PARTNERSHIP - Basic Concept- Home work

1.   From the following information given below compute the value of goodwill at 3 years purchase of 5 years       average profits

Year:             1999            2000              2001                2002               2003

Profit (Rs)   20,000        21,000           22,000              25,000            30,000

2.  Calculate the value of goodwill  as on 1st january, 2005 on the basis of three years purchases of the average       
     profits of the last five years profits. The profits and losses for the years were:


Year  :        2000                2001             2002               2003           2004


Profit :      40,000(Loss)    92,000          55,000            70,000          90,000




3.  The profit of a firm for the last 5 years ending 31st March were as follows:
      
     Year :       2000         2001          2002                    2003                 2004
    Profits:           12,000     15,000        25,000              30,000              23,000


Calculate the value of goodwill on the basis of 3 years purchase of weighted average  profits. The appropriate weight for the last 5 years were 1,2,3,4 and 5 respectively.




4. Profits of the firm for the last 5 years were:


Year:        2004          2003          2002                    2001                    2000
Profit:     30,000         28,000       25,000                  24,000                18,000


The capital employed in the firm is Rs.4,00,000. You are required to compute the value of goodwill at 2 years purchase of super profit, assuming that the normal rate of return on capital employed is 5%.




5. A firm has mad an average profit of Rs.30,000 during the past few years. The normal rate of return in similar type of business is 15%. The firm has a net tangible asset of Rs. 1,60,000. Find out the value of goodwill by capitalisation method.

6. The following relate to the profit made by a firm for the last four years.

Year :          2000                2001                    2002                2003
Profit :            20,000             30,000               60,000             90,000


The capital employed by the firm is Rs.5,00,000 and normal rate of return is 8%. Calculate goodwill of the firm under capitalization of super profit method.




7. Aneesh is a partner in a firm and his withdrawals for the year ended 31st december 2002 are as follows:
                          January 31   -   3,600
                          March 31     -     2,400
                          June 30       -   4,800
                          August 31   -    1,200
                          October 30  -    6,000

Charge interest on drawings at the rate of 5% per annum using product method.

                 

Commerce with glamour

Encomiums for B.Com, M.Com

Gone are the days when  science  courses were the only options that students considered a ticket to employment. If recent trends are to be believed, students are reposing tremendous faith in commerce courses as an option, right from the pre-university level to undergraduate courses.

Increasing job prospects in finance and banking related sectors, student-oriented and employer-friendly syllabus and the course being less expensive than others has made commerce the front-runner among all degree courses, experts feel. Career opportunities start knocking on the doors even when the students are in their final year. Consequently, not only the number of applications for commerce courses multiply by the year, but there is also a distinct improvement in the quality of students taking the route with several meritorious candidates actively choosing commerce over past favourites.

Cut-off marks

The cut-off marks in the general merit category too is moving upward. Even in colleges in remote areas or mofussil centres, the average cut-off mark for admission to B.Com remains stable at 65-70 per cent, despite the fact that the universities are increasing the total intake by 10 per cent every year.

“This year 112 colleges affiliated to Karnatak University-Dharwad (KUD) have admitted 15,000 students for B.Com. Courses such as BBA and BCA are not much in demand for the reason that the fee structure is high and they do not guarantee job opportunities unlike B.Com. The employment generation for BBA or BCA graduates is not as high as for B.Com graduates,” said R.L. Hyderabad, Chairman Department of Studies in Commerce, and S.G. Hudekar, professor in the same department.

Admissions for BBA, BCA, MBA and MCA are witnessing a downward trend. “B.Com has overtaken BBA and BCA for which the admission has come down by an estimated 25 per cent. The preference of the meritorious students has changed over to B.Com,” said Y. Bhaskar Shetty, Principal, Mulky Sundar Ram Shetty College, Shirva, Udupi.

Unlike the earlier trend of colleges seeking the respective university's permission to increase intake for management and computer courses, they now prefer more intake for B.Com, he said.

The commerce faculty of universities revising the syllabus in the most innovative ways and focusing on the needs of the industry were the reasons why this course is booming.

Prof. Hyderabad and Prof. Hundekar said the syllabus revision is done in consultation with professors from various sectors so as to enhance employability of graduates.

Commerce courses have taken the shape of integrated courses adopting innovative ideas. They are not limited to learning commerce theory and accounting. Instead, subjects such as marketing, company affairs, and computer accounting have been incorporated. Making computer accounting a compulsory subject helps the students avoid pursuing computer accounting, Tally etc., separately. These aspects help them face any kind of competition once they pass out, they said.

