Sunday, October 28, 2012

"When You Know Better You Do Better"


Shortcut technique to find square of a Number

a)      The square of a number ending with 5:
If n is the number formed by the preceding digit/s (before the 5), get the product of n and n+1. Then just append 25 (i.e. 5 x 5) to this product.
For example, 75^2:
7 x 8 = 56; therefore solution is 5625.

Another example, 115^2:
11 x 12 = 132; therefore solution is 13225

b)      For other cases
For other cases of squaring, the same shortcut techniques used in multiplication may be utilised. Especially the general-purpose Urdhva Tiryagbhyam (Vertically and Crosswise) formula. To get the square of a number (of two or more digits), simplify by splitting it into at least two parts, a and b.

Thus (a + b) ^2 = a^2 + 2ab + b^2

The solution comprises three parts, neatly fitting the three boxes shown above. Just adjust for excess carry over.
1)      The head: a^2
2)      The middle: crosswise multiplication and doubling a x b x 2
3)      The tail: b^2

Here is a simple example to illustrate this technique.
23^2 = 529
The steps are:
1)      Tail: 3^2 = 9, put it down in the rightmost box
2)      Middle: 2 x 3 x 2 = 12, put down the 2 in the middle box and carry over the 1
3)      Head: 2^2 = 4, plus the 1 carried over, is 5 in the left box.

"When You Know Better You Do Better"

Quick Multiplication Technique


Multiplication of Two numbers with the help of one reference Number when both numbers are nearest to each other.

Consider the following example:
MULTIPLY: 96 X 97 =?
Ans: 9312 see trick below.
First step
Take 100 as a reference number since it is nearest to both the numbers. In case of 48*47 we can use 50 as reference number.
Second Step
Find difference from reference no. Subtract 96-100 = -4 and 97-100 = -3
Third step
Then find sum of ist term with the difference from 2nd term and sum of 2nd term with difference of ist term. we will get the same result. i.e. 96-3=93 and 97-4=93. The sum of both must be equal.
Fourth step
Then multiply 93 with the reference no 100. We will get 9300.
Fifth step
Multiply differences as calculated in 2nd step i.e. -4 X-3 gives us +12. Add this 12 with 9300 we will get 9312.

Multiplication of Two numbers with the help of two reference Number when the difference between two nos. is higher.

MULTIPLY: 8 X 37 =?
Ans: 296 see trick below.
First step
Take 10 as a reference number for 8 and 40 as a reference number for 37. Its shows the reference no of 8 is four times the reference number of the 37.
Second Step
Find difference from reference no. Subtract 8 - 10 = -2 and 37-40 = -3

Third step
Then multiply the first difference i.e. -2 by 4 (four times the multiplies of the reference no 10). We get -2 x 4 = -8.
Fourth step
Then add -8 with 2nd number i.e. 37. We get -8 + 37 = 29 and multiply it with main reference number i.e. 29*10= 290.

Fifth step
Multiply differences as calculated in 2nd step i.e. -2 X-3 gives us +6. Add this 12 with 290 as calculated above. we will get 296.

Saturday, October 27, 2012

CPT 200 - TOPIC 7


Ratio:
A ratio is a comparison of the sizes of two or more quantities of the same kind by division. The comparison between two similar things, in the same unit, is based on the magnitude of the things.
If a and b are two quantities of the same kind, then the fraction a/b is called the ratio of a to b and is written as a: b. the quantities a and b are called the terms of the ratio,

a is called the ist term or antecedent

b is called the 2nd term or consequent

CPT 200 - TOPIC 6


TRUE TEST OF PARTNERSHIP
According to Sec.4 of the Indian Partnership act, 1932 “Partnership is the relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.” Generally a partnership consists of three essential elements:
a)      There must be agreement between partners.
b)      The agreement must be to share the profits of the business.
c)       The business must be carried on by all or any of them acting for all.

Friday, October 26, 2012

Dibrugarh University - Financial Accounting 2007


(a) Fill in the blank;
1.       Valuation of inventories is account for as per accounting standard __________.
2.       Receipts and payment account is a _____________ account.
3.       International accounting standard Board’s headquarter is at______________.
(b) Write whether the following statement are true or false
1.       Registration of a partnership firm is compulsory.
2.       Minimum rent is also known as ‘ Rock Rent’ in Royalty Account.
3.       Hire purchase transaction are controlled by the Hire Purchase Act,1976.
4.       Unearned Income Account is a liability.
(c) Choose the correct word from the alternatives given in brackets:-
1.       The cost of goods sold on hire purchase is transferred to –(Sale Account/Purchases Account/ Hire purchase Trading Account)
2.       Revenue is considered as being earned when -9 Cash is received/ Production is done / sale is affected)
3.       If inventory at branch is shown at invoice price instead of cost price then the account which is used for adjustment is: (Reserve Stock account/ Stock Suspense Account / Stock Reserve Account)
2. Write brief answer :-
(a) The provision of Accounting standard 6.
(b) Object of providing depreciation.
(c) Rule of Garner Vs. Murray.
(d) Inter departmental transaction.
(e) Repossession of assets under Hire Purchase system.

