Accounting For Business

ACCOUNTING FOR BUSINESS
AFTERSCHO☺OL
– DEVELOPING CHANGE MAKERS
CENTRE FOR SOCIAL ENTREPRENEURSHIP
PGPSE PROGRAMME –
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02/03/09 AFTERSCHO☺OL's
AFTERSCHO☺OL's MATERIAL
MATERIAL 1
www.afterschoool.tk FOR PGPSE PARTICIPANTS
ACCOUNTING FOR BUSINESS
Dr. T.K. Jain.
AFTERSCHO☺OL
Centre for social entrepreneurship
Bikaner M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk, www.afterschoool.tk
www.afterschoool.tk
02/03/09 AFTERSCHO☺OL's
AFTERSCHO☺OL's MATERIAL
MATERIAL 2
Prepare trading and P & L a/c
• The following are the details relating to
transactions during the year ended 31M March
2007 extracted from the books of Goti who does
not maintain proper books of account:
• Cash and discount credited to debtors 6, 40,000
• Sales return• 14,500
• Bad debts 4,200
• Sales (cash and credit) 7,18,100
• Discount allowed by trade creditors 7,000
• Purchases returns 4,000
02/03/09 AFTERSCHO☺OL's MATERIAL 3
Continued…
• Additional capital-paid into bank 85.000
• Realisations from debtors-paid into bank 6, 25,000
• Cash purchases 10,300
• Cash expenses 95,700
• Paid by cheque for furniture purchased 4,300
• Household expenses drawn from bank 31,800
• Cash paid into bank 50,000
• Cash drawn from bank 92,400
• Cheques issued to trade creditors 6, 02,700
• marks)

Continued…
• The following additional information are also available:
Ist April 31 March
• 2006 2007
• Creditors 1, 57,700 1, 24,000
• Sundry expenses outstanding 6,000 3,300
• Sundryassets 1,16,100 1,20,400
• Stock-in-trade 80,400 1, 11,200
• Cash in hand and at bank 69,600 80,800
• Trade debtors ? 1,78,700
• You are required to prepare the Trading and Profit and•
Loss Account for the year ended 31st March, 2007 and a
balance sheet as on that date

Debtors A/c
• To opening stock • By sales return 14500
337400 • By discount 15000
• By bank 625000
• To Sales 500000 • By Bad debt 4200
• By balance 178700
• (837400)

Trading ac
• Opening stock 80400
• To purchase 580000 • B sales 718100
• Cash purchase 10300
• Less : sales (cash) 14500
• To gross profit 148100 • By purchase return
• Total 818100 4000
• Closing stock 111200

• Total : 818100
Creditors a/c
• To bank 602700 • By purchase =580000
• To purchase return • By balance b.d. =
4000 157700
To discount 7000
To balance 124000

P & L ac/
• To exp. 95700 • By G P 148100
• To bad debt 4200 • By discount 7000
• Discount allowed
15000
• To N.P. 40200

Balance sheet
• Net profit : 40200 • Cash & bank 80800
• Creditors 124000 Debtors 178700
• Outstanding exp. • Assets 120700
3300 • Furniture 4300
• Additional capital • Closing stock 111200
85000
• Capital : 243200 • Total 495700
• Total 495700

Cash received from X and
discount allowed to him.
• Cash A/c Dr.
• Discount Dr.
• To X a/c Credit

Cash account
• To balance 69600 • by outstanding exp. 2700
• By bank 85000
• By Cash sales 220800 • By bank 625000
• By purchase 10300
• To credors 602700 • By expsnes 95700
• To bank 92500 • By furniture 4300
• By household exp. 31800
• By bank 50000
• By closing blance 80800
• Total : 985600
• Total :
Cash paid to V and discount
received from him.
• V a/c Dr.
• To Discount Ac.
• To Cash Ac

Credit Sales to Z.
• Z a/c dr.
• To sales a/c

Cash Sales to A.
• Cash Ac.
• To Sales Ac

Purchases from B on credit.
• Purchase Ac dr.
• To B account

Salary.paid to clerk by means
of cheque.
• Salary a.c. dr.
• To bank ac.

