1. Assure you have just started a mobile store.

You sell mobile sets and currencies of airtel……………………………
Particulars Started business with cash purchased nokia handsets purchased BSNL and Reliance recharge vouchers sold a handset for 6000 costing 5850 Sold recharge vouchers of 1500 profit 6% Puchased a second hand cell on crerdit sold a handset for 10000 costing 9150 Repair work of the second hand set Sold the hand set for 5000 Sold a hand set on credit for 10000 costing 9500 on credit Realised 70% from the customer Customer became bad debt 500 3500 42590 -3000 -9500 10000 -7000 -3000 0 38590 7000 -3000 39590 42590 3000 3000 -9150 10000 -1000 5000 850 -1000 2000 500 -5850 -1500 25000 5000 Stock Hand set vouchers 40000 -25000 -5000 6000 1590 150 90 3000 40000 Debtors Cash Capital Creditors

2. List the accounting Standards as issued by ICAI. Write short note on IFRS Accounting Standards (ASs)
AS 1 Disclosure of Accounting Policies AS 2 Valuation of Inventories AS 3 Cash Flow Statements AS 4 Contingencies and Events Occurring after the Balance Sheet Date AS 5 Net Profit or Loss for the period, Prior Period Items and Changes in Accounting Policies AS 6 Depreciation Accounting AS 7 Construction Contracts (revised 2002) AS 8 Accounting for Research and Development AS 9 Revenue Recognition AS 10 Accounting for Fixed Assets AS 11 The Effects of Changes in Foreign Exchange Rates (revised 2003), AS 12 Accounting for Government Grants AS 13 Accounting for Investments AS 14 Accounting for Amalgamations AS 15 (revised 2005) Employee Benefits Limited Revision to Accounting Standard (AS) 15, Employee Benefits (revised 2005) AS 15 (issued 1995) Accounting for Retirement Benefits in the Financial Statement of Employers AS 16 Borrowing Costs AS 17 Segment Reporting AS 18, Related Party Disclosures AS 19 Leases AS 20 Earnings Per Share AS 21 Consolidated Financial Statements AS 22 Accounting for Taxes on Income.

Financial Instruments: Disclosures. . understandable. AS 23. The Interpretations Committee comprises 14 voting members appointed by the Trustees and drawn from a variety of countries and professional backgrounds. All meetings of the IASB are held in public and webcast. The IASB engages closely with stakeholders around the world. The Trustees are publicly accountable to a Monitoring Board of public authorities. In developing interpretations.AS 23 Accounting for Investments in Associates in Consolidated Financial Statements AS 24 Discontinuing Operations AS 25 Interim Financial Reporting AS 26 Intangible Assets AS 27 Financial Reporting of Interests in Joint Ventures AS 28 Impairment of Assets AS 29 Provisions. Its members (currently 15 full-time members) are responsible for the development and publication of IFRSs. enforceable and globally accepted international financial reporting standards (IFRSs) through its standard-setting body.Contingent` Liabilities and Contingent Assets AS 30 Financial Instruments: Recognition and Measurement and Limited Revisions to AS 2. regulators. including investors. Its principal objectives are:  to develop a single set of high quality.  to take account of the financial reporting needs of emerging economies and small and medium-sized entities (SMEs). AS 11 (revised 2003). and  to bring about convergence of national accounting standards and IFRSs to high quality solutions. thorough and open due process. The mandate of the Interpretations Committee is to review on a timely basis widespread accounting issues that have arisen within the context of current IFRSs and to provide authoritative guidance (IFRICs) on those issues. Standard-setting The IASB (International Accounting Standards Board) The IASB is the independent standard-setting body of the IFRS Foundation. the IASB. analysts. for public comment is an important component. Financial Instruments: Presentation Accounting Standard (AS) 32. AS 26. AS 28 and AS 29 AS 31.  to promote the use and rigorous application of those standards. The governance and oversight of the activities undertaken by the IFRS Foundation and its standard-setting body rests with its Trustees. In fulfilling its standard-setting duties the IASB follows a thorough. AS 27. Leases IFRS The IFRS Foundation is an independent. including the IFRS for SMEs and for approving Interpretations of IFRSs as developed by the IFRS Interpretations Committee (formerly called the IFRIC). The IFRS Interpretations Committee The IFRS Interpretations Committee (formerly called the IFRIC) is the interpretative body of the IASB. accounting standard-setters and the accountancy profession. business leaders. AS 21. and limited revision to Accounting Standard (AS) 19. open and transparent due process of which the publication of consultative documents. not-for-profit private sector organisation working in the public interest. who are also responsible for safeguarding the independence of the IASB and ensuring the financing of the organisation. Interpretation Committee meetings are open to the public and webcast. such as discussion papers and exposure drafts. the Interpretations Committee works closely with similar national committees and follows a transparent.

