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MEANING AND SCOPE OF ACCOUNTING Accounting has rightly been termed as the language of Business. The basic function of a language is to serve as a means of communication. Accounting also serves this function. It communicates the results of business operations to various parties who have some stake in the business, viz., the proprietor, creditors, investors, the government and other agencies. Though accounting is generally associated with business, the government, and other individuals also make use of it. DEFINITION AND FUNCTIONS OF ACCOUNTING The American Institute of Certified Public Accountant (AICPA) defined accounting as follows: Accounting is the art of recording, classifying and summarizing in significant manner and in terms of money transactions and events which are, in part, at least of financial character and interpreting the results thereof. FUNCTIONS OF ACCOUNTING Recording: This is the basic function of accounting. It is essentially concerned not only with ensuring that all business transactions of a financial character are recorded, but also that they are recorded in an orderly manner. Recording is done in the book Journal. This book may be further sub-divided into various subsidiary books such as Cash Journal (for recording cash transactions), Purchases Journal (for recording Credit purchase of goods), Sales Journal (for recording Credit Sales of goods), etc. The number of subsidiary books to be maintained will be according to the nature and size of the business. Classifying: Classification is concerned with the systematic analysis of the recorded data, with a view to group transactions or entries of one nature at one place. The work of classification is done in the book termed as Ledger. This book contains on different pages, individual account heads under which, all financial transactions of similar nature are collected. Summarising: This involves presenting the classified data in a manner which is understandable and useful to the internal as well as
external end-users of accounting statements. This process leads to the preparation of the following statements: (i) Trial Balance (ii) Income Statement and (iii) Balance Sheet.
Dealing with Financial Transactions: Accounting records only those transactions and events in terms of money which are of a financial character. Other transactions are not recorded in the books of account. For example, if a company has a team of dedicated and trusted employees, it is of great use to the business; but since it is not of a financial character and not capable of being expressed in terms of money, it will not be recorded in the books of business. Analysing and Interpreting: This is the final function of accounting. The recorded financial data is analysed and interpreted in a manner that will enable the end-users to make a meaningful judgement about the financial condition and profitability of the business operations. The data is also used for preparing future plans and framing the policies for executing such plans. Communicating: The Accounting information after being meaningfully analysed and interpreted, has to be communicated in a proper form and manner, to the proper person. This is done through preparation and distribution of accounting reports, which include besides the usual income statement and the balance sheet additional information in the form of accounting ratios, graphs, diagrams, funds flow statements, etc. The initiative, imagination and innovative ability of the accountant are put to test in this process.
BOOK KEEPING AND ACCOUNTING Book keeping is mainly concerned with recording of financial data relating to the business operations in a significant and orderly manner. A book-keeper may be responsible for keeping all the records of a business or only those of a manner segment such as the customers accounts in a departmental store. A substantial portion of the book-keepers work is of a clerical nature and is increasingly being accomplished through the use of mechanical and electronic devices.
