. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Solution… IInd year ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Solution …IIIrd year ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Dep. Fund investment a/c ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Dep fund a/c ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Lease ac/ ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
About AFTERSCHO☺OL ,[object Object],[object Object],[object Object],[object Object]
Branches of AFTERSCHO☺OL ,[object Object],[object Object],[object Object]
Workshop on social entrepreneurship ,[object Object],[object Object]
FREE ONLINE PROGRAMME ,[object Object],[object Object],[object Object],[object Object],[object Object]
100% placement / entrepreneurship ,[object Object],[object Object]
Pursue professional courses along with PGPSE ,[object Object],[object Object]

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Accountancy For Business 17 October

  • 1. 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 www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
  • 2. ACCOUNTING FOR BUSINESS Dr. T.K. Jain. AFTERSCHO☺OL Centre for social entrepreneurship Bikaner M: 9414430763 [email_address] www.afterschool.tk , www.afterschoool.tk www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
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  • 39. A firm purchases a lease of 3 years for Rs. 60,000 on 1.4.2004. it decides to provide for its replacement by means of an insurance policy for Rs. 60,000. The annual premium is Rs. 19,000. On 1.4.2006, the lease is renewed for a further period of 3 years for Rs. 60,000. You are required to show necessary ledger accounts.
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  • 54. Goti maintains single entry system of accounting. He had Rs. 3 Lakh on 1 January 2006 following is the details of accounts that he had 31/3/7 1/4/6 3000 5000 Creditors 2000 1000 Debtors 29000 19000 Stock 3000 2000 Cash in hand
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  • 82. Goti purchases Ito Ltd. For Rs. 250000 and pays in 20000 shares of Rs. 10 + cash. Show the entries?
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