Class notes

Factors that influence or affect recruitment is of 2 types   I.External factors   II. Internal factors I.External factors External factors of recruitment are the factors which affect the organization's recruitment process and cannot be controlled by the organization.  They are listed below; 1.supply and demand The supply and demand of specific skills in the labour market are one of the significant factors which affect the recruitment process of the organization. If the demand for a particular skill is high relative to the supply, an extraordinary recruiting effort may be needed by the organization and vice versa.  For example, If the demand for professionals in the company is more and the supply of professionals in the market is low then the company will have to rely on internal sources by training and developing employees. 2.Unemployment rate A high unemployment rate in a particular area makes the hiring process simpler in finding qualified individuals by provi...

1. Define company? Prof, Haney lays down, "A Company is an artificial person created by law having a separate entity with a perpetual succession and a common seal". 2. Who is a promoter? Promoter: He is a person associated with promotion work.  Justice C. Cockburn defines a promoter as - "One who undertakes to form a company concerning a given project and to set it going and who takes necessary steps to accomplish the task". The term promoter includes an individual, a firm, an association of persons or even a company. The promoter selects and settles the field, place, capital, nature of liability and name of the company. 3.What is Table-A? Meaning: Table “A" is a model set of articles given in Schedule I contain 99 rules and regulations for companies limited by shares Section 26 states that a public company limited by shares may or may not prepare its articles of association. As per Section 28(2) of the companies Act, if a public company limited by shares has...

Prepare a Bank Reconciliation Statement as on 31-12-2000:  1) Bank balance as per Pass Book Rs. 30,000 2) Bank has paid life insurance premium Rs. 500  3) Bank has collected interest on Bank Deposit Rs. 250 4) Bank has debited for Bank charges Rs. 150/ 5) Customer has directly deposited into own Bank A/c Rs. 1,000 6) Cheque deposited Rs. 2,000/-, cleared Rs. 1,500 7) Cheque issued worth Rs. 800, Preserved Rs. 300 8) Bank has paid water bill Rs. 150 9) There was excess debit in Pass Book Rs. 200 10) Bank has collected dividend on shares Rs. 1,000.

Ledger Introduction : The journal alone will not serve all the purposes of accounting. In the journal the entries of the transactions are spread over an different dates. Therefore the other book, namely, the ledger comes into play where all the entries pertaining to different accounts are summarised and classified under the respect accounts. This makes it possible to know the position of each and every account maintained in the ledger on any given date.  Meaning of Ledger : "Ledger is usually a bound book containing the various accounts concerned with the business. It contains all the personal accounts of debtors and creditors with whom the business deals, the accounts of all the assets of the business and also the accounts of various expenses incurred and the incomes earned by the business". Principal book or Chief book A ledger is the "Principal book" or "Chief book" of accounts for a trader's business. It contains all his transactions and accounts...

Meaning of Journal: The term 'journal' is derived from the French word 'jour', which means a day. Journal, therefore, means a daybook or a daily record. It is a book of original entries in which all transactions are first recorded chronologically (i.e., in the order of occurrence or order of dates) from the source documents.  In the journal, each transaction is analysed (i.e., classified) into debit (i.e., receiving or incoming) aspect and credit (i.e., giving or outgoing) aspect, and both the debit and credit aspects of each transaction are recorded together in one entry, with a brief explanation for the entry called narration. Features of Journal The following are some of the features of the journal:  (a) Journal is written every day (b) Transactions are recorded systematically in chronological order date wise (c) It is a book of prime or original entry (i.e. first entry)  (d) It analysis the transactions into the accounts to be debited and credited. (e) It contains t...

Meaning of accounting cycle The accounting cycle is the complete sequence of accounting processes or procedures which begin with the recording of business transactions in the book or books of original entry and end with the preparation of final accounts, and which are repeated in the same order in each accounting period. Diagram showing accounting process of an accounting cycle: The sequential steps involved in the accounting cycle are 1.Recording the business transactions in a journal or special journals Recording the business transactions date wise in the book or books of original entry called the journal or in a number of books of original entry called the special journals or subsidiary books, as and when they occur. 2. Classifying the transactions through posting to  ledger periodically Classifying the transactions (i.e., the entries found in the book or books of original entry) by posting or transferring those entries to the appropriate accounts in the Ledger perio...