Accounting is primarily concerned with designing the systems for recording, classifying and summarizing the recorded data and interpreting them for internal and external end-users. Accounts often direct and review the work of the book-keepers. The larger the firm, the greater is the responsibility of the accountant. The work of an accountant may include some book-keeping initially. An accountant is required to have a much higher level of knowledge, conceptual understanding and analytical skill than what is required for a book-keeper. END-USERS OF ACCOUNTING DISCLOSURES Accounting is of primary importance to the proprietors and the managers. However, other persons such as creditors, prospective investors, employees, etc. are also interested in accounting information. Proprietors: A Business is done with the objective of making profit. Its profitability and financial soundness are, therefore, matters of prime importance to the proprietors who have invested their money in the business. Managers: In a sole proprietary business usually the proprietor is the manager. In the case of a partnership business either some or all the partners, participate in the management of the business. Therefore, they act both as managers as well as owners. In case of joint stock companies, the relationship between owners and the management becomes all the more remote. In most cases, the shareholders act merely as rentiers of capital and the management of the company passes into the hands of professional managers. The accounting disclosures greatly help them in knowing about what has happened and what should be done to improve the profitability and financial position of the enterprise in the period to come. Creditors: Creditors are the persons who have extended credit to the company. They are also interested in the financial statements because these will help them in ascertaining whether the enterprise will be in a position to meet its commitment towards them-both regarding the payment of interest and of the principal. Prospective Investors: A Person who is contemplating an investment in a business will like to know about its profitability and
financial position. A study of the financial statements will help him in this respect. Government: The Government is interested in the financial statements of a business enterprise on account of taxation, labour and corporate laws. If necessary, the Government may ask its officials to examine the accounting records of a business. Employees: The Employees are interested in the financial statements on account of various profit-sharing and bonus schemes. The interest may further increase in case they purchase shares of the companies in which they are employed. Citizen: An ordinary citizen may be interested in the accounting records of the institutions with which he comes in contact in his daily life, e.g. bank, temple, public utilities such as gas, transport, electricity companies, etc. In a broader sense, he is also interested in the accounts of a government company, a public utility concern, etc. as a voter and a tax payer. OBJECTIVES OF ACCOUNTING The following are the main objectives of accounting: To keep Systematic Records: Accounting is done to keep the systematic records of financial transactions. In the absence of accounting there would have been a terrific burden on human memory which in most cases would have been impossible to bear. To protect Business Properties: Accounting provides protection to business properties from unjustified and unwarranted use. This is possible because, accounting supplies the following information to the manager or the proprietor: (i) (ii) (iii)
The amount of the Proprietors funds invested in the business. How much the business has to pay to others How much the business has to recover from others
How much the business has in the form (a) Fixed assets, (b) Cash in hand, (c) Cash at bank, (d) Stock of Raw Materials, work-in-progress and finished goods.
Information about the above matters helps the proprietor in assuring that the funds of the business are not unnecessarily kept idle or underutilised.
To ascertain the Operational Profit or Loss: Accounting helps in ascertaining the net profit earned, or loss suffered, on account of carrying on the business. This is done by keeping a proper record of revenue and expenses of a particular period. The Profit and Loss Account is prepared at the end of a period and if the amount of revenue for the period is more than the expenditure incurred in earning that revenue, there is said to be a profit. In case the expenditure exceeds the revenue, there is said to be a loss.Profit and Loss Account will help the management, investors, creditors, etc. in knowing whether running of the business has proved to be remunerative or not. In case if it has not proved to be remunerative or profitable, the cause of such a state of affair will be investigated and necessary remedial steps will be taken. To ascertain the Financial Position of Business: The Profit and Loss Account gives the amount of profit or loss made by the business during a particular period. However, it is not enough. The business man must know about his financial position, i.e. what he owes and what he own. This objective is served by the Balance Sheet or Position Statement. The Balance Sheet is a statement of assets and liabilities of the business on a particular date. It serves as a barometer for ascertaining the financial health of the business. To facilitate rational decision making: Accounting these days has taken upon itself the task of collecting, analyzing and reporting information at the required points of time to the required levels of authority, in order to facilitate rational decision-making. The American Accounting Association has also stressed this point while defining the term accounting, when it says that accounting is the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information. Of course, this is by no means an easy task. However, the accounting bodies all over the world, and particularly the International Accounting Standards Committee, have been trying to grapple with this problem and have achieved success in laying down some basic postulates on the basis of which the
accounting statements have to be prepared. These postulates have been explained in the next chapter.
ACCOUNTING PRINCIPLES Accounting is the language of business through which normally a business house communicates with the outside world. In order to make this language intelligible and commonly understood by all, it is necessary that it should be based on certain uniform scientificallylaid down standards. These standards are termed as accounting principles. Accounting principles may be defined as those rules of action or conduct which are adopted by the accountants universally while recording accounting transactions. They are a body of doctrines commonly associated with the theory and procedures of accounting, serving as an explanation of current practices and as a guide for selection of conventions or procedures where alternatives exist. These principles can be classified into two categories: (i) (ii) Accounting Concepts Accounting Conventions.
