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B.COM PART 1 & 2



ACCOUNTING, STATISTICS & ECONOMICS OF PART 1



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ADMISSION ALERT B.COM PART 1

ADMISSION ALERT B.COM PART 1


Only such students will be eligible for admission to the B.Com. Part-1 class who have
passed:-
i) Intermediate in Commerce OR
ii) Higher Secondary with Commerce OR
iii) Intermediate Arts/Higher Secondary Arts Group with Economics OR
iv) Higher Secondary or Intermediate Arts/Science/Home Economics in at least Second
Division OR
v) Diploma in Commerce, Diploma of Business Administration, Diploma of Associate
Engineer of the Technical Education Board OR
vi) Intermediate Agriculture with Economics OR
vii) Intermediate Science with Mathematics.

Tuesday, September 19, 2017

The Difference Between Accounts Payable and Notes Payable

Liabilities constitute a company’s legal obligations that occur during the course of its business operations. Liabilities appear on a company’s balance sheet, and they are classified as current or long-term. Two common liabilities listed on an organization’s balance sheet include accounts payable and notes payable. Accounts payable is classified as a current liability, and notes payable is classified as a current or long-term liability. A company must understand the importance of accounts payable and notes payable to effectively manage its finances.

Understanding Accounts Payable

Accounts payable represents the amount of money a company owes to its supplier for the purchase of goods or services on credit. The accounts payable account is listed as a current liability because a company must pay its debt in a short period of time. Most companies require business customers to pay their invoices within 30 days and do not require interest payments. Some companies analyze how effectively they pay their accounts payable balances by computing the accounts payable turnover ratio. To calculate the ratio, you must divide total supplier purchases by the average accounts payable for the period. Investors and managers use this information to calculate the number of times a company pays its accounts payable balance in a given period.

Understanding Notes Payable

Notes payable represents a written promissory note that a company receives when it borrows money from a lender. The notes payable account possesses a credit balance. For example, a company borrows $50,000 from a bank. The company posts a credit to its notes payable account for $50,000 and a debit to its cash account for $50,000. If a company must repay a note within one year, it lists the note on its balance sheet as a current liability. If the note is due in one year or later, the company lists the note as a long-term liability.

Interest on Notes Payable

In most cases, companies must pay interest on money borrowed from a lender. The promissory note states the specific interest rate and the terms. Common interest terms require companies to pay interest every six months. A company must account for interest paid on its notes owed to the lender. It must also accrue outstanding interest payments that it has yet to pay, which is typically done on December 31 of the initial year. When a company accrues interest, it debits interest expense and credits interest payable. When a company makes a payment on the principal balance and interest, it debits notes payable, interest expense and interest payable and credits cash.

The Balance Sheet

Accounts payable and notes payable are listed on a company’s balance sheet as a part of its liabilities. The balance sheet provides a snapshot of a company’s financial position at a given point. Managers and investors use the balance sheet to make important financial decisions regarding a company. Accounts payable and notes payable are used in conjunction with other accounts on financial statements to compute important financial ratios.

