Take Inspiration From Handicapped Accounting Scholars

I have seen two video  in youtube in which  I saw that two great Accounting scholars have cleared their Accounting degree in the form of  Bachelor of Commerce and C.A. . Both are physically Handicapped but after this they have succeeded in accounting career  .

First Handicapped Accounting Scholar

It is Nick . He  has no limbs and no arms . He is  now twenty-three years old and has completed a Bachelor of Commerce majoring in Financial Planning and Accounting. He is  also a motivational speaker and love to go out and share his story and testimony wherever opportunities become available. He has developed talks to relate to and encourage students through topics that challenge today's teenagers. He is  also a speaker in the corporate sector. He is spending his happy life with his family in Melbourne Australia .



you can also see his motivated video



Second Handicapped Accounting Scholar

She is Rajani Gopal . She is blind . With his eyes , she has done Chartered Accountancy Course from ICAI . Now she is practising in his CA firm .



you can also see his motivated video 



Our young handicapped  and physically challenged students should take inspiration from these two Accounting Scholars and work hard for making their accounting career .

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Explanation of Simple two Way to Record Branch Accounts in India

After Globalization , India becomes market place for world . Top class companies are starting their business in India . So , I am giving explanation to fresh  professional accountants how they can record branch accounts in India .

There are two way , you can choose any one of following for keeping record according to the need of your company.

First Way


Open independent branch


It is dependent on your company's business size , if it is so large , then create your branch in company creation by giving the name of company as branch of main company and after this create ledger without writing balance so it will deem zero balance in accounts . After this pass the regular voucher entries .


Second Way

All branches record in Head Office's Tally.ERP 9


If want to record all the transaction of branches in head office . Then you can create cost centers and cost categories .

To create a Cost Category, set Maintain Cost Centres to Yes in F11: Accounting Features and then set More than ONE Payroll/Cost Category to Yes.

Gateway of Tally> Accounts Info.> Cost Centres> Create (under Multiple Cost Centres)

 You can also create sub - branches by keeping one branch under parent branch in multiple cost centres .  Suppose , If you want to create cost center  of  Taxation ,  finance and marketing  sub branches  , under Delhi branch , then in the creation mode of multiple cost center , choose category Delhi and , then create cost center taxation , finance and marketing , if you have not create cost center already , then create same box by Alt + C .

After this when you pass any voucher entry , you have to record the detail your branches also , suppose you have paid lighting bill , then new pop up window in voucher entry of payment , you have to write the detail of branches' lighting expenses . After this you can find the detail report of everything above revenue and expenses from any particular branch .

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Why does Tally.ERP 9 Ask " Overwrite Tally Back."?

Query : I use tally.ERP 9 register version. I take regular back up in my pen drive. when i take back up tally ask me ' overwrite tally back?. what does it means and why does it ask ?


Reply : If you save you data in the folder in pen drive which have already some data , then tally will not enable to save or back up in that folder in pen drive and ask "overwrite tally backup"
Same situation will happen when you restore the file in the folder where is some other file existed . So please use blank folder for backup or restore otherwise tally delete previous data by overwriting in same folder .
If you have downloaded free Tally.ERP 9 Reference manual and read it deeply , then you will find at the chapter of Restoring Backup, Tally solution company suggest following for smooth restoring backup.

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Get Education of Business Environment at MBA Shiksha Blog

We are happy to announce accounting education users and subscribers who are studying in MBA in India that last week, we launched MBA Shiksha blog for covering Business Environment Topics especially for

 Indian MBA students. Like accounting, business environment is tough subject for MBA students. Till today, we have written 3 topics.

1. Social Environment and Its Main Elements

2. Social Responsibility of Business and Points in Favour and Against of it

3. What is Technological Environment and Its Status in India ?

I hope, you will also touch MBA Shiksha for better preparation of Business Environment Subject.

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How to Create and Use of Scenario in Tally.ERP 9 ?

Scenario  analysis is a complex business process related to futures studies. So , We can create and Use of Scenario in Tally.ERP 9 . First of all , we learn steps for creating scenario in Tally.ERP .

For Creating Scenario , you have to write yes the option of  " Use Reversing Journals & Optional Vouchers " in accounting feature of Tally.ERP 9.
 After this you will see a new button in Account info. with the name of Scenario .

Gate way of Tally >> Account Info. >> Scenarios

Click Scenarios and  then click on create . After this you will see the form of scenarios creation . Give a suitable name to the scenario. In this case, it is Provisional , write provisional and then Set Include Actuals to Yes . Then accept this Scenario creation form .

Now after creating Scenarios we will learn its use :-

Pass the Voucher entry of Transferring Depreciation to Provision for Depreciation account in Reversing Journal

Steps

Gateway of Tally >> Accounting Voucher >> Click Right side button  F 10 Rev Jrnl

In reversing journal  create ledger of Depreciation ( Under indirect expenses )  by Alt + C  and Debit with amount 20000

and then create Provision for depreciation account  ( Under provison ) by Alt + C and credit with 20000

After this accept it and then see its in Exceptional Report

Go to Gateway of Tally > Display > Exception Reports > Reversing Journals

You can use scenarios in statements that have the New Column button active . When you click Display the Balance Sheet and Select New Column. In the column details, tab down to Types of Values to Show. Select the scenario named Provisional. After this balance sheet will show actual and provisional report .

