(FUNDAMENTALS)
Dr. T.K. Jain.
AFTERSCHOOOL
Centre for social entrepreneurship
Bikaner
M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk
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HOW MANY ACCOUNTING
STANDARDS HAVE BEEN
ISSUED BY ICAI?
29
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AS -1?
ACCOUNTING POLICIES
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AS -2?
VALUEATION OF INVENTORIES.
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AS -3
CASH FLOW STATEMENT
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AS – 4
EVENTS OCCURING AFTER
BALANCE SHEET DATE
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AS – 5?
NET PROFIT OR LOSS AND
CHANGES IN ACCOUNTING
POLICIES
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AS - 6
DEPRECIATION
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AS – 7
ACCOUNTING OF CONSTRUCTION
CONTRACTS.
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AS – 8?
R & D (RESEARCH AND
DEVELOPMENT)
(THIS STANDARD HAS BEEN
WITHDRAWN IN 2003).
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AS – 9 ?
REVENUE RECOGNITION
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AS – 10?
ACCOUNTING OF FIXED ASSETS.
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AS -11?
EFFECTS OF CHANGES IN FOREIGN
EXCHANGE RATES.
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AS -12?
ACCOUNTING FOR GOVERNMENT
GRANTS
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AS -13?
ACCOUNTING FOR INVESTMENT
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AS -14?
ACCOUNTING FOR AMALGAMATION
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AS – 15?
EMPLOYEE BENEFITS INCLUDING
VRS ETC.
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AS – 16?
BORROWING COSTS INCLUDING
LOANS ETC.
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AS – 17?
SEGMENT REPORTING (WHEN AN
MNC / LARGE COMPANY HAS
MANY BRANCHES OR WANT TO
REPORT ACCOUNTING OF
DIFFERENT SEGMENTS – IT IS
USEFUL).
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AS – 18?
RELATED PARTY DISCLOSURE
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AS – 19?
LEASE – AND ACCOUNTING OF
LEASE - BOTH FINANCIAL AND
OPERATING LEASE.
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AS – 20 ?
EARNING PER SHARE
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AS 21 ?
CONSOLIDATED FINANCIAL
STATEMENT
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AS 22?
ACCOUNTING FOR TAXATION
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AS – 23?
INVESTMENTS IN ASSOCIATES IN
CONSOLIDATED FINANCIAL
STATEMENTS.
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AS 24?
DISCONTINUING OPERATIONS
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AS 25?
INTERIM FINANCIAL STATEMENT.
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AS 26?
ACCOUNTING OF INTELLECTUAL
PROPERTY RIGHTS, INTENGIBLE
ASSETS, ETC.
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AS 27?
JOINT VENTURES
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AS 28 ?
IMPAIRMENT OF ASSETS
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AS 29?
PROVISIONS, CONTINGENCIES AND
CONTINGENT ASSETS.
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3 FUNDAMENTALS WHILE
SELECTING ACCOUNTING
POLICIES?
PRUDENCE
SUBSTANCE OVER FORM
MATERIALITY
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WHEN CAN YOU CHANGE
ACOUNTING POLICIES?
1. WHEN IT IS REQUIRED BY THE
LAW OF THE LAND
2. CHANGE WOULD RESULT IN
BETTER PRESENTATION OF
ACCOUNTING AND FINANCIAL
STATEMENTS.
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WHAT IS MEASUREMENT?
ASSIGNING OF NUMBERS TO
OBJECTS OR EVENTS IS CALLED
MEASUREMENT. IT HAS 3
ELEMENTS:
2. IDENTIFICATION OF OBJECT
3. STANDARD TO USE
4. EVALUATION OF DIMENSION OF
OBJECT ON STANDARDS.
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WHAT ARE PRINCIPLES OF
MEASUREMENT?
1. HISTORICAL COST
2. CURRENT COST
3. REALISATION VALUE
4. PRESENT VALUE
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IF I SELL MY CAR TODAY, I
GET RS. 400000 FROM IT.
WHAT AM I TALKING ?
REALISATION VALUE
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IF I PURCHASE A TAXI, IT
WILL GIVE ME EARNING OF
RS. 1 LAKH EVERY YEAR FOR
NEXT 10 YEARS. WHAT AM I
TALKING ABOUT?
PRESENT VALUE (HERE WE WILL
TAKE PRESENT VALUE OF FUTURE
EARNINGS).
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I SHALL GET RETURNS OF RS. 5000,
40000 AND 100000 IN NEXT 3 YEARS.
DISCOUNT RATE IS 10% WHAT IS
PRESENT VALUE?
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MENTION ANY 3 BOOKS OF
ORIGINAL ENTRY?
PURCHASE DAY BOOK
SALES DAY BOOK
CASH BOOK
PURCHASE RETURN DAY BOOK
ETC.
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GIVE 2 EXAMPLES OF
SOURCE DOCUMENTS IN
ACCOUNTING?
INVOICE
VOUCHER
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WHICH ARE THE
IMPERSONAL ACCOUNTS?
REAL ACCOUNTS
NOMINAL ACCOUNTS
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WHICH ARE THE
PERSONAL ACCOUNTS?