Monday, February 27, 2017

BUSINESS COMMUNICATION: IMPORTANT TECHNICAL TERMS AND PHRASES

  • Arrival:
During the period of business i.e. a day or a week, the fresh stock brought to the market called arrival. It refers to only fresh addition to the total supply of commodity in the market.
  • Bad book:
When a jobber finds the prices of his previously bought securities have gone down, it is known as bad book.
  • Bare:
When market is short of a particular security.
  • Bear:
Any speculator who sells a future in the hope that he will purchase at lower price and sell at a higher price.
  • Bear raid:
A bear sells a future in the hope that price will fall and he will make purchases at a lower prices to gain. Since his gain depends upon the fall in price, he tries to bring down the price of that commodity. In this endeavor, he starts spreading rumors and news in the market. Such a campaign by the bear is known as bear raid.
  • Bear sentiments/bearish sentiments:
When there is a feeling among speculators that the prices will fall the feeling is known as bearish sentiments.
  • Bearish hells:
Suspension of market due to abnormal fall in price of a commodity. When the prices of stock go as below as the limit fixed by the market, the transaction of such a share is stopped to stop further fall. Such a stoppage is known as bearish hella.
  • Blue chips:
Blue chips are the shares of a company having greater earning power, and a better record of dividend payment.
  • Boom:
Heavy volume of business and rise in market value of a security. It refers to prosperity, increase in prices and good volume of business.
  • Budlah:
Postponement of transaction on the next settlement day.
  • Bull:
A bull is a speculator who buys forward without the intention of taking delivery and making payment in the expectation that the prices will rise in future. Thus he hopes to gain by selling it before the payment day.
  • Bull Liquidation/ Bull unloading:
A bull is a person who expects a rise in price of a commodity and he purchases in order to make a profit. When settlement date arrives he is committed to settle the transaction no matter what is the position of the prices.
  • Bull sentiments:
When a bull has a feeling that the prices of certain commodities will move up, it is known as bullish sentiments.
  • Bullion:
Precious metal, gold, or silver in mass or bars but not as coins.
  • Bullish Hella:
When the price of a stock goes too high i.e. it goes beyond the maximum limit fixes by the market, the transaction of such shares are suspended for the time being. Such a stoppage is known as bullish hella.
  • Call rate:
It is the rate which is charged by the commercial banks over call loans. Call loans are those loans which are issued for a very short period of time and are repayable on a short notice or at call. The period generally ranges from some hours to weeks.
  • Depression:
The condition of the market indicating falling prices and low volume of the business touching the bottom.
  • Dumping:
To sell the goods at the lowest possible price in a foreign market.
  • Forward business futures:
It refers to the contracts for future delivery. But in actual practice the future contracts are not settled by making/taking delivery but by the payment of the difference at the time of delivery.
  • Forward buying:
Making purchases for which delivery will be made at the stated future date.
  • Free market:
When a dealer can either buy or sell larger or small parcels of securities without difficulties.
  • Glut:
It refers to oversupply of a commodity in a certain market. Due to glut conditions prices come down.
  • Hella:
It is temporary suspension of market dealing due to abnormal rise or fall in prices. There may be bullish hella or bearish hella showing either situation.
  • Jobber:
A jobber does not act as an agent but as a principal and deals in his own name. He does not possess or take delivery of what he sells or purchases from other parties, since his operations are of speculative nature. His profit is the margin between the buying and selling prices. A jobber is a member of the exchange.
  • Normal or face value:
It is the amount stated on the face of the securities. However, in the case of shares of joint stock companies, the shares certificate mentions both the nominal value of the share and the amount actually paid thereon by a shareholder.
  • Off take:
It refers to the total purchases of certain commodity in the market during a particular period.
  • Option:
An option is a right to buy or sell certain good within a specified period of time at a certain price.
  • Poor takes:
A small amount of purchase made in market.
  • Ready business/actual:
When the goods are actually delivered after the contract has been made between the parties.
  • Rigging:
An organization of bulls formed with a view to control the market by artificial means and get prices in their favor.
  • Scrip:
This is the common term employed in the stock exchange for any kind of security. Such as government paper, debenture and shares.
  • Setback:
It referred to fall in price after the period of healthy business.
  • Slump:
Sudden fall in the market value of a security is termed as slump or a period of low business activity.
  • Spade:
When the price rises or falls by an insignificant margin, it is known as spade.
  • Speculation:
This term applies to future business and not ready business. If the goods are bought or sold for future delivery with the object of making settlement by the payment or receipt of the difference, it is known as speculation.
  • Square deal:
The sale by bulls and the purchases by the bears to settle their respective accounts are known as square deal.
  • Stag:
A person, who applies for shares in a new issue in order to get a gain on it, is known as stag.
  • Street price:
A stock exchange is locked at a fixed time under the rules. But buying and selling of securities is often carried on even after the exchange is closed thus the prices quoted after the working hours is called street price.
  • Underwriter:
When a broker undertakes the responsibility of selling the shares in the market on behalf of the issuing body, technically he is known as underwriter.

Wednesday, February 15, 2017

B-COM PART 1: ENGLISH: Chapter 2 - Gentle Giants

Image result for ape

Summary

There are many misconceptions about the nature and life style of Gorillas. Gorillas are considered to be ferocious and and tenacious creatures, they are, in fact, gentle and tender.