Accounting Concepts
Separate Entity Concept: In accounting, business is considered to be a separate entity from the proprietor(s). This concept is extremely helpful in keeping business affairs strictly free from the effect of the private affairs of the proprietor(s). Thus, when one person invests Rs.10,000 into business, it will be deemed that the proprietor has given that much of money to the business which will be shown as a liability in the books of the business. In case the proprietor withdraws Rs.2,000 from business, it will be charged to him and the net amount payable by the business will be shown only as Rs.8,000. Going Concern Concept
According to this concept it is assumed that the business will continue for a fairly long time to come. There is neither the intension nor the necessary to liquidate the particular business venture in the foreseeable future. On account of this concept, the accountant while valuing the asset does not take into account the forced sales values of the assets. Moreover, he charges depreciation on fixed assets on the basis of their expected lives rather than on their market values. It should be noted that the going concern concept does not imply permanent continuance of the enterprise. It rather presumes that the enterprise will continue in operation long enough to charge against income, the cost of fixed assets over their useful lives, to amortize over appropriate period other costs which have been deferred under the accrual or matching concept, to pay liabilities when they become due and to meet the contractual commitments. MONEY MEASUREMENT CONCEPT Accounting records only monetary transactions. Events or transactions which cannot be expressed in terms of money do not find a place in the books of accounts though they may be very useful for the business. For example, if a business has got a team of dedicated and trusted employees, it is definitely an asset to the business but since their monetary measurement is not possible, they are not shown in the books of the business. COST CONCEPT This concept is closely related to the going concern concept. According to this concept (a) An asset is ordinarily entered in the accounting records at the price paid to acquire it, and (b) This cost is the basis for all subsequent accounting for the assets. For example, if a business buys a plot of land for Rs.50,000, the asset would be recorded in the books at Rs.50,000 even if its market value at that time happens to be Rs.60,000. A year later if the market value of the asset comes down to Rs.40,000, it will ordinarily continue to be shown at Rs.50,000 and not at Rs.40,000.
The cost concept does not mean that the asset will always be shown at cost. It has been stated above that cost becomes the basis for all future accounting for the asset. It means that asset is recorded at cost at the time of its purchase but it may systematically be reduced in its value by charging depreciation. Cost concept has the advantage of bringing objectivity in the preparation and presentation of financial statements. In the absence of this concept, the figures shown in the accounting records would have depended on the subjective views of a person. Dual Aspect Concept This is the basic concept of accounting. According to this concept every business transaction has a dual effect. For example, A starts a business with a capital of Rs.10,000. There are two aspects of the transaction. On one hand, the business has an asset of Rs.10,000 while on the other, the business has to pay to the proprietor a sum of Rs.10,000 which is taken as proprietors capital. This expression can be shown in the form of the following Capital (Equities) = Cash (Assets) 10,000 = 10,000
ACCOUNTING PERIOD CONCEPT According to this concept, the life of the business is divided into appropriate segments for studding the results shown by the business after each segments. This is because, thought the life of the business is considered to be indefinite (according to going concern concept), the measurement of income and studding the financial position of the business after a very long period would not be helpful in taking proper corrective steps at the appropriates time. It is the there fore absolutely necessary that after each segment or time interval the businessman must stop and see back how things are going. In accounting, such segments or time interval is called accounting period, and is usually of a year. At the end of each accounting period, an income statement and a balance sheet are prepared. The income statement discloses the profit or loss made by the business during the accounting period
while the balance sheet depicts the financial of the business as on the last day of the accounting period. While preparing this statement a proper distinction has to be made between capital and revenue expenditures.
PERIODIC MATCHING OF COSTS AND REVENUES CONCEPTS This is based on the accounting period concepts. The paramount objective of running a business is to earn profit. In order to ascertain the profit made by the business during a period, it is necessary that revenues of the period should be matched with the costs or expenses of the period. The term matching means appropriate association of related revenues and expenses. In other words, income made by the business during a period can be measured only when the revenue earned during a period is compared with the expenditure incurred for earning that revenue. The question as to when the payment was received or made is irrelevant. For example, if a salesman is paid commission in January, 1999 for sales made by him in December, 1998, the commission paid to the salesman in January, 1999 should be taken as the cost for sales made by him in December, 1998. This means that revenues of December, 1998 should be matched with the costs incurred for earning that revenue, i.e. salesmans commission, in December, 1998 (though paid in January, 1999). On account of this concept, adjustments are made for all outstanding expenses, accrued incomes, prepaid expenses and unearned incomes, etc., while preparing the final accounts at the end of the accounting period.