Good performance

P.S. Yadapadithaya, chairman, Department of Commerce, Mangalore University, said overproduction of management graduates and quality deterioration in management education resulted in high demand for commerce courses.

The performance of commerce graduates during the recession period was better than other graduates, and IT companies retained commerce graduates even during automation. Commerce graduates do well in the National Entrance Test (NET) also.

The syllabus is revised once in three years and the fundamentals of the subjects are strong. Unlike in BBA or MBA, the commerce students in degree or postgraduation receive advanced knowledge that puts them in a better position while competing for jobs, he said.

The trends in campus recruitment is a pointer to all this. Not only are commerce students getting selected in more numbers, certain firms have conducted exclusive campus recruitment for commerce students in Gokte College and J.G. College in Hubli-Dharwad. The students were selected by IT companies and financial institutes for an average starting salary of Rs. 20,000. Nationalised banks including Vijaya Bank and Syndicate Bank have begun campus recruitments.

The fee for courses in commerce remaining comparatively economical has proved to be helpful for meritorious students from the economically weaker sections. Talented students can look forward to an attractive job even when they are in the final year. Moreover, acute shortage in the fields of chartered accountancy, company secretaryship and cost accounting have provided talented students of commerce an opportunity to face national-level tests conducted for selection to these posts. Here too the fee structure is comparatively less, said Prof. Hyderabad.

Word of caution

However, Mr. Yadapadithaya cautioned that commerce courses too would meet the same fate as management or computer courses in the near future if universities fail to ensure maintenance of quality. When there was high demand for management courses, educational institutes lobbied for BBA and MBA courses. Universities too gave permission to start management courses perfunctorily without giving proper attention to infrastructure and faculty.

These factors resulted in deterioration of quality in management education and the employable skills of the candidates too have declined. The same should not happen to commerce courses, he said.

Expressing concern over the high number of commerce graduates getting selected in campus recruitments, he said if the creamy layer opts for lucrative jobs, it will have an adverse impact on postgraduate courses. If talented students do not join postgraduate courses, naturally the quality of teaching and other jobs that demand postgraduates will suffer, he added.

Article published in Hindu daily - a national news

Options in Commerce

Pursuing Higher Studies in COMMERCE stream

There are several higher study options for meritorious graduates in commerce which includes Master of Business Administration with various specialisation such as finance, human resource management, logistics and supply chain management, port and shipping management, health care management, international business, IT management, marketing management and so on. Another good option

is chartered accountancy/ cost and works accountancy/ company secretaryship. Law and journalism are some other options for higher studies. Courses should be opted according to one’s aptitude and interest.

Since the quality of management education is important, aspirant should seek admission to leading institutions. Some institutes screen applicants for group discussion on the basis of the percentile and score obtained in IIM-CAT or other management aptitude / entrance tests. Top level institutions such as the Indian Institutes of Management (IIMs), call top CAT scorers for group discussion and personal interview.

IIMs at Kozhikode, Tiruchirappalli, Ahmedabad, Bangalore, Calcutta, Indore, Kasipur, Luknow, Raipur, Ranchi, Rohtak, Shillong and Udaipur are top level institutions. They hold computer-based CAT every year to admit students to their postgraduate programmes (PGP) in management and fellow programme in management.

Those who have a degree with at least 50 per cent marks (45 per cent marks for student belonging to the Scheduled Castes or Scheduled Tribes and the differently abled category) can take CAT. Those appearing for the final qualifying degree examination are also eligible to appear CAT. The IIMs conduct CAT across the country. In Kerala, Kozhikode and Cochin will be the test centres. The CAT score is valid for a year. The ranking and final selection may vary across IIMs as each

institute follows a diverse set of attributes including the score, written test, performance in group discussion and personal interview, academic merit, co-curricular achievements, and work experience for admission. Web site: www.catiim.in.

The two-year PG programme in management at IIMs aims at preparing young meritorious graduates for senior level managerial positions in industry. The students are encouraged to specialise in

two areas. The core courses comprise of finance, control and accounting, quantitative methods and operations management, marketing, IT and systems, strategy, organisational behaviour and human resource management and economics.

The programme lays great emphasis on knowledge assimilation. Summer projects are designed to

provide students an opportunity to put their learning into practice. Final placement process for the graduate batch takes place in March. IIMs students have enjoyed excellent placement records over the year.

Leading Indian and foreign companies visit IIMs to participate in the campus placement programme. In Kerala IIM functions at Kozhikode. Web site: www.iimk.ac.in.