Payment of cash to Landlord for
rent.
• Rent A.c dr.
• To cash a.c

Depreciation on furniture.
• Depreciation a/c. dr
• To furniture a/c

Interest on debenture due but not
yet paid.
• Interest Ac/ dr.
• To outstanding interest a/c
• Outstanding interest ac/ dr.

• To the debenture holders a/c
• P & L a/c dr.

• To Outstanding interest Ac.
Interest provided on capital.
• Interest .a/c dr.

• To Capital Ac/

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..
• Lease A/c Dr. 60000
• To Bank Account 60000
• --------
• Insurance policy a/c dr. 19000
• To bank a/c 19000
• ----
• P & L a/c dr. 19000
• To depreciation 19000
IInd year …
• To bank 19000
• (closing balance becomes 38000)
• ------
• P & L a/c dr. 19000
• (closing balance beomes 38000)

IIIrd year …
• Insurance policy dr. 19000
• To bank ac/ 19000
• ----
• P & L a/c dr. 19000
• ---
• Bank a/c dr. 60000
• To insurance policy : 60000
• ---
• To depreciation a/c (reserve) 3000
• (profit received on insurance policy transferred to dep ac
IIIrd year continued…
• Depreciation a/c dr. 60000
• To Lease a/c 60000

Which of these is not a preliminary
expenditure ?
1. Cost of project report
2. Stamp duty on authorised capital
3. Cost of acquisition of a running business
4. Cost of vetting of MOA and AOA and
Prospectus
• Answer :
No. 1. and 3.

Which of these is a preliminary
expenditure ?
1. Consultancy fees of Goti, who is a business
consultant
2. Charges paid to Jitu for conducting market
survey of the product before its start.
3. Printing charges of letters of allotment.
4. Payment paid to Sudha, who is approved
valuer and has prepared valuation report and
accounts along with drafting necessary
documents required at start up.
Answer : 3rd and 4th
Difference between financial
accounting & management
accounting ..
• Financial accounting records day to day
decisions and prepares annual accounts
as per the prescribed formats for external
reporting.
• Management accounting is presentation of
accounting information so that
management may take appropriate
decisions and policies.
ACCOMMODATION BILL
• When one party tries to help others, they
use accommodation bill to help each
other. Suppose Kapsa needs Rs. 1 billion,
he approaches Jitu for help, Jitu accepts a
bill of Rs. 1 billion thus Kapsa can get this
amount by bill discounting from bank. On
due date Kapsa will give the money back
to Jitu so that that Jitu may make the
payment to Bank.
Holder in due course
• A person who gets a bill in due course is
called holder in due course. He gets all the
authority on bill. Even if the holder get the
bill from someone who has defective title,
the holder in due course will get full
authority.

QUORUM
• For any meeting, we need a quorum. It is
the minimum number of members, who
must be present for the meeting to start.
For example : if quorum is 1/10, and there
are 100 members, then the meeting can
start only if at least 10 members are
present.

Goti had entered Rs 75 in petty
cash book, but did not post it in
repairs account. What should he
do now?
• Solution :
• Repairs A/c debit Rs. 75
• To suspense a/c credit : 75

Define a cheque?
• Sec. 6 : a cheque is a bill of exchange
drawn on a specified bankder and not
expressed to be pyable otherwise thn on
demand and it includes electronic image
of a truncated cheque and a cheque in
electronic form.

Protection of a paying bak
• Suppose a cheque is drawn by A on B and
is endorsed by D (by making forged
signature of B) to C. The bank makes the
payment. The bank is discharged here as
the bank does not have signature of every
one. However, bank will not be discharged
if the signatue of A are forged.