REALISATION CONCEPT According to this concept, revenue is recognized when a sale is made. Sale is considered to be made at the point when goods passes to the buyer and he becomes legally liable to pay for it. This can be well understood with the help of the following example: A places an order with B for supply of certain goods which are yet to be manufactured. On receipt of the order, B purchases raw
materials, employs workers, produces the goods and delivers them to A. A makes payment on receipt of the goods. In this case the sale will be presumed to have been made not at the time of receipt of the order for the goods, but at the time when goods are delivered to A.
Conservatism In the initial stages of accounting certain anticipated profits which were recorded, did not materialize. This resulted in low acceptability of accounting figures by the end-users. Because of this reason, the accountant follows the rule anticipate no profit but for all possible losses while recording business transactions. In other words, the accountant follows the policy of playing safe. Full Disclosure According to this convention, accounting reports should disclose fully and fairly the information they purport to represent. They should be honestly prepared and sufficiently disclose information which is of material interest to proprietors, to present and potential creditors and to investors. This convention is gaining more importance because most of the big businesses are run by joint stock companies where ownership is divorced from management. The Companies Act, 1956 not only requires that the Income Statement and Balance Sheet of a company should give a true and fair view of the state of affairs of the company but also gives the prescribed forms in which these statements are to be prepared. The practice of appending notes to the accounting statements (such as about contingent liabilities or market value of investments) is in pursuant to the convention of full disclosure.
Consistency According to this convention, accounting practices should remain unchanged from one period to another. For example, if stock is valued at cost or market price whichever is less this principle should be followed year after year. Similarly if depreciation is charged on fixed assets according to diminishing balance method, it
should be done year after year. This is necessary for purposes of comparison. However, consistency does not mean inflexibility. It does not forbid introduction of improved accounting techniques, but if adoption of such a technique results in inflating or deflating the figures of profit as compared to the previous period, a note to that effect should be given in the financial statements. Materiality According to this convention, the accountant should attach importance to material details and ignore insignificant details. This is because accounting otherwise will be unnecessarily overburdened with minute details. The question as to what constitutes a material detail is left to the discretion of the accountant. Moreover, an item may be material for one purpose but immaterial for another. For example, while sending each debtor a statement of his account, complete details up to praise have to be given. However, when a statement of outstanding debtors is prepared for sending to top management, figures may be rounded off to the nearest ten or hundred. The Companies Act also permits ignoring of praise while preparing financial statements. Similarly for tax purposes, income has to be rounded off to the nearest ten. The term materiality is a subjective term. The accountant should regard an item as material if there is reason to believe that knowledge of it would influence the decision of the informed investor. SYSTEMS OF BOOK-KEEPING Book-Keeping, as explained earlier, is the art of recording pecuniary or business transactions in a regular systematic manner. This recording of transactions may be done according to any of the following two systems. Single Entry System An incomplete double entry can be termed as a single entry system. According to Kohler, it is a system of book-keeping in which as a rule only records of cash and personal accounts are maintained, it is always incomplete double entry, varying with circumstances. This system has been developed by some business houses where, for their convenience, only some essential records are kept. Since all
records are not kept, the system is not reliable and can be used only by small business firms. Double Entry System The System of double entry book-keeping which believed to have originated with the venetian merchants of the fifteenth century is the only system of recording the two-fold aspect of the transaction. This has been some extent, explained while discussing the dual aspect concept earlier in this chapter. The system recognizes that every transaction has a two-fold effect. If some one receives something then, either some other person must have given it, or the first mentioned person must have lost something, or some service must have been rendered by him. Accounting Equation The double entry system of book-keeping can very well be explained by the accounting equation given below: Assets = Equities The properties owned by a business are called assets. The rights over the properties are called Equities. Equities may be sub-divided into two principal types the right of the creditors and the rights of the owners. The equity of creditors represents debts of the business and are called liabilities. The equity of the owners is called capital, or proprietorship, or owners equity. Thus, Assets = Liabilities + Capital Capital SYSTEMS OF ACCOUNTING There are basically two systems of accounting Cash System of Accounting This is a system in which accounting entries are made only when cash is received or paid. No entry is made when a payment or receipt is merely due. Government system of accounting is mostly on the cash system. Certain professional people record their income on cash basis, but while recording expenses they take into account or Assets Liabilities =
the outstanding expenses also. In such a case, the financial statement prepared by them for determination of their income is termed as Receipts and Expenditure Account. Mercantile or Accrual System of Accounting This is a system in which accounting entries are made on the basis of amounts having become due for payment or receipt. This system recognizes the fact that if a transaction or an event has occurred, its consequences cannot be avoided and therefore should be brought into books in order to present a meaningful picture of profit earned or loss suffered, and also of the financial position of the firm concerned.