Cash By. dealer satisfaction and receivables)." Balanced Scorecard Collaborative president Dr David P Norton said. has been inducted in the exclusive club of organisations and corporate houses recognised by the prestigious Balanced Scorecard Collaborative. Bank By. said. Cash To. Bank By. cost and morale) and VMCDR (volume. Hari By. Bills Receivable To. BSC in Indian Company Tata Motors is the first Indian company to be inducted in the Balance Scorecard Hall of Fame. Balance c/d 49750 63900 46040 1000 2000 1500 5005 1575 220 50 © © 700 250 700 10 10000 5000 © 10000 200 1980 20000 Partriculars LF VN Cash Bank Cr Disc 20 31-Jan To. US Army. cascading and communicating strategies across the organisation have brought about transparency and alignment. Purchase By. Balance B/d By. Typewriter By. Cash To. Bank Charge By. Norwegian Air Force and the city of Brisbane for achieving excellence in company performance. Inc for achieving excellence in overall company performance. Shyam To. I am quite positive that the BSC will play an important part in our objective to become a world-class organisation. Cash Book Dr Date 2011 1-Jan 2-Jan 5-Jan 6-Jan 7-Jan 10-Jan 11-Jan 12-Jan 18-Jan 28-Jan 29-Jan 30-Jan 31-Jan To. Rent By. executive director. VN Cash Bank Disc Cash Book Date 2011 1-Jan 2-Jan 3-Jan 4-Jan 7-Jan 8-Jan 9-Jan 9-Jan 12-Jan 20-Jan 22-Jan 24-Jan 25-Jan 26-Jan 27-Jan 31-Jan 31-Jan By. Commission To. Mohan To. Bank To. The coveted Steuben crystal 'Rising Star' trophy was presented to the company at the Balanced Scorecard Asia Pacific Summit held at Gold Coast. "We created the Hall of Fame to publicly acknowledge the hard work and remarkable results of implementing the Balanced Scorecard to create the strategy- . Drawings By. Queensland Australia. Defining. India's largest automobile manufacturer. Shyam By. customer satisfaction. market share. CVBU. furniture By. quality. Tata Motors. Drawings By Machinery By. Shyam To. Hari To. The scorecard incorporates SQDCM (safety. Trade Exp By. we are extremely pleased that it has helped us achieve significant improvements in our overall performance. Ravi Kant. Interest 2000 © 10000 990 500 250 3000 30 © 25 820 © 1175 700 700 100 50000 10000 Partriculars LF In the books of M/s Tuglak& Co.3. delivery. Balance B/d To. BMW Financial Services. Korea Telecom. Loan Repayment To. "While we were conscious of the benefits of the Balanced Scorecard when we began implementing it three years back. Tata Motors-CVBU has been recognised for having achieved a significant turnaround in its overall performance. Ramesh To. The implementation of the Balanced Scorecard has enabled greater focus on different elements of operational performance. The commercial vehicle business unit (CVBU) of Tata Motors. Charges By. Bills Payable By. Balance c/d 63900 29750 46040 100 31-Jan 20 4. Joins the thirty-member elite club of organisations including Hilton Hotels.