It was due to some images of them in which they looked beastly that made people scared of them. An American explorer published a book about hunting of gorillas in the African jungle. He produced a photograph of an injured gorilla standing on the body of a hunter in a very aggressive style. Hollywood made a film "King Kong" in 1930 making as a terror to people.

Gorillas are not hostile to man. They are vegetarians, they do not attack on other animals. They look after their children with great care and are loving creatures. They only show their anger and fierce whey they are attacked or treated badly.

They also become hostile when they are kept separated in the cages from their families; they even attacked their keeper. The zoological gardens are now treating animals scientifically. They try to provide them the natural environment. The tribute therefore, goes to the zoos, which are taking cares of animals efficiently and affectionately. As a result the animals are behaving themselves. They are inoffensive and non-aggressive.

It is pity that the number gorillas is decreasing alarmingly due to the activities of man. Man is cutting forests where they live. Their number is now limited to a few thousand. man exults in killing them. The wilds life is on the verge of extinction as the natural abode of the animals is disappearing from the globe of the World.

To sum up, gorillas, which and rightly called the "Gentle Giant", are also endangered species like other wild life. We should do something for protecting wild life.


Difficult Words

Images ------------------------- pictures, mental pictures

Offspring ---------------------- child, young

Rip ---------------------------- tear

Ramp --------------------------- to play about energetically

Charge ------------------------- attack

Clamber ------------------------ to climb with difficulty

Spoiling ----------------------- showing great affection for

Enclosure ---------------------- place surrounded by a wall

Inoffensive animals ------------ animals that are harmless

Dies hard ---------------------- It is difficult to forget

Adored grand-children ---------- grand-children that are greatly loved

Questions and Answers

Q.1 What did make the bad reputation of gorillas according to the lesson "Gentle Giants"?

Ans. Some pictures in which the gorillas have been shown as wild creatures and in some movies they have been shown dangerous to men made the bad reputation o gorillas. In the book of an American explorer about hunting gorillas contained many pictures in which gorillas are in ferocious state.


Q.2 How do gorillas live in the thick forests of Africa?

Ans. Gorillas are almost vegetarian and spend their days eating leaves and juicy stems in the thick forest of Africa.


Q.3 Describe the nature and behaviour of gorillas according to lesson "Gentle Giants"?

Ans. Gorillas are not hostile to man and other animals unless they are attacked or treated badly. They also become hostile and fierce whey they are kept separated in the cages from their families.


Q.4 How do the gorillas bring up their children?

Ans. The gorillas love their children too much. They are vegetarians. They don't attack on other animals. They have kind nature and love specially children. They even try to play and show their mischievous behaviour.


Q.5 Why did the author David Attenborough want to tell us about gorillas and saying them "Gentle Giants"?

Ans. The author David Attenborough wanted to clear the misconceptions and tell the nature of gorillas so he called them "Gentle Giants". In this way the author is trying to convince the readers that the gorillas are big animals but they are not harmful to man and for other animals.


Q.6 What is the procedure that is being used to keep the animals in the zoological gardens?

Ans. Scientific methods and techniques are being used to keep the animals in zoological gardens, a natural environment is provided to keep the animals their survival. all the animals are treated with love and become non aggressive.


Q.7 What is future of gorillas according to the lesson "Gentle Giants"?

Ans. gorillas are becoming endangered in the wild life. No more than a few thousand low land gorillas like jumbo still survive. His slightly bigger, shaggier relatives, the mountain gorilla are now reduced to only few hundred. Man has destroyed the forests on which they depend. The hunting of gorillas becoming common therefore the future of gorilla is in danger.

B-COM PART 1: ENGLISH: Chapter 12 - Plan of Attack

Image result for plan of attack

Summary

In a pleasant spring afternoon Ella MeCarthy sat on a green painted chair in Kensington looking passively around. She was waiting for her boyfriend. Bertie Heasant in whose absence the pleasant spring atmosphere seemed gloomy to her.