Other prominent institutes

Some of the top Business Schools in the private sector in the country include Xavier Labour Relations Institute (XLRI) Jamshedpur; SP Jain Institute of Management, Mumbai; Xavier Institute of Management, Bhubaneswar; Narsee Monjee Institute of Management Studies (NMIMS University), Mumbai; Symbosis Institute of Management Pune; Management Development Institute (MDI) Gurgoan and K.J. Somaiyya Institute of Management, Mumbai. In the South one among the top-level institutes is Bharathidasan Institute of Management (BIM), Tiruchirappalli which offer two year full time MBA programme to meritorious graduates who qualify in the IIM- CAT.

Faculty of Management Studies (FMS) under the University of Delhi is another reputed centre which offers two-year fulltime MBA programme.

Graduates in arts, commerce or social sciences with at least 50 per cent marks or science with at least 55 per cent marks or mathematics/ statistics with at least 60 per cent marks are eligible for admission. The selection is based on entrance test and interview. Web site: www.fms.edu.

The XLRI Jamshedpur (www.xlri.edu) offers two-year postgraduate programmes in business management; personnel management and industrial relations for meritorious graduates in any discipline. The selection is based on XLRI – XAT score , group discussion, and interview.

Xavier Institute of Management, Bhubaneswar (www.ximb.ac.in), conducts a two-year fulltime PG diploma course in management for graduates in any discipline. The selection is based on XAT score, group discussion and interview.

NMIMS University’s School of Business Management offers MBA. The selection is based on NMAT score, group discussion and interview. Web site: www.nmims.edu.

K. J. Somaiya Institute of Management Studies and Research, Mumbai, offers PG diploma in management. The selection is based on IIM-CAT score, group discussion and interview. Web site: http://simsr.somaiya.edu.

Besides these, several other business schools/ institutes/ departments of management studies of universities also offer MBA programmes.

MFC

The Master of Finance and Control (MFC) is another option for higher study. This programme is aimed to equip a select group of students with conceptual and analytical skills for financial decision making. The students are provided with inputs in the basic areas of managerial decision-making such as organisational behaviour, managerial economics, quantitative techniques, financial accounting and

corporate laws as well as in different areas of finance such as financial management, financial services, international finance, international accounting, investment management and so on. To keep

students abreast with the latest developments in the field of finance. Department of Financial Studies of the University of Delhi, South Campus, New Delhi, which is one of the premier centre, offers MFC programme. The centre has updated its curriculum and included new courses such as derivatives and risk management, treasury management, real estate investment management, insurance management, mutual funds management and equity research. The Delhi University offers students a two-year course with a fine blend of theoretical and practical inputs to take on challenging careers in the field of corporate finance, international finance, merchant banking, capital and money markets, portfolio management, investment advisory services, credit rating, venture capital, forex advisory services and so on. Graduates in any discipline with at least 50 per cent marks are eligible for admission to MFC. The selection is based on a national-level admission test and interview. Detailed information can be obtained from the web site www.mfc.edu.

Madurai Kamaraj University, Palkalai Nagar, Madurai; Punjab University, Patiala; Punjab University, Chandigragh; University of Lucknow; Kurukshetra University, Haryana; Himachal Pradesh

University Shimla; Aligrah Muslim University, Aligarh are some of the universities that offer MFC courses in India.

Logistics management

Logistics is the management of supply chain. A logistician is a professional who works in the filed of logistics management, controlling the flow of goods, services, energy and resources. MBA and PG diploma level courses are available in the logistics management. Meritorious graduates in any discipline can seek admission. The objective of MBA logistics management is to train graduates for leadership position in logistics management and manufacturing and service operations management in the global market place.

Students can look for jobs as logistics or supply chain managers, consultants and analysts. They

should have communication and analytical skills dedication, team spirit, and computer knowledge. Indian Martine University, Chennai, K. J. Somaiya Institute of Management Studies and Research, Mumbai; Institute of Business Studies and Research Navimumbai; Symbosis Institute of International Business, Pune are few among the institutes offering postgraduate study facilities in this discipline.

Port and shipping management

MBA programme in port and shipping management is highly job-oriented. The Indian Martine University under Government of India offers MBA degree course in port and shipping management at its Chennai and Kochi campuses. The entry qualification is a Bachelor’s degree in any discipline with at least 50 per cent marks. The selection is based on entrance test, group discussion and interview. Web site: www.imu.tn.nic.in.

Narottam Morarjee Institute of Shipping, Mumbai, offers PG diploma in shipping management for graduates. Web site: www.nmis.net.