The Balanced Scorecard (BSC) concept-created by Dr Robert S Kaplan and Dr David P Norton in 1992.focused organisation. is a new kind of professional services firm dedicated to the worldwide awareness. The product portfolio also includes 12 to 60-seater buses. Balance c/d Rs 11600 32000 20000 2000 134400 200000 200000 Partriculars By balance b/d profit on sale of investment Fund from operation Rs 130000 4800 65200 . Based on the simple premise that "measurement motivates. tippers and tractor-trailers. Inc. organisations. The company currently has an export base in most parts of South Asia. enhancement. Balanced Scorecard Collaborative. has been implemented in thousands of corporations. use. Tata Motors range of commercial vehicles spans over 135 models and can haul loads ranging from 2 to 40 tonnes. allowing organisations to implement strategies rapidly and reliably. and integrity of the Balanced Scorecard as a value-added management process. 5. Tata Motors recently crossed the 3-million production milestone. Middle East and Europe. Schedule of change in working capital Effect in working Capital Particulars Current Assets Cash Short term investment debtors Stock (A) Current Liabilities Creditors Bills Payable (B) Net working capital (A-B) Increase in working capital 2007 114000 20000 50000 28000 212000 30000 10000 40000 172000 34400 206400 2008 126000 42400 60000 38000 266400 40000 20000 60000 206400 34400 206400 54400 54400 Increase 12000 22400 10000 10000 Decrease 10000 10000 Adjusted P/L A/c Partriculars dividend paid Depreciation on building Depreciation on machinery loss on sale of machinery To. Africa. and government agencies worldwide." the BSC puts strategy at the centre of the management process. The Balanced Scorecard Hall of Fame pays tribute to the success that each organisation has attained.CVBU shares the honour with the city of Brisbane and Korea Telecom (KT)." Tata Motors. Tata Motors vehicles meet the stringent Euro emission norms.

this seemingly small daily expenditure comes out to an annual total of $365. Cash budget acts as a controlling device. (8) Basis of Long-term Planning and Co-ordination. (4) Controlling Cash Expenditure. especially for small businesses. It. spending a dollar a day on a cup of coffee seems fairly unimpressive. which may be better spent on other things. it is an important basis of long term financial planning and helpful in the study of long term financing with respect to probable amount. Cash budget acts as a standard for evaluating the financial performance. such as sales. Cash budget helps planning for the most efficient use of cash. Cash budget helps in co-ordinating the various finance functions. For individuals. thus. However. The importance of cash budget may be summarized as follow:(1) Helpful in Planning. Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities. It helps in following a sound consistent dividend policy. creating a cash budget is a good method for determining where their cash is regularly being spent. without setting a cash budget. The expenses of various departments in the firm can best be controlled so as not to exceed the budgeted limit. Cash is the basis of liquidity of the enterprise. It suggests adequate cash balance for expected requirements and a fair margin for the contingencies. A cash budget is extremely important. (3) Maintenance of Ample cash Balance. It points out cash surplus. Cash budget is n estimation of the cash inflows and outflows for a business or individual for a specific period of time. Cash budget forecasts the future needs of funds. If you frequently visit specialty coffee shops. Cash budget plans for cash dividend to shareholders. This awareness can be beneficial because knowing the value of certain expenditures can yield opportunities for additional savings by cutting unnecessary costs. consistent with the liquid position of the firm. (2) Forecasting the Future needs. timing. forms of security and methods of repayment. Cash budget helps in maintaining the liquidity. credit. upon setting a cash budget to account for regular annual cash expenditures. because it allows a company to determine how much credit it can extend to customers before it begins to have liquidity problems.Fund flow statement Source Loan taken share issued at premium Sale of investment sale of machinery Fund from operation Sale of machinery Rs 100000 84000 20800 6000 65200 32000 Application increase in working capital dividend paid purchase of building purchase machinery Rs 34400 11600 192000 70000 308000 308000 6. investment. or deficiency at selected point of time and enables the management to arrange for the deficiency before time or to plan for investing the surplus money as profitable as possible without any threat to the liquidity. (6) Testing the Influence of proposed Expansion Programme. For example. your annual expenditure will be substantially more. . (7) Sound Dividend Policy. helps planning for raising the funds through the most profitable sources at reasonable terms and costs. (5) Evaluation of Performance. Cash budget forecasts the inflows from a proposed expansion or investment programme and testify its impact on cash position. working capital etc. its time and the amount well in advance.