Her mood changed when Bertie came and the lover had a cordial and intimate talk. Ella thanked him for his present of the handkerchiefs, which he had sent to her but at the same time she seriously objected to the behaviour of Mrs. Heasant mother of Bertie who ws in the habit of opening all the private letters addressed to Bertie by his friends specially his girl friends. She thus posed as a big hurdle in the Ella-Bertie affair and Ella could not dare to write letters to Bertie and Bertie also was afraid to promote his pen friendship with Ella.

By chance Bertie discussed his problem by one of his sincere friend Clovis Sangrail. Clovic made a separate scheme to set right the matter of Bertie's mother undue interference in his personal affairs. One fine day he sent a set of cunning letters on the address of Bertie Heasant. The first letter was sent in a scented cover from an imaginary girl friend of Bertie namely Clotilde in which there was mentioned about jewels and Bertie was asked to be courageous to handle them. As usual on receipt of this letter, Mrs. Heasant opened that letter. Bertie ws not at home and when he came she made a great fuss on this letter and pestered Bertie by a large number of questions, scolding and threatening and made it difficult for him to breathe comfortably. He rushed into his room and closed it from inside.

After an hour another letter was received in the name of Bertie, which really proved to be a bomb blast in the House of Heasant, which has been opened by Mrs. Heasant. This letter had a mysterious message to the simpleton Bertie. The letter said:

"So you have really done it --- poor girl! Poor Dagmart you wicked boy, the servants all think that she killed herself and there will be best not to touch the jewels yet."

Apparently when Mrs. Heasant read the above letter she was almost became hysteric. For her the life of his son seemed to be at stake. She suspected the theft of jewels and murder of a girl Dagmart was committed by Bertie. She ran to the room of Bertie upstairs and started to beat at the door madly. "Miserable boy what have you done to Dagmart." She yelled and wept and scolded Bertie non-stop.

Bertie was also confused because he did not know as to who was the witch Clotilde who has haunted his life and was bent upon to destroy him and the entire House of Heasant.


In the evening a third letter arrived from Bertie's fast-friend Clovis Sangrail which solved all the mystery and he apologized for causing all the inconvenience by his first two letters disturbing and shaking the very foundation of Heasant who was in the habit of opening the private letters of Bertie.

By this time Mrs. Heasant was so much badly tortured mentally and psychologically perplexed that she virtually repented for her bad habit of opening the private letters of Bertie and creating scenes in the house.


Difficult Words

Inaudibly ---------------- which cannot be heard

Conscious ---------------- aware

Confess ------------------ admit some fault

Fetch -------------------- go and bring

Drag --------------------- to pull someone or something

Astonishing -------------- surprising

Improbable --------------- unlikely

Opportunity -------------- chance

Reference ---------------- hint

Eagerness ---------------- keenness

Existence ---------------- being; life

Anxiously ---------------- worried


Question And Answers

Q.1 Why did Ella McCarthy's dull afternoon suddenly brighten up?

Ans. Ella was sitting alone on a chair in Kensington Garden. There was no one to keep her company. That's why spring afternoon seems dull to her. The she say Bertie coming towards her. He was Ella's friend. On seeing Bertie, Ella's dull afternoon immediately turned bright.


Q.2 List three of Bertie's mother qualities. Give examples.

Ans. Bertie's mother's three qualities were maternal, interfering and inquisitive. She had a bad habit of opening others letters and reading them. Bertie's mother actually wanted to search for signs of youthful troubles and difficulties by reading her children's letters so that she could help them out. Reading others' letters however is basically regarded as interference in their private lives. Bertie and his sisters had quarreled with her about it a number of times but she did not care about it. When she received Clovis's letter to Bertie in the name of a girl, she became curious and started inquiring.


Q.3 What role did Clovis play in resolving Bertie's problem?

Ans. Clovis solved Bertie's problem by sending three thrilling letters in one day. In the first letter he wrote to Bertie to be brave enough to get the jewels under the false name of girl Clotilde. In the second letter, Bertie was congratulated on carrying out the act of killing the girl effectively and warning him not to touch the jewels yet but to wait for some time. The third letter clarified the whole situation so that person reading the private letters of others might stop doing so and it certainly happened. In this way Clovis was triumphant at his attempt attempt of helping Bertie.