HRM

Human Resource Management (HRM) is one of the specialisation available for MBA/ postgraduate level management programmes. It deals with key factors in industrial relations, human resource planning, human resource development, advanced industrial relations training and development, wage and salary administration, guidance and conselling.

Human resource management also involves recruiting personnel and their training and handling union management relations. HRM specialisation is available in almost all business schools/

university departments/ institutes in India. Those who obtain MBA (HR) can find jobs as HR managers or HR executives.

Health care management

The health care services sector requires professionally-trained manpower to mange multi-specialty hospitals and medical facilities. The most suitable academic programmes in this field are MBA hospital and health care management and Master’s degree in hospital or health administration. Meritorious graduates in any discipline are eligible for admission.

The Department of Management Studies of Madurai Kamaraj University offers MBA hospital administration. Symbosis Institute of Health Sciences, Pune, conducts MBA in hospital and health care management course.

Manipal University offers an MBA course in hospital administration and health care management. The Tata Institute of Social Sciences, Mumbai; Department of Commerce and Management Studies, University of Calicut; School of Medical Education under Mahatma Gandhi University, Kottayam; Amrita School of Arts and Science, Kochi being offered Master of hospital/ health administration courses.

CA, ICWAI, CS

The details about chartered accountancy courses and examination can be had from the web site www.icai.org. Aspirants of cost and works accountancy should get details from the web site www.icwai.org and company secretaryship course details can be collected from the web site www.icsi.edu.

Courtesy to The Hindu news paper

Learning English Language

The mantra for effective learning of the English language is to adapt the content module wherein cognitive academic language proficiency is combined with basic informative communication skills.

College students who can reproduce excerpts from Shakespeare but cringe at the idea of carrying a simple conversation in English? Graduates from various disciplines sporting seventy plus scores in English but struggling to frame simple questions?

All is not what it seems when it comes to language, as marks are poor indicators of competency in language. We may have moved from mere textbook reading to assignments, seminars and viva-voce in teaching the English language in our colleges and universities but how many students can use the language in real-life situations?

CONTROLLED CHAOS

A recent workshop on best practices in English language teaching organised by the U.S Consulate General in Tiruchi for college teachers brought to light that English language teaching in our classrooms focuses more on ‘learning' the language rather than ‘acquiring' language skills. For the latter to materialise, the language must be used as much as it is heard as senior English language fellow Mary Kay Seales put it. “A noisy classroom is a good classroom as you cannot be quiet in a language class – you have to practice what you learn. I call it controlled chaos- it might be chaotic- but there's a lot of learning happening.” When lecturers from various colleges were asked to articulate their goals of language teaching, it was clear they wanted their students to be proficient in academic and conversational English alike. Ms. Seales was quick to agree. “I come across many students with high TOEFL scores who find it difficult to have a proper conversation with me or understand what I'm saying.” She attributes this to heavy emphasis on a single area like grammar. The mantra is to combine Cognitive Academic Language Proficiency (CALP) with Basic Informative Communication Skills (BICS). But how? Content module is the proposed solution— a student-centred teaching method where teachers are facilitators and students active learners.

CONTENT MODULES

Content modules are what Seales likes to describe as ‘task backwards approach' where teachers pick a theme and work backwards to teach skills. Here the contemporary topic or issue is the primary focus and skills are inevitably acquired while exploring the topic through diverse activities.

“Content modules are fun for both students and teachers. It is like killing two birds with one stone- students acquire language competency and concurrently become more aware of the world.” Choosing environment as the sample module, she explained how the module becomes a vehicle for skill acquisition. From asking students to conduct polls and interviews to playing a game of ‘recycling bingo' and collecting famous quotes, listening, writing, reading and speaking skills are developed along with critical thinking, research and team building skills. “It is great fun and good language at once. There is natural acquisition rather than learning.” Teachers can move on to include appreciation of literature by introducing poems on nature and ignite student's creativity by asking them to pen their own poems. Interest in current issues can be generated by looking up news stories and social responsibility can be instilled by getting them to notice their immediate neighbourhood and come up with ways to clean it.

Content modules require resourcefulness on part of the teacher to design modules, tweaking them based on student feedback. Initial attempts may fail but the concept works in the longer run as every student feels involved. “Everybody gets their voice heard and feels their work is valued.” Modules can be designed around music, books and plays. A simple task of translating a favourite vernacular song into English and narrating the story behind it can develop a host of skills and make it interesting for students. While some Indian teachers may consider content modules as impractical in classrooms where language competency is sacrificed at the altar of examinations, Seales reassures that examination perspectives can be creatively incorporated into modules that can be worked around the syllabus.

