31 July Accounting for Business

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www.afterschoool.tk AFTERSCHOOOL MATERIAL FO

ACCOUNTING FOR

BUSINESS

AFTERSCHOOOL DEVELOPING CHANGEMAKERS

CENTRE FOR SOCIAL ENTREPRENEURSHIP

PGPSE PROGRAMME

World Most Comprehensive programme in socialentrepreneurship & spiritual entrepreneurship

OPEN FOR ALL FREE FOR ALL


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ACCOUNTING FORBUSINESS

Dr. T.K. Jain.

AFTERSCHOOOL

Centre for social entrepreneurship

Bikaner

M: 9414430763

[email protected]

www.afterschool.tk

www.afterschoool.tk
http://www.afterschool.tk/http://www.afterschoool.tk/http://www.afterschoool.tk/http://www.afterschool.tk/


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I SEND GOODS OF RS. 2 LAKH TO

MOHAN AT COST +40%. MOHAN HAS

SOLD GOODS WORTH RS. 1.8 LAKHS(SELLING PRICE). WHAT SHOULD I

SHOW AS CLOSING STOCK?

Cost price of the goods sold is 1.8

*100/140 = 1.285

That means closing stock is 2-1.287Closing stock is 71300 answer.


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WHO SENDS PROPORMA INVOICE

CONSIGNOR OR CONSIGNEE?Consignor


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You have send goods of Rs. 1 lakh to

Rishabh on consignment. However,

you have incurred followingexpenses: Packing : 200, freight,

300, octroi : 400, transit insurance:

500, godown rent : 600, godown

insurance: 700. The consignee hassold goods of Rs. 20000 only (selling

price is 20% plus cost). What is your

closing stock and what is stockreserve?


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Solution . . . . Goods sold = 20000. cost price of these

goods : 20000 * 100/120 = 16666 Thus cost of goods is 100000-16666 =

83334. However, there is some costincurred. The cost is 1400(200,300,400,500), which is to be added toit. 1400* 83334 / 100000 = 1167.

Thus cost of closing stock is : 83334+1167 =84501. STOCK RESERVE: 100000-84501=15499

ANSWER. (selling price cost)


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In the previous question, if 2%

commission charged by consignee,

what will be profit?2% of 240000 is 4800.

Thus we will deduct this from 80000

We get 80000-4800

=75200.


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If in the previous question,

commission includes del creder

commission and there is bad debt of

Rs. 40000, what will be profit?Same as previous (no change).


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A sends goods to B at cost + 1/3.

1/10th of the goods were lost in

transit. 2/3rd of remaining were sold

at 20% above invoice price. What issale, what is profit? Cost of

goods=45000 closing stock = nil 45000+1/3 = 60000. thus we had 54000 of

goods at consignee. He sold 2/3rd of this at20% above IP. 54*2/3=36000

Thus 36*1.2 = 43200

Remaining goods were sold at IP, so 18000(1/3rd of 54000). thus sale = (43200+18000)

profit = 61200 (45000)

=16200 profit. Ans.


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Goutam sends 1000 packets of Rs

200 each to Rishabh of London. 4/5

of the goods have been sold. 100packets were damaged (normal

loss). Consignor expenses Rs. 20000,

selling expenses by consignee Rs.

20000. what is the cost per unit ofremaining goods?

(we shall consider that Goutam had sent only 900

units as 100 units are normal loss). Expenses: (20000/900 *1) = 22.22

Thus cost of remaining goods is : 200000/900*1

+22.22 = 222+22 = 244.4 answer.


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I sent 900 units of Rs. 90000 at cost

+30%. The consignee sold them at

Rs. 200 per unit. He will get 5%overwriting commission and 2%

commission on sale. What is the

commission payable to him?

Invoice price : 100+30 = 130.

2% commission = 4 * 900 = 3600

Overwriting commission = 5% of (200-130) = 3.5 per unit or 3.5 * 900= 3150.

Thus total commission is 6750 answer.


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ABOUT A FTERSCH OOOLAfterschoool 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 forCS / CFP / CFA /CMA / FRM. This

course is also available online also. It also conductsworkshops 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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Why such a programme? To promote people to take up entrepreneurship

and help develop the society

To enable people to take up franchising andother 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


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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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About AFTERSCHOOOL PGPSE the best

programme for developing great entrepreneurs

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


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Workshops from

AFTERSCHOOOL 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


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Flexible Specialisations:

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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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 weekendclasses

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 studymaterial


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Components

Pedagogy curriculum and approach based on IIM Ahmedabad and ISBHyderabad (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

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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Branches

AFTERSCHOOOL will shortly open itsbranches in important cities in Indiaincluding Delhi, Kota, Mumbai, Gurgaonand other important cities.Afterschooolians will be responsible formanaging and developing these

branches and for promoting socialentrepreneurs.


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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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Basic values at afterschoool

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 yourselfonly


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www.afterschoool.tk

social entrepreneurship for better

society
http://www.afterschoool.tk/http://www.afterschoool.tk/

Documents

31 July Accounting for Business