Q.4 Who is most interesting character in this story?

Ans. I think Bertie is the most interesting character of this story. He is about twenty but he can't solve a simple domestic problem. He could not convince his mother not to read his private letters. He is sorry about it in front of his girl friend Ella and states the problem to his friend Clovis. Bertie is, however, lucky to have a friend like Clovis who helps him get rid of his problem.


Q.5 Why did Bertie's mother read all the letters that came to her home?

Ans. She thought it maternal to know each and everything about her children in order to same them from any trouble of youth. She might also be of inquisitive nature.

B-COM PART 1: ENGLISH: Chapter 13 - The Story of An Hour

Image result for the story of an hour book cover
Summary

Mrs. Mallard was a heart patient. The news of her husband's death might take her life so her sister Josephine told the news of her husband's death in broken sentence. A friend of her husband who brought the news of the death of her husband. Friend of her husband was also there which he had got from the office of newspaper.

When Mrs. Mallard heard the news of her husband she did not react unusually but she wept bitterly in the arms of her sister and after few moments she went to her room and closed the room's door and she sat on an armchair. First she felt the great intensity of his grief and felt loneliness then she realized that its the beauty of nature. She felt herself free from all tensions. She knew that she would look at the face of her dead husband who never loved her. She came to know that she would not live for anyone but for herself now.

Josephine came to the door and called her sister by name Louise and requested to open the door. But after ward she came down stairs clasping her at the waist of her sister where Richard was waiting. When they reached there someone suddenly open the door and came inside unconsciously. It was Mr. Mallard who had been away at the home of the railway accident this his life was saved. Richard tried to keep away Mr. Mallard from there but it was late, she had been died of heart attack.


Difficult Words

Elusive ----------------- difficult to point out

Veiled ------------------ hidden

(To) haunt -------------- to return to mind mind repeatedly

Unwittingly ------------- unintentional

Tumultuously ------------ violent

Afflicted --------------- suffered from

Hastened ---------------- made a hurry

Twitter ----------------- chirp, sing (of birds)

Slender ----------------- weak

Exhaustion -------------- tiredness

Revealed ---------------- let out, disclosed

Distant ----------------- remote


Question and Answers

Q.1 What was Mrs. Mallard's first reaction to the news of her husband's alleged death?

Ans. She wept at once, with sudden wild abandonment in her sister Josephine's arms. She rushed to her room and she stood facing the open window and sank into the armchair near the window. The weather was bit cloudy and the spring season had set it. She looked outside the window with empty eyes. She threw back her head upon the cushion of the chair, calm and repressed. She expected that something was coming to her and she was waiting for it.


Q.2 What was her later reaction?

Ans. She felt a sense of freedom from bondage, as she did not lead a happy married life. She thought of the days ahead when she would live for herself.


Q.3 What words did she use to express her later feelings?

Ans. She said over and over under her breath with slightly parted lips. "Free, Free!" She was staring and had a terrified facial expression. Meanwhile her pulse was beating fast.


Q.4 What is the surprise ending of the story?

Ans. Although she was very badly shocked to hear the news of death of her husband death and was feeling that her unbearable grief would end her life, but she survived. She thought about the agony of lonely, dreadful of many years as a widow. Then all of a sudden Brently Mallard arrived from his outside tour. He was not on a train which faced accident. On his appearance Louise was so much overjoyed that she died by an extreme shock of joy. So she was killed by the great joy and not by the shock of alleged of her husband's death.


Q.5 What is the central idea of this story?

Ans. Sometimes extreme grief does not cause death but extreme joy can kill a person. Death is certain irrespective of the fact whether it occurs by the shock of grief or by the thunderbolt of an extreme joy.


Q.6 What is your idea about the married life of Mr. and Mrs. Mallard after reading this story?

Ans. Mr. Mallard and his wife were not passing the happy life. Mr. Mallard not love his wife and she felt her alone and normally she had deep attraction to her husband.

