business quiz 1 november ii

www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

BUSINESS QUIZ

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


BUSINESS QUIZ

Dr. T.K. Jain.

AFTERSCHO☺OLCentre for social entrepreneurship

Bikaner M: 9414430763

[email protected]

www.afterschool.tk, www.afterschoool.tk


Find the cost of goods sold for June


Solution

• Sale price = 17,00,000

• Multiply it by 100/125 to get cost of goods sold:

• =13,60,000 answer.


Question on partnership

• A and B are partners with the capital Rs. 50,000 and Rs. 40,000 respectively. They share profits and losses equally. C is admitted on bringing Rs. 50,000 as capital only and nothing was bought against goodwill. Goodwifi in Balance sheet of Rs. 20,000 is revalued as Rs.35,000. What will be value of goodwill in the books after the admission of C?

• a. Rs. 55,000. b Rs. 35000• c. Rs. 20,000.• d. Rs. 15,000


Solution

• On admission of C either write off goodwill completely or let it be there at Rs. 35000. If gooodwill is written off then it will be written off in new profit sharing ratio and the entry will be :

• Partners Capital Ac. Dr.

• To Goodwill a/c credit

• So answer is Rs. 35000 (b)


Question on company law

• Ccnsider the following data pertaining to Goti Un Ltd. as on March 31, 2006

• Share Capital• Subscribed Called-up (20,000 shares of Rs.100 each)

Rs.20,00,000• CaIls in arrear Rs. 10,000• Profit and loss account (Cr.) as on April 01, 2005

Rs. 67,000• Profit for the year Rs. 1,90,610• • The company wants to create a Debenture Redemption

Reserve and to transfer Rs.50,000 every year out of profits to redeem the debentures.

• • The company declared 10% dividends.


Solution

• Profit for the year = 190610 + 67000

• =257610

• Less transfer to debenture redemption reserve = 50000

• Less = 10% dividend

• =199000

• =8610 answer.


ABOUT AFTERSCHO☺OL

Afterschoool 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 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.


Question on JV • Kap of Bombay sent a consignment of goods to Goti of Delhi

on the basis that Goti was to affect sales on behalf of Kap and receive a commission of 20% of the selling price. Goti was to be responsible for all the expenses at his end, but the goods were to be forwarded F.O.R: Delhi. The commission was considered to include del credere commission also. Kap sent the goods costing Rs. 2, 40,000 at an invoice Rs. 3, 00,000. He spent Rs. 5,000 on packings and forwarding. On the goods Goti accepted Kap’s bill for As. 2, 00,000 and following expenses:

• Freight (Bombay-Delhi) 15,000• Godown rent 5,000• Insurance (Godown) 2,000• He sold 4/5th of the goods for Rs. 3, 50,000• There was a bad debts of As 10,000• price of receiving paid the


Books of KAP – consignment a/c

• To goods sent on consignment = 240000

• To expenses (to bank) 5000

• To bank 15000• To commission 70000• To Profit 72000• Total 402000

• By Goti 350000• By closing stock • (48000 + 4000)• =52000

• Total 402000


Books of Goti – consignor a/c

• To commission 70000• To BP 200000• To Bank 80000

• By Bank 350000


A/c of Goti P& L A/c

• To bad debt 10000• To Exp. 7000• To Profit• 53000

• By commission 70000


• B of Delhi sent a consignment to his agent D of Agra. The invoice price of goods was As. 20,000 which was 25% above cost. On receiving the goods, D accepted a 3 month’s draft for Rs. 10,000 which was discounted by B ©6%. B also spent the following sums:

• On freight and cartagé As. 500• On godown, insurance and rent Rs. 300• 4/5th of the goods was sold for Rs 17,400 D is

entitled to a commission of 10% on the invoice price pIus 1/5 of any profit (finally remaining) that B might make.


Consignment A/c in the books of B

• To Cost 16000• To Exp. 800s • To discounting charg• 150• To commission 1740• To commission 345 • To profit 1725 • Total 20760

• By sale 17400• By stock 3360


What is the total sales?

• On 1St October, 2007, B of Bombay consigned to A of Ahmedabad 100 Mobile sets. Cost of each set was Rs. 1,900 but B prepared pro-forma invoice at As. 2,200 per set. B incurred expenses amounting to Rs. 5,000 on goods consigned. On 31st December, 2007, A informed B that he had sold 68 sets @ 2,800 per set and 11 sets © Rs. 2,700 per set and had spent As. 15,200 on behalf of the consignor. One set has been accidentally damaged and sold for As. 500 according to instructions of the consignor. A was entitled to a commission of 6% on gross sales including del credere commission. A could recover only Rs. 2,500 from a customer to whom one set has been sold on credit for As. 2,800. All other sales were made on cash basis.


Solution

• 68 * 2800

• 11*2700

• =220100


Why such a programme?

• To promote people to take up entrepreneurship and help develop the society

• To enable people to take up franchising and other 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


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.


About AFTERSCHO☺OL 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


Workshops from AFTERSCHO☺OL

• 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


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


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• Flexible – you may stay for a month and continue the rest of

the education by distance mode. / you may attend weekend classes

• 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 study

material


Components • Pedagogy curriculum and approach based on IIM Ahmedabad and ISB

Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)• Meditation, spiritualisation, and self development • EsGotitial 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)


Pedagogy

• Case analysis,• Articles from Harvard Business Review • Quiz, seminars, workshops, games, • Visits to entrepreneurs and industrial visits• PreGotitations, 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


Branches

• 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.


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.


Basic values at AFTERSCHO☺OL

• 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 yourself

only


www.afterschoool.tk social entrepreneurship for better

society

business quiz 1 november ii

Business

year rs

capital rs

invoice rs

sets rs

arrear rs

shares of rs

balance sheet of rs

goods goti