Accounting Economics and Business 13 Nov

ACCOUNTING, ECONOMICS &
BUSINESS
AFTERSCHO☺OL
– DEVELOPING CHANGE MAKERS
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www.afterschoool.tk AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

ACCOUNTING, ECONOMICS &
BUSINESS
Dr. T.K. Jain.
AFTERSCHO☺OL
Centre for social entrepreneurship
Bikaner M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk, www.afterschoool.tk
Solve it
• Goti is a small cloth merchant, who has not kept full double entry records.
His position as on 1St January, 2007 stood as follows
• Cash in hand As 1 520, balance at bank Rs 13 900 stock As 25,200, sundry
• debtors As 9,000, furniture As 4 000 and sundry creditors As 8 620 His
position on 31st December of 2007 is as follows
• Cash In hand As 940, balance at bank as per bank pass book As 11 860,
• stock Rs 33,400, sundry debtors As 12,640 furniture Rs 4 000, scooter
• Rs 8,000 and sundry creditors As 10,600
• During the year he had withdrawn Rs 800 per month for his personal
expenses and purchased a cooter for his business use for As. 8,000. A
cheque for As. 2,000 issued on 29.12.2007 was presented for payment on
• 12.1.2008.
• Prepare a statement showing his trading results for the year ended 31st
December, 2007 and a balance sheet as on 31st December, 2007 after a)
providing 10% depreciation on furniture and 20% depreciation on cooter; (b)
writing off As. 640as actual debts; and (c) making a 5% provision for likely
haddebts.

Solution - Prepare statement of
affairs for the two years.
1 jan 2007
• Capital 45000
• (balancing figure) • Cash 1520
• Bank 13900
• Creditors 8620 • Stock 25200
• • Furniture 4000
• Debtors 9000
• Total : 53620

Statement of affairs on 31 dec.
2007
• Creditors 10600 • Cash 940
• Capital =55000 • Bank 11860 – 2000
• (balancing figure) • = 9860
• Stock 33400
• Debtors 12640 - 640 –
provision for debt 600
• = 11400
• Furniture 4000 –
400=3600
• Scooter 8000-1600 =
6400
• Total : 66208

Statement of profit
• Difference in capital in end and in the
beginning: (55000 – 45000) = 10000
• Adjust withdrawals:
• (9600 – 8000) = 1600
• =11600 answer.

Solve the following
• A party agrees to pay 10 lakhs to another party if
first party brings to earth a star from sky, this is
known as.----
• (a) Contingent contract
• (b) Quasi Contract
• (c) lmplied contract
• (d) Wagering contract
• (e) Void contract
• Solution : void contract.
What is the full form of CRR?
• Cash reserve ratio

What is SLR?
• Statutory liquidity ratio

Solve the following
• A person who supplies “necessaries” to a minor
is entitled to be reimbursed from the personal
property of the minor on the basis of :
• (a) Valid contract
• (b) Voidable contract
• (c) Quasi contract
• (d) Contingent contract
• Solution
• C – quasi contract
Solve it …
• Fine may be made the essence of a
contract by self sequent notice also. This
Statement is
• (a) True
• (b) Partly true
• (c) False
• (d) Partly false

Example of quasi contract
• It is the duty of the finder of goods to trace the
true owner of the goods, and if does not do so,
he shall be guilty of
• (a) Theft
• (b) Extortion
• (c) Criminal misappropriation of property
• (d) None of the above
• Solution
• (a)
Bank overdraft as per trial balance
is Rs. I .60 crore. Bank has
allowed the customer 80 % of the
hypothecated goods.
Hypothecation of stock has been
done by the bank at 80% of the
original closing stock value. What is
the amount of closing stock

Solution
• 1.6 *100/80 = 2 crore is the value of hyp.
• Value of hyp. Is takes as 80% of stock
• Therefore stock is 2*100/80 = 2.5 crores
• Thus stock of goods is 2.5 crores. Answer.

What is day to day market period?
• It is a very short period, in this period the
suppliers cannot change their supply,
therefore supply curve is like a straight
vertical line. Prices solely depend on
demand. If demand increases, prices will
increase and vice versa. Supply is fixed
and cannot change in this period.

Why is demand curve convex to the
origin?
• The demand cannot • CONVEX SHAPE
touch either side of
the axis because
even if prices
increase very much
there would be
some buyers at
least.