Wednesday, February 8, 2017

DISSOLUTION OF PARTNERSHIP


A Partnership Firm May Be Dissolved Under the Following Circumstances




The remaining partners may purchase the share of the outgoing or deceased partner and continue the business under the same name; it involves only the dissolution of partnership. The dissolution of firm includes the dissolution of partnership too. The partners have a contractual relationship among themselves. When this relationship is terminated it is an end of the firm.
A firm may be dissolved under the following circumstances:
a) Dissolution by Agreement (Section 40):
A partnership firm can be dissolved by an agreement among all the partners. Section 40 of Indian Partnership Act, 1932 allows the dissolution of a partnership firm if all the partners agree to dissolve it. Partnership concern is created by agreement and similarly it can be dissolved by agreement. This type of dissolution is known as voluntary dissolution.
(b) Dissolution by Notice (Section 43):
If a partnership is at will, it can be dissolved by any partner giving a notice to other partners. The notice for dissolution must be in writing. The dissolution will be effective from the date of the notice, in case no date is mentioned in the notice, and then it will be dissolved from the date of receipt of notice. A notice once given cannot be withdrawn without the consent of all the partners.
(c) Compulsory Dissolution (Section 41):
A firm may be compulsorily dissolved under the following situations:
(i) Insolvency of Partners:
When all the partners of a firm are declared insolvent or all but one partner are insolvent, then the firm is compulsorily dissolved.
(ii) Illegal Business:
The activities of the firm may become illegal under the changed circumstances. If government enforces prohibition policy, then all the firms dealing in liquor will have to close down their business because it will be an unlawful activity under the new law. Similarly, a firm may be trading with the businessmen of another country. The trading will be lawful under present conditions.
After some time a war erupts between the two countries, it will become a trading with an alien enemy and further trading with the same parties will be illegal. Under new circumstances the firm will have to be dissolved. In case a firm carries on more than one type of business, then illegality of one work will not amount to dissolution of the firm. The firm can continue with the activities which are lawful.
(d) Contingent Dissolution (Section 42):
In case there is no agreement among partners regarding certain contingencies, partnership firm will be dissolved on the happening of any of the situations:
(i) Death of a Partner:
A partnership firm is dissolved on the death of any of the partner.
(ii) Expiry of the Term:
A partnership firm may be for a fixed period. On the expiry of that period, the firm will be dissolved.
(iii) Completion of Work:
A partnership concern may be formed to carry out a specified work. On the completion of that work the firm will be automatically dissolved. If a firm is formed to construct a road, then the moment the road is completed the firm will be dissolved.
(iv) Resignation by a Partner:
If a partner does not want to continue in the firm, his resignation from the concern will dissolve the partnership.
(e) Dissolution through Court (Section 44):
A partner can apply to the court for dissolution of the firm on any of these grounds:
(i)    Insanity of a Partner:
If a partner goes insane, the partnership firm can be dissolved on the petition of other partners. The firm is not automatically dissolved on the insanity of a partner. The court will act only on the petition of a partner who himself is not insane.
(ii)    Misconduct by the Partner:
When a partner is guilty of misconduct, the other partners can move the court for dissolution of the firm. The misconduct of a partner brings bad name to the firm and it adversely affects the reputation of the concern. The misconduct can be in business or otherwise. If a partner is jailed for committing a theft, it will also affect the good name of the firm though it has nothing to do with the business.
(iii) Incapacity of a Partner:
If a partner other than the suing partner becomes incapable of performing his duties, then partnership can be dissolved.
(iv) Breach of Agreement:
When a partner wilfully commits breach of agreement relating to business, it becomes a ground for getting the firm dissolved. Under such a situation it becomes difficult to carry on the business smoothly.
(v) Transfer of Share:
If a partner sells his share to a third party or transfers his share to another person permanently, other partners can move the court for dissolving the firm.
(vi) Regular Losses:
When the firm cannot be carried on profitably, then the firm can be dissolved. Though there may be losses in every type of business but if the firm is incurring losses continuously and it is not possible to run it profitably, then the court can order the dissolution of the firm.
(vii) Disputes among Partners:
Partnership firm is based on mutual faith. If partners do not trust each other, then it will not be possible to run the business. When the partners quarrel with each other, then the very basis of partnership is lost and it will be better to dissolve it.

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