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
1/4/6 31/3/7
Cash in hand 2000 3000

Stock 19000 29000
Debtors 1000 2000
Creditors 5000 3000
Other details
• On 1/4/6 h began drawing Rs. 700 per month for personal
expenses. His bank details are as under :
• Deposited : Rs. 3 lakh on 1/1/6
• Withdrew Rs. 2,23,000 from 1/1/6 to 31/3/6
• Deposited Rs. 230000 from 1/4/6 to 31/3/7
• Withdrew Rs. 2,70000 from 1/4/6 to 31/3/7
• The above withdrawals included payments by cheques of Ps.
2,00,000 and Ps. 60,000 respectively during the period from 1st
January, 2006 to 31st March, 2006 and on 1st March, 2007 for
the purchase of machinery for the business. The deposits after
1st January, 2007 consisted wholly of sale price received from
customers by cheques.
• Draw up Ramesh’s Statement of Affairs as at 31st March, 2006
and 31st March, 2007 respectively and work out his profit or
loss for the year ended 31st March, 2007.

Solution…..
• Profit = closing capital – opening capital
• Therefore calculate opening and closing
capitals.
• Prepare a bank statement and ascertain
bank balances on 31/3/6 and 31/3/7.
• Bank balance on 31/3/6 (3 – 2.23) =
77000
• Bank balance on 31/3/7 = (77-40) = 37000
Opening capital =
• Assets :
• Bank : 77000
• Stock = 19000
• Debtors = 1000
• Cash = 2000
• Machinary = 200000
• Total= 299000
• Less : creditors : 5000
• Capital = 294000 (as on 31 march 2006)

Closing capital
• Assets :
• Cash : 3000
• Stock : 29000
• Debtors : 2000
• Machinary : 260000
• Bank balance = 37000
• Total assets = 331000
• Less creditors = 3000
• Capital = 328000 (as on 31 march 2007)

Profit
• Closing capital = 328000
• Add = drawings ( 700 * 12) 8400

• Less : Opening capital : 294000
• Profit during the year = 42400 answer.

Solve it …
• Prabhakar commenced business on 1 April, 2006 with a capital
of Rs. 90,000. He immediately purchased furniture of As.
48,000. During the year he received from his uncle a gift of As.
6,000 and he borrowed from his father a sum of Rs. 10,000. He
had withdrawn As. 1,200 per month for his household
expenses. He had no bank account and all dealings were in
cash. He did not maintain any books but following information
is given:
• Sales (including cash sales ot As. 60,000) = 200000
• Purchases (including cash purchases of As. 20,000) = 150000
• Carriage inwards = 1400
• Wages = 600
• Discount allowed to debtors= 2400
• Salaries = 12400
• Bad debts written off : 2200
• Trade exp. : 2400; advertisement = 4400
Other details …
• He spent Rs. 1000 for his personal
expenses, he used goods of Rs. 2600 for
personal use
• On 31/3/7, his debtors were Rs. 42000,
creditors : Rs. 30000, his stocks were Rs.
20000.
• Dep. on furniture : 10%.
• Prepare trading & p & l account
Trading account
• Opening stock =nil • Sales 200000
• Purchase 150000 • Closing stock 20000
• Less drawings : 2600
• Net purchase :
147400
• Carriage inward 1400
• Wages 600
• Gross profit : 70600

P & L account
• Discount 2400 • Gross profit 70600
• Bad debts 2200
• Salaries : 12400
• Trade exp. 2400
• Depreciation: 4800
• Net profit : 46400
• Total : 70600

Promissory note
• It is an unconditional undertaking to make
payment of certain amount to the bearer of
the instrument / or the person so named in
the instrument or to the order of such
person after sight.

Crossing of cheque..
• When a cheque is crossed at its top left
corner, it cannot be paid cash, its payment
can only be through bank account. We
can also add ‘NOT NEGOTIABLE’ on the
crossing – making it a non-negotiable
instrument.