                                                                                                                                                       Taken from Hindu daily

Learning tips & Exam tips

Things to be remembered while writing examination

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CRACKING CIVIL SERVICE

 CIVIL SERVICE

  Current affairs holds the key

GET YOUR BASICS RIGHT: The candidates who score more than 300 in the General Studies papers are those with excellent understanding of the subjects at the secondary and higher secondary school level. 

Comprehensive study of topics plus being up-to-date with events of the day are crucial to cracking the Civil Services Main exam, say experts.

The Civil Services (Main) Examination 2011 is just a few weeks away. Over the years, there has been a rise in preparation awareness among civil service aspirants, but this coveted exam continues to throw a surprise element calling for newer strategies.

The question papers in recent years have clearly shown that the Union Public Service Commission (UPSC) seems to be determined to select those aspirants who are able to cover most of the topics in the syllabus with focus on current affairs.

The number of questions in the General Studies question papers has been doubled from 30 to 60, says P.S. Ravindran, director, Vajiram and Ravi Institute for IAS Examination, New Delhi. “As UPSC covers a large number of areas, General Studies preparation should be comprehensive,” he says. He stressed the need to score more than 320 marks in both the optional subjects as scoring in the General Studies has become more challenging.

A sizeable number of candidates in the previous mains examination were not able to score more than 270 out of 600 in the General Studies papers.

Many questions pertaining to current affairs of the month of October 2010 were unexpected and candidates found it tough to handle them in the previous mains.

Aspirants who were able to read at least two broadsheet newspapers such as The Hindu regularly were able to answer those questions. “Reading of two newspapers and Frontline is necessary. Questions based on less prominent news is also being asked,” says Mr. Ravindran.

Instead of reading several study materials, candidates are advised to select two source materials and concentrate on that with four rounds of quick revision.

A thorough preparation of topics covered in statistics and Indian Economy is crucial for a high score. The questions would cover Indian economy and issues relating to planning, mobilisation of resources, growth, development and employment.

Issues arising from the social and economic exclusion of large sections from the benefits of development, economic and trade issues such as foreign trade, foreign investment, economic and diplomacy issues relating to oil, gas and energy flows, the role and functions of IMF, World Bank and WTO which influence India's economic interaction with other countries and international institutions are important.

The candidates who score more than 300 in the General Studies papers are those with excellent understanding of the subjects at the secondary and higher secondary school level. They do not require any specialised study in any of the subjects for the General Studies. NCERT books of history, geography, polity, economy and statistics continue to be useful for revising the syllabus for the main examination.

IGNOU materials on optional subjects could be used for understanding the basic concepts for the General Studies and the optional subjects.

The Civil Services Aptitude Test (CSAT) this year had 14 questions on current affairs of May 2011. Over 70 questions in the CSAT were related to current affairs. This trend is likely to continue in the civil services main examination too.

“Many first-timers have cleared the prelims. So presentation of answers will be more important,” says Ganesa Subramanian, Director, Ganesh's IAS. Questions pertaining to the celebration of the 150 years of existence of the Comptroller and Auditor General of India, diamond jubilee celebrations of the Election Commission of India, Union Budget, Constituent Assembly and Reserve Bank of India may be of significance, he says.

Current affairs based on newspaper reports from September 2010 to October 2011 are the key areas. The candidates should be able to think and formulate views based on their subject knowledge based primarily on NCERT material.

Last year, questions on news covered in the period between October 1 and 15 took candidates by surprise.

More surprises may be in store for them this year. UPSC is expected to continue testing the analytical mindset of candidates in this main exam too. Environment, ecology, biodiversity and climate change may be prominent areas.

Reading editorials of newspapers has been found helpful for Essay paper and for answering questions on polity and social issues. Economic Survey and publications such as Yojana may be useful. Lok Sabha channel debates may throw light on social issues. Weekly group discussions or joint study with other candidates would enrich the understanding of key areas.

article taken from The Hindu daily

Central Govt. plans to introduce Rs.10 - plastic notes

The government of India said it has decided to introduce 100 crore polymer bank notes in denomination of Rs 10 on trial basis.

It will be on field trial basis at five locations in the country, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
"A final decision will be taken depending on the results of the field trial," he said.
The Reserve Bank had floated a global tender for introduction of 100 crore plastic currency in 2009.
The polymer notes were first introduced in Australia to safeguard against counterfeiting of currency.
Besides Australia, other countries which have introduced plastic notes include New Zealand, Papua New Guinea, Romania, Bermuda, Brunei and Vietnam