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Solution of Problem Relating Implementing A Balanced Scorecard

Today ( 6 /11/2009 ) , I found  the email from one student who want to take my help to solve 6 questions relating to cost accounting . 
He sent me Pdf  file of  all accounting problems .  After downloading the pdf

  file , I have read his questions . Now , I have taken his first question's first first sub-question. Actually , this is relating to strategic management  but because cost accounting and finance also helpful for  making effective strategy , then , I thing it has include. Read it first this question

In this question , The Rev . Paul Harison is a social worker but  he need accounting expert who can tell him how to  effective utilize the shelter and its space at the lowest  cost .  From some resource he has listened about the balanced scorecard . Now , he is interested to know its estimated cost and benefits , if he implementing a balanced scorecard .

Dear , first of all , I am telling briefly about balanced scorecard . The balanced scorecard  is a strategic  management  technique for effective utilization resources in the field of finance , education and marketing  and NGO works .

Suppose , If you have to implement the balanced scorecard  in the field of  finance , you need the services of finance specialist who will find following and analysis . So , cost is only the service charges of finance specialist .

1. Return On Investment

2. Cash Flow

3. Return on Capital Employed

4. Financial Results (Quarterly/Yearly)

 

If it is implemented in above case , then

 

Cost will be only the organisation from which you have taken the services , that organisation will all charge him on the basis of no. of team members and time of team activities and other software cost .

 

Benefit  will be in the form of effective utilization of resources , increase the amount of donation .

I think , second part of question can tell the specialize person from whom you will  contact for implementing balanced scorecard tool .

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How to teach the concept of Debtors, Bad Debt and Provision for Doubtful Debt ?

Teaching of accounting is not easy, every student is challenge for accounting teacher and many concepts are very difficult to make understand to students. One of those is to teach concept of debtor, bad debt and

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Measurement of Risk and Returns Securities and Portfolios

Aim

Aim of this topic is to make expert the students and investors in financial analysis.

Explanation : When a person starts his own work, then either he will get profit or loss and this is not sure and the possibility of this uncertainty is called risk. Loss is one of major risk of business and main motive of financial analysis is to reduce risk of loss. It is also general rule higher risk and higher return but modern concept is just opposite this , it is lower risk and higher profit. In financial market, Company issues and also invests in shares and company
Measurement of Risk is with the help of financial mathematics and financial risk management. Company uses modern portfolio theory for getting maximum return on minimum risk.

Reasons of Risk

1. Some longer-term consequences of disasters
2. such as lawsuits
3. loss of market confidence and employee morale and impairment of brand names can take a long time to play out

For this following procedure is adopted for making good Portfolios


1. Calculation the value at Risk

Risk of investment is measured on the basis of Standard deviation . It is variation of actual and standard performance on the investment .

Prof. Razvan Pascalau, Univ. of Alabama has made simple online value at risk calculator which is very helpful for investors



2. Calculation of portfolio

After calculation of Risk , we can make portfolio by applying mathematical formula .

Return is the weighted average of the risk free asset, f, and the risky portfolio, p, and is therefore linear:




Since the asset is risk free, portfolio standard deviation is simply a function of the weight of the risky portfolio in the position. This relationship is linear

http://www.riskwhoswho.com/Resources/WilfordSykes4.pdf
http://cbdd.wsu.edu/kewlcontent/cdoutput/TR505r/page36.htm
http://www.andreassteiner.net/performanceanalysis/?Risk_Measurement
http://en.wikipedia.org/wiki/Modern_portfolio_theory
http://en.wikipedia.org/wiki/Value_at_risk

Read Also above references for more deep study of measurement of risk and return securities and portfolios .

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Explanation of Accounts Receivable - Net with Example

When enterprise sells the goods to customer, then he open his customer’s account and add the amount of credit sale in it and its balance shows total value of account receivables and but due to not receiving all amount of account receivable, it is the duty of businessman to make reserve for not receiving the amount in the form of bad debts, discount or allowance, In many countries like USA and UK , they include allowance’s provision in provision for bad and doubtful debts . So when enterprise also keep the provision of discount to customer and some other provisions like allowance and doubtful debts, and after deducting these provisions, enterprise will enable to find the amount of account receivable net. We can explain it with following way.

Suppose , If A company sells S credit and at the end closing balance shows $ 50000 and co. makes the provision of doubtful debts 10% , provision of discount on debtors 5% and provision of allowance is 2% , at that time calculation can be done after calculation the value of these provisions and passing the journal entries .



This amount is payable by company’s customer and will show ass current asset in balance sheet of company.

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Answer of Excise Related Question

  Question :    

I am manufacturer of PP HDPE bags which falling chapter hading 39.

I want to manufacture new product ie wood doors, in a same primises and same ECC no. so my question is .