JOURNAL The Journal records all daily transactions of a business in the order in which they occur. A Journal may therefore be defined as a book containing a chronological record of transactions. It is the book in which the transactions are recorded first of all under the double entry system. Thus, Journal is the books of original records. The process of recording transaction in a Journal is termed as Journalising. A proforma of a Journal is given below: Journal Dat e (1) Particulars (2) L.F. (3) Debit Rs. (4) Credit Rs. (5)
1. Date The date on which the transaction was entered is recorded here. 2. Particulars The two aspects of transaction are recorded in this column, i.e. the details regarding accounts which have to be debited and credited. 3. L.F. It means Ledger Folio. The transactions entered in the Journal are later on posted to the Ledger. Procedure regarding
posting the transactions in the Ledger has been explained in the succeeding chapter. 4. Debit In this column, the amount to be debited is entered.
5. Credit In the column, the amount to be credited is shown.
Personal Accounts Personal accounts include the accounts of persons with whom the business has dealings. These accounts can be classified into three categories. Natural Personal Accounts The term Natural Persons means persons who are creation of God. For example, Mohans Account, Sohans Account, Abhas Account, etc. Artificial Personal Accounts These Accounts include accounts of corporation bodies or institutions which are recognized as persons in business dealings. For example, the account of a Limited Company, the account of a Co-operative Society, the account of a Club, the account of Government, the account of an Insurance Company, etc. Representative Personal Accounts These are accounts which represent a certain person or group of persons. For example, if the rent is due to the landlord, an outstanding rent account will be
opened in the books. Similarly for salaries due to the employees (not paid), an outstanding salaries account will be opened. The outstanding rent account represents the account of the landlord to whom the rent is to be paid while the outstanding salaries account represents the accounts of the persons to whom the salaries have to be paid. All such accounts are therefore termed as Representative Personal Accounts. The Rule is Debit The Receiver Credit The Giver
Real Accounts Real Accounts may be of the following types: Tangible Real Accounts Tangible Real Accounts are those which relate to such things which can be touched, felt, measured etc. Examples of such accounts are cash account, building account, furniture account, stock account, etc. It should be noted that bank account is a personal account, since it represents the account of the banking company an artificial person. Intangible Real Account These accounts represent such things which cannot be touched. Of course, they can be measured in terms of money. For example, patents accounts, goodwill account, etc. Debit What Comes In
Nominal Accounts
Nominal Accounts include accounts of all expenses, losses, incomes, and gains. The examples of such accounts are rent rates, lighting, insurance, dividends, loss by fire, etc. The Rule is Debit All Expenses & Losses
When some prefix or suffix is added to a Nominal Account, it becomes a Personal Account. The Table given below explains the above rule: Nominal Account 1.Rent Account 2.Interest Account 3.Salary Account 4.Insurance Account 5.Commission Account Personal Account Rent Prepaid Account, Outstanding Rent Account Outstanding Interest Account, Interest received in advance account, Prepaid Interest Account Outstanding Salaries Account, Prepaid salaries account Outstanding Insurance Account, Prepaid Insurance Account Outstanding Commission Account, Prepaid Commission Account
From the following transactions, find out the nature of account and also state which account should be debited and which account should be credited. (a) Rent Paid (g) Outstanding for Salaries (h) Telephone Charges (i) Paid to Suresh (j) Received from Mohan (k) Lighting