590909091 0.090909091 1. labor costs are the variable costs.555555556 11.31147541 Debt Collection period 38.50625 2. Multiple costing: Most of the organizations use a combination of different costing method rather than just one method. Job Costing: This is a product related classification of costing system. Year 2009 2010 Year 2009 2010 Year 2009 2010 Year 2009 2010 Year 2009 2010 Current Assets 12000 24100 Quick Assets 6500 12700 Credit Sales 43000 69000 Year in days 365 365 Cost of goods sold 32500 57000 Debtors Turnover 9.555555556 11. This differs from job or work order costing in the variability of the production batches.31147541 Inventory 5500 11400 Average Debtors 4500 6100 Current Liabilities 11000 16000 Quick Liability 11000 16000 Quick ratio 0. This systems is used where most of the manufacturing activities are planned and carried out for distinct jobs or customers. However the products manufactured have limited variation. Batch Costing : This method determines the cost associated with each batch pf products manufactured. What varies is mostly the size of batches and the timing of their processing. Operation Costing: This method is similar to the process costing.Set 2 1. where output of one process becomes input for another. Fixed costs are the costs of the investment goods used by the firm. These costs are the assigned to different products on the basis of some criteria like quantity processed or the time taken for processing. 3. This method of costing is suitable for manufacturing units that use continuous processes or mass production techniques. Process Costing: In this method of costing the costs are determined for various different manufacturing activities or processes. Variable costs are costs that can be varied flexibly as conditions change. For example a cement plant may use this method.79375 Debtors Turn over 9. In this case the production batches consist of mostly standard products or components.909090909 5 Current Ratio 1. This method is particularly suitable where there are many different products and process routes. In the John Bates Clark model of the firm that we are studying. Multiple costing refers to such combinations of different methods.19767442 32. on .26811594 Stock Turnover period 5. The cost is ascertained for each job or work order processed. The utility of this method increases when there is great variability in nature of jobs or work orders processed.

productivity and costs are inversely related. and b) increasing automatic control has made some machinery more flexible. Dr To. Debtors A/c P/L A/c ………………………………………………………………… Dr To Bad debt A/c P/L A/c ………………………………………………………………. Notice that the variable and total cost curves are parallel. Over the past century.. variable costs (VC) and the total of both kinds of costs (TC) for the productivity Output produced is measured toward the right on the horizontal axis. it can't produce anything at all. Of course. but all the same. The cost numbers are on the vertical axis. Thus. The idea here is that labor is a much more flexible resource than capital investment. and have made labor more specialized. It is this (relative) difference in flexibility that is expressed by the simplified distinction of long and short run. when John Bates Clark was writing. 4. so the variable costs will change as the productivity of labor changes. People can change from one task to another flexibly (whether within the same firm or in a new job at another firm). it seems labor is still relatively more flexible than capital. So the differences between capital and labor are less than they once were. Dr To. If it isn't used for that purpose.the idea that these reflect a long-term commitment that can be recovered only by wearing them out in the production of goods and services for sale. this was pretty clearly true. while machinery tends to be designed for a very specific use. since the distance between them is a constant number -. Provision for bad debt A/c LF Dr 5000 5000 Cr 5000 5000 20000 20000 . In the eighteen-hundreds. a) education and experience have become more important for labor.the fixed cost. Less less Sundry debtors Bad debt PBD 205000 5000 20000 180000 Date Particulars Bad debt A/c ………………………………………………………. Here is a picture of the fixed costs (FC). capital investment is much more of a commitment than hiring is.

Government . Employees . Lenders . Shareholders .Management in every level of the business from director level to supervisor level rely on accounting information to do their job properly. 5.Along with other data suppliers will look at a company's balance sheet and profit and loss account to see if and how much credit they are willing to give to present and potential customers. These stakeholders include: 1. PBD LF P/L A/c Rs 5000 20000 Date Partriculars LF Rs Cr 25000 Balance Sheet Liability Rs Assets Rs Sundry debtors LESS Bad debt LESS PBD 205000 5000 20000 180000 6. directors use it for strategic purposes and middle management can use it to see if they are meeting their financial targets. Debtors A/c LF Rs Cr 5000 5000 5000 Dr Date Partriculars To Bad debt A/c To.Shareholders use the balance sheet and profit and loss account produced by limited companies to decide if they are going to increase or decrease their holding. Customers .Employees also have an interest in how well their employer is doing so use financial accounting information for this purpose.Governments use the information provided by a company about its finances to levy tax on the profits. they will look at the company's finances to make sure the company is not in trouble and that their supplies are not about to dry up. 4. Management . 6. 2. There are other stake holders who rely on accounting information to make decisions.Before another company becomes a customer or enters into a joint venture.Dr Date Partriculars To P/L A/c LF Bad Debt A/c Rs 5000 Date Partriculars By. . 7.Similar to suppliers lenders also need to make sure a company is in a healthy financial situation before they start to lend money. They all use the same information for different purposes. For example. 3. Suppliers . Accounting plays a very important role in all businesses but it is not just the business itself that finds accounting information useful.

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