What is equilibrium of the firm in
day to day market period in perfect
competition?
• During day to day period,
the firm has to decide
whether to sell or not.
The firm cannot increase
production or supply, the
only decision the firm has
to take is whether to sell
or not. If the prices
increase due to increased
supply, the firm may wish
to sell otherwise may not
sell.
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%. The investments are sold for Rs. 28,500.

Solution
• Let us find out the amount that will be Rs.
50000 at the end of 3 years so that we
may deposit that amount every year.
• A((1+rate)^n -1)/rate = 50000
• ((1.12)^3-1)/(.12*50000) = 1/annuity
• Annuity = 14817.45

Solution
• Each year we will transfer Rs. 14817.45 in
depreciation fund account and at the end
of 3 years the investments will be sold in
the market.

A machine purchased on 1.4.2003 for Rs. 10
lakhs was depreciated on straight line basis
over its useful life of 10 years. On 1-4-5, it was
found that machine is in a good condition and
will be used in the production for another 10
years. The amount of depreciation for the
year 31-3-06 will be?
• In the two financial 2003-4 and 2004-5 we have

already provided depreciation of Rs 200000 (1
lakh each year). Now remaining value is Rs. 8
Lakhs to be depreciated in next 10 years. So we
will charge dep. Of rs. 80000 only. Answer.
Goti of Kolkala sends goods costing 100000 to
Pawan of Mumbai at cost + 25%. Consignor’s
expenses Rs 2,000. 3/5’ of the goods were sold
by consignee at 85000. Commission 2% on
sales + 20% of gross sales less all commission
exceeds in-voice value. amount of total
commission will be:
• Goods of cost Rs. 60000 were sold for 85000.

general commission = 1700
• Their invoice price = 60000*1.25=75000
• Additional commission = 20/120*(10000-1700)
= 1383 Total commission
www.afterschoool.tk
= 3083 ans.
AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS
FINANCIAL ANALYSIS –
PREPARE THE BALANCE SHEET
• You are given the following figures:
• Current ratio 2.5 Liquid ratio 1.5
• Net working capital Rs. 3,00,000
• Fixed assets turnover ratio
• (on cost of sales) 2 tImes
• Average debt collection period 2 months
• Stock turnover ratio
• (cost of sales/closing stock) 6 times
• Gross profit ratio 20%
• Fixed assets/shareholders net worth 0.80
• Reserve and surplus/capita! 0.50
SOLUTION
• LIABILITIES • ASSETS
• Equity + reserve = • Current assets
900000 • Debtors 250000
• (reserve is 300000 and • Cash / bank 50000
equity 600000) • Total Liquid assets 3
• Current liabilities 200000 lakhs
• Inventory = 2 lakhs
• Total 500000
• Fixed assets 600000
• TOTAL = 11 LAKHS

Other information
• Cost of Sales = 6* inventory = 12 lakhs
• GP on cost of Sales 12 *25/100 = 3 lakh.
• (20% on sales, therefore we take 25% on
cost of sales)
• Thus sales = 12+3 = 15 lakhs
• Cost of sales / Fixed assets = 2
• So fixed assets are 6 lakhs

Continued
• Avg. Debtors / Sales * 12 = 2
• Avg. Debtors = 2 * 1500000/12
• =2,50,000
• Fixed assets / net worth = .8
• 600000/Net worth = .8
• Net worth = 750000

State, explain and critically discuss
the Cambridge version of Quantity
Theory of Money.
• Prices depend on quantity of money. If
quantity of money increases, prices will
increase and vice versa. There are two
popular theories : Fisher and Cambridge
• Fisher = MV = PT
• M= money V = velocity of money
• P = prices T = volutme of items sold.

Solution ….
• Cambridge:
• P = KR / M
• P = prices
• K = Proportion of money that people want
to keep with them
• R = Real resources
• M = quantity of money.

What are the factors which
determine cash deposit ratio of a
bank? What are the sources of
cash reserves of the banking
system?
• It denotes the cash that banks have to keep with
themselves. Suppose deposit is Rs. 100 and CD
ratio is 20%, the banks have to keep Rs. 20 with
them. Higher the CD ratio, less will be credit
creation. CD ratio depends on inflation, liquidity,
demand of money and monetary policy etc
How would you define money?
What are alternative approaches
for doing so?
• Money is defined in terms of the
functions that it performs. There are 4
functions that it performs. These are :
2. Medium of exchange
3. Store of value
4. Measure of value
5. Standard for deferred payments.
Continued…
• There are two basic approaches to
defining money: 1. functional approach 2.
liquidity approach
• Functional approach – define money in
terms of functions that it performs (the
main being medium of exchange).
• Liquidity approach - money is considered
100% liquid resources. Other assets are
comparatively less liquid.
WHAT IS GRESHAM’S LAW?
• Bad currency will throw out good currency
from circulation.