(b) Salaries Paid Paid (c)Interest Received (d) Dividends Received (The Proprietor) (e) Furniture Purchased for Cash
Solution Transaction Rent Paid Salaries Paid Accounts involved Rent A/c Cash A/c Salaries A/c Cash A/c Nature of Accounts Nominal A/c Real A/c Nominal A/c Real A/c Debit / Credit Debit Credit Debit Credit
Interest Paid Dividends Received Furniture Purchased Machinery Sold Outstanding for Salaries Telephone Charges Paid Paid to Suresh Received from Mohan (The Proprietor Lighting
Cash A/c Interest A/c Cash A/c Dividends A/c Furniture A/c Cash A/c Cash A/c Machinery A/c Salaries A/c Outstanding Salaries A/c Telephone Charges A/c Cash A/c Suresh Cash A/c Cash A/c Capital A/c Lighting A/c Cash A/c
Real A/c Nominal A/c Real A/c Nominal A/c Real A/c Real A/c Real A/c Real A/c Nominal A/c Personal A/c Nominal A/c Real A/c Personal A/c Real A/c Real A/c Personal A/c Nominal A/c Real A/c
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Classification of Goods Account The term goods include articles purchased by the business for resale. Goods purchased by the business may be returned back to the supplier. Similarly, goods sold by the business to its customers can also be returned by the customers back to the business due to certain reasons. In business it is desired that a separate record be kept for all sale, purchase and return of goods. Hence, Goods Account can be classified into the following categories: (i) Purchase Account The Account is meant for recording all purchases of goods. Goods come in on purchasing of goods and, therefore, the Purchases Account is debited on purchase of goods. Sales Account The Account is meant for recording of selling of goods. The goods go out on selling of goods, and therefore, on sale of goods, the Sales Account is credited. Purchases returns Account The Account is meant for recording return of goods purchased. The goods go out on
returning of goods to the suppliers and, therefore, the account should be credited on returning goods purchased. (iv) Sales returns Account The Account is meant for recording return of goods sold, by the customers. The goods come in and therefore the Sales Return Account should be debited on return of goods.
The above classification of Goods Account can be shown in the form of the following chart:
Compound Journal Entry Sometimes there are a number of transactions on the same date relating to one particular account or of one particular nature. Such transactions may be recorded by means of a single journal entry instead of passing several journal entries. Such as entry is termed as a Compound Journal Entry. Pass a Compound Journal Entry in each of the following cases: 1. Payment made to Ram Rs.1,000. He allowed a cash discount of Rs.50. 2. Received cash from Suresh Rs.800 and allowed him Rs.50 as discount. 3. A running business was purchased by Mohan with following assets and liabilities: Cash Rs.2,000, Land Rs.4,000, Furniture Rs.1,000, Stock Rs.2,000, Creditors Rs.1,000, Bank Overdraft Rs.2,000.
Journal Sl. No. 1. Particulars Ram Dr. To Cash A/c To Discount (Being payment made to Ram Rs.1,000 and he allowed Rs.50 as discount) Cash A/c Dr. Discount A/c Dr. To Suresh (Being cash received from Suresh Rs.800, and discount allowed Rs.50) Cash A/c Dr. Land A/c Dr. Furniture A/c Dr. Stock A/c Dr. To Creditors To Bank Overdraft To Capital A/c (Being commencement of business by Mohan by taking over a running business) L.F. Debit Rs. 1,050 Credit Rs. 1,000 50
800 50
Journalise the following transactions. Also state the nature of each account involved in the Journal entry. 1. Dec.1, 1998, Ajit started business with Cash Rs.40,000. 2. Dec.3, He paid into the Bank Rs.2,000. 3. Dec.5, He purchased goods for cash Rs.15,000. 4. Dec.8, He sold goods for cash Rs.6,000. 5. Dec.10, He purchased furniture and paid by Cheque Rs.5,000.
6. Dec.12, He sold goods to Arvind Rs.4,000. 7. Dec.14, He purchased goods from Amrit Rs.10,000. 8. Dec.15, He returned goods to Amrit Rs.5,000. 9. Dec.16, He received from Arvind Rs.3,960 in full settlement. 10. Dec.18, He withdrew goods for personal use Rs.1,000.