Accounting numericals
• Goti returned to India from London after
retirement and purchased a small retail
business. He took over the business on 1st April
2006 acquiring the existing stock at a valuation
of Rs. 22,840 and the rest of the purchase
consideration was apportioned as to Rs. 30,000
for fixtures and fittings and the balance for
goodwill. He used his existing bank account and,
other than bank statements and vouchers, the
only record available was a bill book recording
cash payments from the bill. Surplus cash was
banked periodically during the year. Prepare a/c

BANK ACCOUNT
• Balance 1 April, 2006 • Purchases of business
72,920 63,840
• Pension from employment • Rent 15 months to
19,500 • 30th June, 2007 10,000
• Bankings from shop 3,28,540 • Rates 9 months to
• 31st Dec., 2006 1,680
• Electricity 1,840
• Hire of frozen food cabinet
1,600
• Purchases for resale 2,94,000
• Private cheques 22,440
• Balance 31 March, 2007
25,560
• TOTAL = 4,20,960

Continued….
• Cash purchases for resale 32,120
• Staff salaries 14,840
• Sundry shop expenses 3,120
• Cash drawings 10,400
• On 31st March, 2007 stock valued at cost amounted to
As. 30,840, amounts duo from customers Rs, 1,480, and
cash in hand amounted to Rs. 1,080. Depreciation is to
be provided on fixtures and fittings at a rate of 10%.
• Accounts outstanding on 31st March, 2007 were:
purchases Rs 9,400 For the year ending 31st December,
2007= 2,400.

Solution – trading a/c
• Opening stock 22840 • Credit Sales : 330020
• Credit Purchase • Cash sales 61560
303400 • Closing stock 30840
• Cash purchase 32120 • Total : 422420
• Gross profit 64060

• Total : 422420

P & L a/c
• To salaries 14840 • By G.P. 64060
• To rates 2280
• To rent 8000
• To electricity 1840
• To hire charges 1600
• To sundary exp. 3120
• To dep. 3000
• To net profit 29380
• Total : 64060

Balance sheet
• LIABILITIES • ASSETS
• Capital 72920 • Furniture : 27000
• Less drawings: 32840 • Stock 30840
• Add Net profit : 29380 • Debtors 1480
• Pension (outstanding) • Bank 25560
19500 • Cash 1080
• Net capital : 88960 • Prepaid rent 2000
• Creditors : 9400 • Goodwill 11000
• Outstanding rates 600 • Total : 98960
• Total : 98960

Debtors a/c
• To sales : 330020 • By bank 328540
• By closing balance
1480

Fictitious person
• Articificial persons like company, firm etc.
are called fictitious persons. They have
legal entity and can contract in their own
name.

SOLVE IT ….
• A company purchased 3 years lease on
1st 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 Rs. 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.
SOLUTION…lease account
• To bank 50000
• (at the end of thrd

year)
• Dep fund ac 45645
• P & L ac/ 4355
• Total : 50000

Dep. Fund account
• To balance 14817.45 • By dep. A/c 14817.45
• IInd Year
• By balance 14817.45
• By dep. Ac/ 14817.45
• By interest 1778
• III rd year
To investment 3412 • By balance : 31412.9
To lease a/c 45645 • By interest 3769
• By dep. Ac. 14817.45

Investment account
• To bank 14817.45 • By balance 14817
• IInd year
• To balance 14817
• To bank 16595 • By balance 16595
• IIIrd year :
• To balance 31412 • By bank 28000
• By dep. Fund 3412

Declaration of dividend out of
reserves…
• The rate of dividend will not exceed 10% or
average rate of last 5 years.
• First set off any previous loss – before dividend
is declared
• The balance of reserve after declaration of
dividend should be at least 15% of the paid up
share capital
• The amount drawn from reserves should not be
more than 1/10 of the (paid up capital +
reserves).
• (read section 205A of companies act).

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:
• (a) 17,500 9% preference shares of Rs. 100 each fully paid
• (b) 7,00,000 equity shares of Rs. 10 each fully paid
• (c) General reserves 21 lakhs
• (d) Capital reserves on revaluation of assets 3.5 lakhs
• (e) Share premium 3.5 lakhs
• (f) Profit and loss account-credit balance 63000
• (g) Net profit for the year 357000
• Average rate of dividend during the last five years: 15%.