1. Can I manufacture two other varity in same primises ie. PP, hdpe bags and Wood doors.?

2. If my purchase raw material (of wooden doors) is nil rate of duty and send it for job work as per not. no. 214/86. for manufacturing of wooden doors and return back to our comapany. and nothing any process i do on wooden doors. and same it is clear through dutypayment (ie Wood Doors) . so my question is that, can i utilise my cenvat credit which was received on PP hdpe fabric (raw material of PP hdpe bags) on clearance of Wood doors. ?? because none cenvat received on raw material of wooden doors.

As per excise inspector we can not use cenvat of PP hdpe fabric on Wooden doors because wooden doors raw material is nil rate of duty.

It means in RG23A part II credit balance shown and i have to pay through PLA cash for Wooden doors. it is possible??


So pls. advice me in this matter. and if possible give me notification no. or circular no. or any public notice so i see that to my excise range officer.


 Answer :  


 I read your question and  Of course , you can manufacture new product ie wood doors, in a same primises and same ECC no .

I also agree with excise inspector because , you have purchased raw material of woods doors at nil rate of central excise duty so , other raw material PP HDPE bags's centvat credit is not adjusted in it . If you study the Rules 2004 relating to credit of CENVAT deeply , then you will clear that there is no possibility that of nil rated credit adjustment with others .

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List of Bloggers with an Interest in Accounting

There are many ways to make friend online . Chatting with yahoo messenger or google talk is simple way to make friend online . But if you want to find the friends who are interested in same field in which you are  interested . To watch the blogger's profile is the best way . I am in Accounting field and my interest is also in accounting . So, in my Blogger profile , I have written interest "accounting" and after clicking this label , I found about 3100 bloggers  who are interested in same field . You can make your own free blog at google blogger after this make your profile and write your interest in your profile and after clicking on selected interest you can find large number of other bloggers .


I have make the list of bloggers with an interest in Accounting in this page , you can direct meet them from here .

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Is Service Tax Payable for The Receipts from Foreign Sub Franchisee ?

Problem

I run an consultancy offering distance courses of foreign institutions in Management ( I have the master franchisee for Asia nd Africa ) the students enrol through my sub franchisee located in India and abroad. the sub franchisee send me the fees against which I send them the study material, exam papers etc. the sub franchisee and the stduents are located in India and abroad. My TO is above 50 lacs. DO I PAY SERVICE TAX FOR THE RECEIPTS FROM MY FOREIGN sub franchisee also ( they never come to India and send the fees through bank transfer, I send the study material through courier)

Solution

Under section 65(105)(zze) of the Finance Act 1994 ,FRANCHISE SERVICES are fully taxable , and In your case your are franchisor and providing services with the help of sub- franchisee , in this case , there is no difference , so , you have to pay service tax on the gross amount which you have received from your sub franchisee with new rates because

" Service tax is payable on the gross amount charged by the franchisor from the Franchisee in relation to Franchise " See the Notification No. 7/2003 at here "

Moreover , I want to tell you that any service which is provided by Indians to foreign clients are also comes under the service tax provision and even IIM and IIT are paying service tax on the fees which they get from foreign students .

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How to Operate Tuition Centre Successfully

Are you fresh commerce graduate or post graduate and interested to open your own Tuition Centre in your local area . If yes , then learn the steps for operating this successfully.

Tuition in India is the special type of teaching in home and almost all difficult subject is taught by tutor . It is also good source of earning . Accounting tuition is also boom in India . It is the part time income of tutor but later tutor can make it as his full time profession.

It is also truth , many tutors close their tuition center due to suffering many problems . So , this article basically describe you about how to succeed in this profession.

First Step

Clear written contract with student

After coming of student to your center, before starting tuition , you must contract clearly in written form with student . In this contract following points must be mentioned :-

• Tuition fees


• Time of tuition


• Period of Tuition

Second Step

3 days Demo Class Only

You can provide maximum 3 days demo class , after this you should take the tuition fees . Many students have habit to delay it . So , be strict on this point . It may be monthly basis or total of course basis .

Third Step

From time to time , advertising of your tuition center is also necessary . You can use following advertising media for promoting your tuition center .

• Banner ads near schools and colleges .


• Cable ads .


• Pamphlets in daily newspaper .


• Google AdWords Ads ( At very minimum cost )

If you want to promote your accounting tuition center on http://www.svtuition.org/ , I can help you to show your classified on Accounting Education ( Specially for Indian Fresh Accounting Tutors )

For this fill following form

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Make your own Portfolio More Quickly with Google Finance

My portfolio is useful feature in Google Finance which can be used by investors to track every stocks and mutual funds of companies once add transactions in myportfolio.

If add the transaction of buying any stock after adding symbol ( if you do not know the symbol of company ,then add full name of company ), date , nos. of shares and price . Google finance shows your shares market value , your current gain and you can record your sold shares and check your performance on same window . One more benefit is that your can watch news relating to your portfolio and also import , download and delete your made portfolios

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Learn Account System Used in Hospital at Suresh's Blog

Suresh MBA ( Bangalor) has given brilliant detail of accounting system which is used in modern hospital . Your can learn here .

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