ARTICIFICIAL
REPRESENTATIVE
NATURAL (PERSONAL)
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WHAT TYPE OF ACCOUNT
IS DRAWING ACCOUNT?
REPRESENTATIVE PERSONAL
ACCOUNT
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WHAT TYPE OF ACCOUNT
IS GOVERNMENT
ACCOUNT?
ARTIFICIAL (LEGAL) ACCOUNT
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WHAT TYPE OF ACCOUNT
IS MACHINERY ACCOUNT?
REAL IMPERSONAL ACCOUNT
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WHAT TYPE OF ACCOUNT
IS DEBTOR’S ACCOUNT?
NATURAL PERSONAL ACCOUNT
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WHAT TYPE OF ACCOUNT
IS SALES ACCOUNT?
NOMINAL ACCOUNT (REVENUE)
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WHAT TYPE OF ACCOUNT
IS PURCHASE ACCOUNT?
REAL
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WHAT TYPE OF ACCOUNT IS
ADJUSTED PURCHASE
ACCOUNT?
NOMINAL
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WHAT TYPE OF ACCOUNT
IS INVESTMENT ACCOUNT?
REAL
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WHAT TYPE OF ACCOUNT
IS RENT ACCOUNT?
NOMINAL
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WHAT TYPE OF ACCOUNT
IS BANK DEPOSIT
ACCOUNT?
PERSONAL
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WHAT TYPE OF ACCOUNT IS PROVISION
FOR DEPRECIATION ACCOUNT?
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WHAT TYPE OF ACCOUNT IS
PROVISION FOR BAD DEBT
ACCOUNT?
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WHAT TYPE OF ACCOUNT IS
BAD DEBT RECOVERD
ACCOUNT?
NOMINAL (GAIN)
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WHAT TYPE OF ACCOUNT
IS PRE PAID SALARY
ACCOUNT?
PERSONAL
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WHAT TYPE OF ACCOUNT IS
RENT RECEIVED IN ADVANCE
ACCOUNT?
PERSONAL
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WHAT TYPE OF ACCOUNT
IS DRAWING ACCOUNT?
PERSONAL
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EMPLOYEES TOOK GOODS WORTH
1000 AND AMOUNT WAS DEDUCTED
FROM SALARY, WHAT WILL BE
ENTRY?
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WAGES PAID RS. 1000. WORKERS
WORKED ON INSTALLATION OF NEW
MACHINE
ACCOUNTING ENTRY:
MACHINERY ACCOUNT DEBIT
TO CASH (OR BANK) CREDIT
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WHICH ACCCOUNTS ARE
BALANCED?
REAL ACCOUNT AND PERSONAL
ACCOUNTS (THEIR BALANCE IS
SHOWN IN BALANCE SHEET – SO
THEY ARE BALANCED)
NOMINAL ACCOUNTS ARE NOT
BALANCED – THEIR BALANCE IS
TRANSFERRED TO P & L ACCOUNT.
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PROCESS OF TRANSFERRING
ENTRY FROM JOURNAL TO
LEDGER IS ?
POSTING
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LEDGER BOOK IS ALSO
KNOWN AS?
PRINCIPAL BOOK OF ACCOUNTS
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WRITE 3 METHODS OF
PREPARING TRIAL
BALANCE?
TOTAL METHOD
BALANCE METHOD
TOTAL AND BALANCE METHOD
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MENTION 3 SUBSIDIARY
BOOKS?
PURCHASE BOOK
SALES BOOK
SALES RETURN BOOK
BILLS PAYABLE BOOK
JOURNAL PROPER
BILLS RECEIVABLE BOOK
PURCHASE RETURN BOOK
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MENTION 4 TYPES OF
CASH BOOKS?
SIMPLE CASH BOOK
PETTY CASH BOOK
CASH BOOK WITH DISCOUNT
COLUMN
CASH BOOK WITH BANK AND
DISCOUNT COLUMN
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WHAT IS USE OF
SUBSIDIARY BOOK?
EFFICIENCY, SPEED,
SPECIALISATION
AVAILABILITY OF INFORMATION
FACILITY IN CHECKING
DIVISION OF WORK
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PREPARE : PURCHASE BOOK
OR PURCHASE RETURN
BOOK?
PURCHASE RETURN BOOK
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WE PURCHASED A CAR, WHERE WILL
ENTRY GO : PURCHASE BOOK /
JOURNAL PROPER
JOURNAL PROPER
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STATIONERY ITEMS :
PURCHASE / JOURNAL
PROPER
JOURNAL PROPER
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CREDIT PURCHASE OF STATIONERY ITEMS
BY STATIONERY DEALER: PURCHASE /
JOURNAL PROPER
PURCHASE
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TOTAL OF PURCHASE DAY
BOOK IS TRANSFERRED TO
?
PURCHASE ACCOUNT (DEBIT SIDE).
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SALES BOOK IS A PART OF
JOURNAL / LEDGER?
JOURNAL
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TOTAL OF SALES BOOK IS
POSTED IN ?
SALES ACCOUNT (CREDIT SIDE).
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ABOUT AFTERSCHOOOL
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.
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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
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
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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
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The only absolutely free course on
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 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
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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
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
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.
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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
yourself only
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social entrepreneurship for
better society
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