What are the functions of money?
• Store of value
• Exchange value
• Security
• Measurement

Draw production possibility curve
with the following information . .
• There are 2 goods –
one from 0 to 5 and
another from 30 to 0.
if we increase
production of first 0 1 2 3 4 5
from 2 units to 4 units,

what is the
opportunity cost?
• It is 14 units of 2nd
item. 30 28 24 18 10 0

There are two types of products, what is the opportunity cost of
producing 10 units of first unit instead of 0 units?
• Answer 5 units of
0 105
second unit.
10 100
• If we have 30 units of
first and 45 units of 20 90
second unit, would you 30 75
go for it?
• Solution: No as we can 40 55
get 30 + 75 so why
should we go for 30+45. 50 30
answer.
60 0
Solve the following?
• Sudha quit her job at a private company
where she earned Rs. 2,90,000 a year. She
withdrew Rs. 4,00,000 in a savings account
that earned 10% interest annually to buy a
second hand mini bus to commune
passenger between Cannaught Place and
Noida. There arc 1000 passengers who will
pay Rs. 4000 a year each for commuter
services; Rs. 2800 from each passenger goes
for petrol, maintenance, depreciation etc.
Find opportunity cost of Sudha?
• The opportunity cost of Sudha is : Rs.
2,90,000 which she was getting in a
company.

What is the accounting cost of
Sudha?
• The cost is :
• Interest : Rs. 40000
• Plus petrol / diesel / other expenses
• @ 2800 per pessenger (this is variable
expneses = as it depends on route etc.)
• 2800*1000 = 28,00,000 answer.
• Income = 4000*1000
• =4000000 answer.
What is the economic cost of
Sudha?
• Economic cost = opportunity cost +
accounting cost
• = 290000 +2800000 answer.

What should a developing economy
do ?
• It should initially promote heavy industries
– because they can help in providing
infrastructure, basic facilities, services etc.
thus they will create a base for rapid
industrialisation
• It should initially build infrastructure so that
FDI flows in and industries are set up thus
employment generation takes place.

In the previous PPC (production
possibility curve) if production of
second unit is increased from 10 to
24, what is the opportunity cost?
• Two units of first units.

We make DahiBada and cost structure is
as under?
Qty TC FC VC AVC AFC MC TC
0 100
10 210
20 300
30 400
40 540
50 790
60 1060
If price of DahiBada is Rs. 14 each,
what is the best output?
Qty TC FC VC AVC AFC MC TC TR Profit
0 100 0 -100
10 210 140 -70
20 300 280 -20
30 400 420 20
40 540 560 20
50 790 700 -90
60 1060 840 -220

Solution
• The best output is at 30 unit and 40 unit
level. We may explore further and the best
out put may be at 35.

What is VC when 60 DahiBada
are made?
• VC = TC – FC
• =1060 – 100
• =960

A contracts with B to buy jewellery
made of pearls whereas in fact it IS
made of imitation pearls of no
value. B knows that A is mistaken
and takes no steps to correct the
error. NOW A wants to cancel the
contract on the basis of fraud. what
should he do?
Solution
• There is no proof that B had committed
fraud. He didn’t give any false information.
Let the buyer beware – and therefore it
was the duty of A to inquire about the
product.

what is AFC?
• Average fixed Cost
• = Total fixed cost / total number of units
manufactured
• Suppose total fixed cost is Rs. 500, and
we have made 200 units, the AFC is 2.5
• If suppose we make 500 units AFC will
come down to only Re. 1.

If this is the cost schedule, what is the AFC
& AVC when we make 6 units?

Solution
• Fixed cost = 240
• 240/6 = 40 per unit. (AFC)
• AVC = TotalVariable cost / Total no. of
units
• Variable cost = TC – FC
• =690 – 240 = 450
• AVC = 450 / 6 = 75 per unit answer.

What will happen if utility obtained
in first unit is 10, 2nd unit 7, 3rd unit
3, and 4th unit = -4. show total utility

In the previous question, how
many units will the consumer
consume and what will be his total
utility?
• The consumer will consumer 3 units and
his total utility will be 20. (the consumer
will not use fourth unit). Marginal utility will
be 3 at that time.