Solution …
• Maximum dividend that can be paid is
10%
• Dividend on equity : 7,00,000
• Dividend on prefernece (9%) 157500
• Total : 8,57,500
• Total paid up capital + reserves 10% of
• (7000000+2100000+1750000) 1085000
• Total amount available: 420000+ 21 lakhs
Solution…
• 15% of equity + preference
• = 1312500
• (7000000+ 1750000)
• Total amount payable :
• 857500
• Less profit 420000
• =437500 to be drawn from reserves.
(ans.)
Goti purchases Ito Ltd. For Rs. 250000
and pays in 20000 shares of Rs. 10 +
cash. Show the entries?

Solution .. (entries in Goti ltd)
• Business purchase A/c Dr. 250000
• To Ito Ltd. 250000

• Freehold Premises Dr. 100000
• Plant and Machinery Dr. 80000
• Stock 20000
• Debtors 27500
• Cash at Bank 75000
• Goodwill A/c dr. 30000
• To credtors 50000
• To B.P. 30000
To Provision for bad debt : 2500
• To Purchase consideration 250000

For payment …
• Ito Ltd 250000
• To equity shares 200000
• To cash 50000
• (PAYMENT OF CONSIDERATION).

VALUATION OF INTANGIBLES
Intangibles means non-physical benefits from which the
organisation can expect to receive profits / benefits in
the future.
This asset is intangible – therefore it has to be identified
- and amortised periodically.
Examples inclue softwares, knowledge base,
trademark, patents, etc.
There are two types : internally generated (for example
goodwill) 2: externally generated intangible assets
(for example goodwill is generally written only when
we purchase it.

Amortisation …
• Intangible assets include cost of
development, training, research and
development and other costs. Its useful
life is identified and then amortisation is
done over that life.
• Applying the principles of impairment of
assets, impairment is provided on
intangible assets.

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.
• Taking approx. value….

• 50000*.29 = 14500

Solution..
• Lease A/c Dr. 50000
• To Bank 50000
• ----
• P & L a/c dr. 14500
• To Dep. 14500
• -----
• Dep. A/c dr. 14500
• To dep fund investment a/c 14500
• ------
• Dep. Fund Investment a/c dr. 14500
• To bank 14500
Solution… IInd year
• P & L a/c dr. 14500
• To Dep. 14500
• -----
• Dep. A/c dr. 14500
• Interest on Dep. Fund Investment 1740
• ------
• Dep. Fund Investment a/c dr. 16240
• To bank 16240

Solution …IIIrd year
• P & L a/c dr. 14500
• To Dep. 14500
• -----
• Dep. A/c dr. 14500
• Interest on Dep. Fund Investment 3480
• ------
• Bank a/c dr. 28500
• To dep. Fund investment 28500
• Dep fund ac. Dr. 1740
• To dep fund investment ac. 2240
Dep. Fund investment a/c
• Ist year 14500 • Balance cd. 14500
• ---- ------
• IInd year Balance c .d. 30740
• To balance 14500 ----
• To bank 16240 III rd year
• -=== By bank : 28500
• Balance 30740 DeP. Fund a/c 2240

Dep fund a/c
• To balance 14500 • By dep ac 14500
• ---- • -----
• IInd year • IInd year
• To balance 30740 • By balance cd 14500
• By interest 1740
• By dep. Ac. 14500
• ---- IIIrd year • -- IIIrd year
• To dep fund investment • By balance 30740
• 2240 • By intrst 3480
• To lease a/c 45980 • By dep. 14500
• Total : 48220
Lease ac/
• To bank 50000 • By balance 50000
• --- • ---
• IInd year • IInd year
• To balance bd 50000 • By balanc
• …. • ----IIIrd year
• IIIrd year • By dep. 45980
• To balance bd 50000 • By P & L 4020

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ACCOUNTING FOR BUSINESS

02/03/09 AFTERSCHO☺OL's MATERIAL 4

02/03/09 AFTERSCHO☺OL's MATERIAL 5

02/03/09 AFTERSCHO☺OL's MATERIAL 6

• Closing stock 111200

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• Outstanding interest ac/ dr.

• P & L a/c dr.

• Interest .a/c dr.

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Cash in hand 2000 3000

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• Add = drawings ( 700 * 12) 8400

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• Gross profit 64060

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• (at the end of thrd

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• Taking approx. value….

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