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Accounting Fundamentals


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Accounting Fundamentals

  1. 1. Accounting Fundamentals 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
  2. 2. Accounting Fundamentals Dr. T.K. Jain. AFTERSCHO☺OL Centre for social entrepreneurship Bikaner M: 9414430763 [email_address] ,
  3. 3. Journalise the following: <ul><li>Transactions of Tarachand for April are given below. Journalise them. </li></ul><ul><li>April 1 Tarachand started business with 10,000 </li></ul><ul><li>“ 2 Paid into bank 7,000 </li></ul><ul><li>3 Bought goods for cash 500 </li></ul><ul><li>5 Drew cash from bank for office 100 </li></ul><ul><li>13 Sold to Krishna goods on credit 150 </li></ul><ul><li>20 Bought from Shyam goods on credit 225 </li></ul><ul><li>April 24 Received from Krishna 145 </li></ul><ul><li>Allowed him discount 5 </li></ul><ul><li>28 Paid Shyarn cash 215 </li></ul><ul><li>Discount allowed 10 </li></ul><ul><li>30 Cash sales for the month 800 </li></ul><ul><li>Paid rent 50 </li></ul><ul><li>Paid salary 100 </li></ul>
  4. 4. Entries <ul><li>Cash A/c Dr 10000 </li></ul><ul><li>To Capital 10000 </li></ul><ul><li>Bank Dr </li></ul><ul><li>To Cash 7000 </li></ul><ul><li>Purchase Dr. To Cash 500 </li></ul><ul><li>Cash dr. To bank 100 </li></ul><ul><li>Krisha Dr. To sales 150 </li></ul><ul><li>Purchase Dr. To shyam 225 </li></ul>
  5. 5. Entries <ul><li>Cash Dr. Discount Dr. To krishna 150 </li></ul><ul><li>Shyam Dr . To cash 215 to discount 10 </li></ul><ul><li>Cash Dr. 800 to sales </li></ul><ul><li>Rent Dr. 50 Salries 100 dr. to cash cr. 150. </li></ul>
  6. 6. Solve the following question? <ul><li>The Head Office of a company invoices goods to its branch at cost plus a loading of </li></ul><ul><li>33.1/3%. At the end of the accounting period it is found that actual stock in hand at invoicep had fallen short ofthe balance by Rs. I ,000. This difference is dueto the following facts </li></ul><ul><li>(a) Goods destroyed by fire at invoice price Rs. 1,000. </li></ul><ul><li>(b) Goods ofthe invoice value of Rs. 1,000 having been stolen. </li></ul><ul><li>(c) Cash stolen from the branch till amountingto Rs. 2,000. </li></ul><ul><li>(d) Allowances from selling price granted to customers to Rs. 2,400. </li></ul><ul><li>(e) Normal wastage of stock during the period amounting to Rs. 4,000. Setup the adjusting entries in books ofthe Head Office. </li></ul>
  7. 7. Solution. . . <ul><li>There is a difference of 1000 ruppees let us find it : </li></ul><ul><li>Fire : 1000 (Stock 750, St. Res. 250) </li></ul><ul><li>Stolen 1000 (Stock 750 , St. Res. 250 </li></ul><ul><li>Normal Wastage 4000 (Stock 3000, St. Res1000) </li></ul><ul><li>Total = 6000 </li></ul><ul><li>Less : Allowances to customers 2400 </li></ul><ul><li>= 3600 - 2000 = 1600 </li></ul>
  8. 8. ABOUT AFTERSCHO☺OL <ul><li>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. </li></ul>
  9. 9. Why such a programme? <ul><li>To promote people to take up entrepreneurship and help develop the society </li></ul><ul><li>To enable people to take up franchising and other such options to start a business / social development project </li></ul><ul><li>To enable people to take up social development as their mission </li></ul><ul><li>To enable people to promote spirituality and positive thinking in the world </li></ul>
  10. 10. Who are our supporters? <ul><li>Afterschoolians, our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us. </li></ul><ul><li>You can also support us – not necessarily by money – but by being promotor of our concept and our ideas. </li></ul>
  11. 11. About AFTERSCHO☺OL PGPSE – the best programme for developing great entrepreneurs <ul><li>Most flexible, adaptive but rigorous programme </li></ul><ul><li>Available in distance learning mode </li></ul><ul><li>Case study focused- latest cases </li></ul><ul><li>Industry oriented practical curriculum </li></ul><ul><li>Designed to make you entrepreneurs – not just an employee </li></ul><ul><li>Option to take up part time job – so earn while you learn </li></ul><ul><li>The only absolutely free course on internet </li></ul>