When do you find marginal return diminishing?
units TC
0 240
1 330
2 410
3 480
4 540
5 610
6 690
Solution
units TC MC
0 240
1 330 90
2 410 80
3 480 70
4 540 60
5 610 70
6 690 80
Solution …
• As in the previous graph we can see that
the marginal cost (MC) is reducing initially
- but it starts increasing when we make 5th
unit. Marginal returns decrease when MC
starts increasing. Thus marginal returns
start decreasing from 5th unit. Answer.

What do you understand by
equilibrium of a firm? Explain your
answer.
• The firm is said to be in equilibrium when

MR = MC. There are different market
conditions like perfect market, monopoly
or monopolistic competition, in each of
these conditions the equilibrium is when
MR = MC and MC curve cuts from below.

Example:
EQUILIBRIUM
OF THE FIRM

Clarify the statement that a firm
is a price taker under perfect
competition but not so in monopoly
or monopolistic competition. Give
reasons for your
answer.
• In perfect market, the prices are
determined purely by industry and not by
individual firm. The firm has no role in
price decision. There are very large
number of firms and no firm can alone
influence price.
Illustration . .as we can see in the graph below :
(there are different firms, each trying to match
industry..

Detailed explanation
• Perfect market is the market condition
where the aggregate demand and
aggregate supply decide the price. Purely
the market forces work (all the goods are
homogenous) and they determine price,
which has to be followed by the firms.

Graph of perfect market.

Explain the concept of optimum
output. Under what conditions is it
achieved by a firm ?
• Optimum output can be achieved in the

long run. In short run the firm can only
vary only one factor = labour. It cannot
change the other factor of production.
Thus in short run only one factor is
variable.
• MC curve of the firm is also taken as
supply curve AFTERSCHO☺OL's
www.afterschoool.tk
for the firm.
MATERIAL FOR PGPSE PARTICIPANTS
Solution
• Optimum output is achieved when the firm
is having MC = MR and has minimum cost
of production. It is the condition when the
firm is able to use its resources to the
best. Conditions:
• MR = MC
• The factors of production can be adjusted
to have the best utilisation of factors of
production.
Graph

What will happen if prices increase
and income of the people also
increase. Presently you are at 1.

Solution
• If price increase, demand should fall,
however, income also increase therefore
demand curve will again increase thus
demand curve will remain constant.
Supply curve will remain as it is (as there
is no information about cost or supply).
We will remain at 1.
• Answer.

Explain the determination of long
term equilibrium of a firm under
perfect competition. Show, inter
alia, that it will produce at the least
possible average
cost of production.
• In the long run, no firm is able to earn
super normal profit. The MR= AR and at
this point MR = MC (equilibrium) and in
long run MC = AC (at the point of
equilibrium) – no firm earning profit / loss.
Graph…

A shopkeeper sells gel pen at Rs. 10 per pen.
At this price he can sell 120 per month.
After some time, he raises the price to Rs. 15
per pen. Following the price rise:
• Only 60 pens were sold every month.
• The number of refills bought went down from
200 to 150.
• The number of ink pen customers bought
went up from 90 to 180 per month.
The Cross elasticity of monthly demand for

refills when the price of gel pen increase from
Rs. 10 to Rs.15 is equal to:

Solution
• Change in demand / change in price
• Change in demand =
• = 50/200 *100 = 25%
• Change in price = 5/10*100 = 50%
• Thus solution = 25/50 = - .5 answer.
• (it is always negative)

The cross elasticity of monthly
demand for ink pen when the price
of gel pen increases from Rs.10 to
Rs. 15 is equal to:
• Change in demand / change in price
• Change in demand =
• = 90/90 *100 = 100%
• Change in price = 5/10*100 = 50%
• Thus solution = 100/50 = 2 answer.
• (it is always positive)
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.

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

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

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

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

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

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

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

• In the two financial 2003-4 and 2004-5 we have

• Goods of cost Rs. 60000 were sold for 85000.

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

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

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

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

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

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from 2 units to 4 units,

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

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

• Two units of first units.

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

10 210 140 -70

20 300 280 -20

50 790 700 -90

60 1060 840 -220

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

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

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

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

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

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

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

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

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

• The firm is said to be in equilibrium when

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

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

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

• Optimum output can be achieved in the

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The Cross elasticity of monthly demand for

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