3. Jorhat Head Office send out goods to its Dibrugarh Branch at cost plus 331/3 %. The branch remits all cash received to the Head Office and all expenses of the all branch are met by Head Office. From the following particulars, prepare
a)      Dibrugarh Branch Account.
b)      Goods sent to Branch Account and
c)       Branch Stock Account in the books of the head office
d)      show Branch Debtors Account in working rate.

RS
Stock at Branch on 1-4-2005(Invoice Price)
1800
Stock at Branch on 31.03.2006(Invoice Price)
2000
Goods send tom Branch during the year(Invoice Price)
137500
Goods Returned by the Branch (Invoice Price)
7500
Cash Sales
30000
Credit Sales
99875
Goods Returned by customers
4000
Discount and Allowances to customers
6000
Bad Debts
500
Cash Received from customers
104500
Branch Debtors as on 1-4-2005
24000
Cash send to Branch:

For Salaries
10000
For Rent
2400
For Sundry Expenses
2500

4. Bat, Ball and Wicket are in partnership sharing profit and losses in the ratio of 5:3:2 respectively. On 31st march 2006, they decided to dissolve the partnership and position the firm on that date was as following:
Liabilities
RS
Assets
RS
Sundry Creditors
80,000
Land and Building
1,14,000
Bat’s Loan A/c
20,000
Stock
1,00,000
Capital Accounts:

Sundry Debtors
1,00,000
Bat
1,20,000
Cash at Bank
6,000
Ball
80,000


Wicket
20,000



3,20,000

3,20,000
Land and Building were sold for Rs.80000 and Stock and Sundry Debtors realized Rs.60000 and Rs.82000 respectively. The expenses of realization amounted to Rs.2400.
Show the following accounts in the books of the firm:
a)      Realization Account
b)      Partner’s Capital Accounts.
c)       Bank Accounts
5.(a) How does the money measurement concepts limits the scope of accounting?
(b) Write four points in support of supports of the necessity of accounting.
(c) Write a short note on Account Standard Board set up in India.
6.  Shiva and Sambhu are partners in a Firm. the Trial Balance of the firm as  on 31th March, 2006 was as follows:
Debit
RS.
Credit
RS.
Drawings:
Shiva
Sambhu
Land and Buildings
Machinery
Salaries and wages
Furniture
Trade Expenses
Sundry Debtors
Discount
Insurance
Advertisement
Cash at Bank
Bills Receivable
Closing Stock
(on 31-03-2006)


2,000
3,500
40,000
18,000
3,700
6,500
1,900
24,600
1,000
1,200
3,000
2,900
4,000
36,000
1,48,300
Capital
Shiva
Sambhu
Provision for Bad Debts
General Reserve
Sundry Creditors
Outstanding Wages
Bank loan (on 1-10-05)
Trading Account (Gross Profit)

20000
30000
2000
10000
16000
2000
15000
53300






1,48,300
Prepare a profit and loss Account and profit and loss Appropriation Account for the year ended 31st march, 2006 and also a Balance Sheet as on that date after taking into consideration the following adjustment.      
a)      Write off Rs.600 as bad debt and provide a 5% provision on the remaining debtors for doubtful debts.
b)      Interest on partners’ capital is to be allowed @5% p.a.
c)       Interest on Bank Loan is to be provided @10% p.a.
d)      Depreciation is to be provided on Land and Buildings @10%p.a., Machinery @121/2 p.a. and Furniture @5% p.a.
e)      1/5 of Advertisement is to be written off.
  7. Distinguish between the following:- (4+4+4=12)
(i) Rent and Royalty.
(ii) Cash in Transit and goods in transit.          
(iii) Hire purchase sale and credit sale.
OR
M/s Dutta Brothers has two departments- Pubali and Rodali. Department Pubali transfers goods to department Rodali at normal market price. From the following particulars, prepare Trading and Profit and Loss accont and the combined Income account for the year ended 31.03.2006 (4+5+3=12)
                                                                                DEPARTMENTS

Particulars
Pubali
Rudali
General
Stock: 1-4-2005
Purchases
Transfer of goods from Dept. Pubali
Wages Salaries(Deptt.)
Stock: 31-3-2006
Sales
Stationery
Machinery
Advertisement
Salaries(General)
General Expenses
Depreciate machinery by 10%. The general un allocated expenses are to be apportioned between pubali and Rodali departments in the ratio of 3:2.
10000
230000
--------
10000
6800
50000
230000
2000
--------
20000
70000
16000
4200
18000
145000
16000









12000
10000
18000
 
In Lieu of Internal Assesment
  8. Write short answers: (2+2+2+2+2=10)
(a) What is the meaning of GAAP?
(b) What is the importance of minimum rent in lease agreement?
(c) What is called “ commercial goodwill”?
(d) What do you mean by “Independent Branch”?
(e) What is meant by ‘Accounting Standard’?

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