  12. 12. Workshops from AFTERSCHO☺OL <ul><li>IIF, Delhi </li></ul><ul><li>CIPS, Jaipur </li></ul><ul><li>ICSI Hyderabad Branch </li></ul><ul><li>Gyan Vihar, Jaipur </li></ul><ul><li>Apex Institute of Management, Jaipur </li></ul><ul><li>Aravali Institute of Management, Jodhpur </li></ul><ul><li>Xavier Institute of Management, Bhubaneshwar </li></ul><ul><li>Pacific Institute, Udaipur </li></ul><ul><li>Engineering College, Hyderabad </li></ul>
  13. 13. Flexible Specialisations: <ul><li>Spiritualising business and society </li></ul><ul><li>Rural development and transformation </li></ul><ul><li>HRD and Education, Social Development </li></ul><ul><li>NGO and voluntary work </li></ul><ul><li>Investment analysis,microfinance and inclusion </li></ul><ul><li>Retail sector, BPO, KPO </li></ul><ul><li>Accounting & Information system (with CA / CS /CMA) </li></ul><ul><li>Hospital management and Health care </li></ul><ul><li>Hospitality sector and culture and heritage </li></ul><ul><li>Other sectors of high growth, high technology and social relevance </li></ul>
  14. 14. Salient features: <ul><li>The only programme of its kind (in the whole world) </li></ul><ul><li>No publicity and low profile course </li></ul><ul><li>For those who want to achieve success in life – not just a degree </li></ul><ul><li>Flexible – you may stay for a month and continue the rest of the education by distance mode. / you may attend weekend classes </li></ul><ul><li>Scholarships for those from poor economic background </li></ul><ul><li>Latest and constantly changing curriculum – keeping pace with the time </li></ul><ul><li>Placement for those who are interested </li></ul><ul><li>Admissions open throughout the year </li></ul><ul><li>Latest and most advanced technologies, books and study material </li></ul>
  15. 15. Components <ul><li>Pedagogy curriculum and approach based on IIM Ahmedabad and ISB Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad) </li></ul><ul><li>Meditation, spiritualisation, and self development </li></ul><ul><li>Essential softwares for business </li></ul><ul><li>Business plan, Research projects </li></ul><ul><li>Participation in conferences / seminars </li></ul><ul><li>Workshops on leadership, team building etc. </li></ul><ul><li>Written submissions of research projects/articles / papers </li></ul><ul><li>Interview of entrepreneurs, writing biographies of entrepreneurs </li></ul><ul><li>Editing of journals / newsletters </li></ul><ul><li>Consultancy / research projects </li></ul><ul><li>Assignments, communication skill workshops </li></ul><ul><li>Participation in conferences and seminars </li></ul><ul><li>Group discussions, mock interviews, self development diaryng </li></ul><ul><li>Mind Power Training & writing workshop (by Dr. T.K.Jain) </li></ul>
  16. 16. Pedagogy <ul><li>Case analysis, </li></ul><ul><li>Articles from Harvard Business Review </li></ul><ul><li>Quiz, seminars, workshops, games, </li></ul><ul><li>Visits to entrepreneurs and industrial visits </li></ul><ul><li>Presentations, Latest audio-visuals </li></ul><ul><li>Group discussions and group projects </li></ul><ul><li>Periodic self assessment </li></ul><ul><li>Mentoring and counselling </li></ul><ul><li>Study exchange programme (with institutions out of India) </li></ul><ul><li>Rural development / Social welfare projects </li></ul>
  17. 17. Branches <ul><li>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. </li></ul>
  18. 18. Case Studies <ul><li>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. </li></ul>
  19. 19. Basic values at AFTERSCHO☺OL <ul><li>Share to learn more </li></ul><ul><li>Interact to develop yourself </li></ul><ul><li>Fear is your worst enemy </li></ul><ul><li>Make mistakes to learn </li></ul><ul><li>Study & discuss in a group </li></ul><ul><li>Criticism is the healthy route to mutual support and help </li></ul><ul><li>Ask fundamental questions : why, when, how & where? </li></ul><ul><li>Embrace change – and compete with yourself only </li></ul>
  20. 20. social entrepreneurship for better society