11. Dec.20, He withdrew cash from business for personal use Rs.2,000. 12. 13. Dec.24, He paid telephone charges Rs.1,000. Dec.26, Cash paid to Amrit in full settlement Rs.4,900.
14. Dec.31, Paid for stationary Rs.200, Rent Rs.500 and salaries to staff Rs.2,000. 15. Dec.31, Goods distributed by way of Free Samples Rs.1,000.
Journalise the following transactions in the books of a trader. Debit Balances on Jan.1, 1999: Cash in Hand Rs.8,000, Cash at Bank Rs.25,000, Stock of Goods Rs.20,000, Furniture Rs.2,000, Building Rs.10,000, Sundry Debtors: Vijay Rs.2,000, Anil Rs.1,000, and Madhu Rs.2,000. Credit Balances on Jan.1, 1999: Sundry Creditors: Anand Rs.5,000, Loan from Bablu Rs.10,000. Following were further transactions in the month of January, 1999: 2. Jan. 1, Purchased goods worth Rs.5,000 for cash less 20% trade discount and 5% cash discount. 3. Jan. 4, Received Rs.1,980 from Vijay and allowed him Rs.20 as discount. 4. Jan. 6, Purchased goods from Bharat Rs.5,000.
5. Jan. 8, Purchased plant from Mukesh for Rs.5,000 and paid Rs.100 as cartage for bringing the plant to the factory and another Rs.200 as installation charges. 6. Jan. 12, Sold goods to Rahim on Credit Rs.600. 7. Jan. 15, Rahim became insolvent and could pay only 50 paise in a rupee. 8. Jan. 20, Paid salary to Ratan Rs.2,000. 9. Jan. 21, Paid Anand Rs.4,800 in full settlement. 10. 11. 12. Jan. 26, Interest received from Madhu Rs.200. Jan. 28, Paid to Bablu interest on Loan Rs.500. Jan. 31, Sold Goods for cash Rs.500.
13.Jan. 31, Withdrew goods from business for personal use Rs.200.
LEDGER Ledger is a book which contains various accounts. In the other words, Ledger is a set of accounts. It contains all accounts of the business enterprise, whether Real, Nominal or Personal, and may be kept in any of the following two forms: (i) Bound Ledger and (ii) Loose Leaf Ledger. Currently, the common practice is common to keep the Ledger in the form of Loose-Leaf Cards. This helps in posting transactions particularly when mechanized system of accounting in used.
POSTING The term Posting means transferring the debit and credit items from the Journal to their respective accounts in the Ledger. It should be noted that the exact names of accounts used in Journal should be carried to the Ledger. Suppose salaries of Rs.10,000 have been paid in cash, the following entry will be passed in the Journal:
Rs. 10,000
Journalise the following transactions, post them in the Ledger and balance the accounts on 31st January. 1. Ram started business with a capital of Rs.10,000 2. He purchased goods from Mohan on credit Rs.2,000. 3. He paid cash to Mohan Rs.1,000 4. He sold goods to Suresh Rs.2,000. 5. He received cash from Suresh Rs.3,000. 6. He further purchased goods from Mohan Rs.2,000. 7. He paid cash to Mohan Rs.1,000. 8. He further sold goods to Suresh Rs.2,000. 9. He received cash from Suresh Rs.1,000.
TRIAL BALANCE The various debit balances and the credit balances of the different accounts are put down in a statement, which is termed a Trial Balance. In other words, Trail Balance is a statement containing the various ledger balances on a particular date. For example, with the
balances of the ledger accounts prepared in Illustration 4.2, a Trail Balance can be prepared as follows: TRIAL BALANCE As on 31st January Particulars Cash Account Capital Account Purchase Account Mohan Sales Account OBJECTS OF PREPARING A TRAIL BALANCE Checking of the Arithmetical Accuracy of the Accounting Entries As indicated above, Trial Balance helps in knowing the arithmetical accuracy of the accounting entries. This is because, according to the dual aspect concept, for every debit there must be an equivalent credit. Trial Balance represents a summary of all ledger balances and therefore, if the two sides of the Trail Balance tally, it is an indication of the fact that the books of account are arithmetically accurate. Of course, there may be certain errors in the books of account in spite of an agreed Trail Balance. For example, if a transaction has been completely omitted from the books of account, the two sides of the Trail Balance will tally, in spite of the books of account being wrong. This will be discussed in detail in a separate chapter. Debit Rs. 12,000 4,000 16,000 Credit Rs. 10,000 2,000 4,000 16,000
Basis for Financial Statements Trail Balance forms the basis for preparing financial statements such as the Income Statement and the Balance Sheet. The Trail Balance represents all transactions relating to different accounts in a summarized form for a particular period. In case the Trail Balance is not prepared, it will be almost impossible to prepare the financial statements as stated above to know the profit or loss made by the
Summarised Ledger It has already been stated that a Trail Balance contains the Ledger balances on a particular date. Thus, the entire ledger is summarized in the form of a Trail Balance. The position of a particular account can be judged simply by looking at the Trail Balance. The Ledger may be seen only when details regarding the accounts are required.
SUB DIVISION OF JOURNAL In a big business, recording of all transactions in one Journal will not only be inconvenient but also cause delay in collecting information required. The Journal is, therefore, sub-divided into many subsidiary books. This sub-division results in the following advantages: Convenience: As stated above maintenance of a single Journal for all transactions will make it quite bulky and difficult to handle. Subdivision of Journal will result in reducing the size of Journal and making it convenient to handle. Division of Labour: Sub-Division of Journal helps in division of Labour since each journal can be written by a different person. Classified Information: Each Journal provides information relating to a particular aspect of the business. For example, a Purchases Journal gives information about the total credit purchases made by the business. Similarly a Sales Journal gives information about the total credit sales made by the business. Thus, the businessman gets the information relating to different aspects of the business in a classified form in the shortest possible time.
FINAL ACCOUNTS The Accuracy of the books of account is determined by means of preparing a Trail Balance. Having determined the accuracy of the books of accounts, every businessman is interested in knowing about two more facts. They are: (i) Whether he has earned a profit or suffered a loss during the period covered by the Trail Balance (ii) What is his current financial position. The determination of the Profit or Loss is done by preparing Trading and Profit and Loss Account otherwise known as an Income Statement. The Financial position is judged by means of preparing a Balance Sheet of the business. The Two statements together are termed as Final Accounts. As the term indicates Final Account means which are prepared at the final stage and which reflect the financial position of the business.
Trading and Profit and Loss Account: The Trading and Profit and Loss Account is a final summary of such accounts which discloses the profit or loss position of the business other words, the account contains items of Income and Expenses relating to a particular period. The account is prepared in two parts (i) Trading Account and (ii) Profit and Loss Account TRADING ACCOUNT The Trading Account gives the overall result of trading i.e, purchasing and selling of goods. In other words, it explains whether purchasing of goods and selling them has proved to be profitable for the business or not. It takes into account on the one hand the cost of goods sold and on the other the value for which they have been sold. In case the sales value is higher than the cost of goods sold, there will be a profit; while in a reverse case, there will be a loss. The profit disclosed by the Trading Account is termed as Gross Profit. Similarly the loss disclosed by the Trading Account is termed as Gross Loss. The Trading Account can be prepared in the following form. Trading Account Dr. Cr. Particulars Rs. To Opening Stock . To Purchases less . Returns . To Direct Expenses . PROFIT AND LOSS ACCOUNT Particulars By Sales less Returns By Closing Stock Rs. . . . . for the Period ending 31-12-1989
Profit and Loss Account considers all such expenses and incomes and gives the net profit made or loss suffered by a business during a particular period. It is generally prepared in the following form: Profit and Loss Account Dr. Cr. Particulars Rs. Particulars Rs. for the year ending.
To Gross Loss b/d To Salaries To Rent To Commission To Advertisements To Bad Debts To Discount To Net Profit Transferred to Capital Account
. . . . . . . . .
By Gross Profit b/d By Discount received By Net Loss transferred to Capital A/c
. . .
From the following balances, taken from the Trail Balance of Shri Suresh, prepare a Trading and Profit and Loss Account for the year ending 31st Dec., 1998: Particulars Dr.Rs. Stock on 1.1.1998 2,000 Purchases and Sales 20,000 Returns 2,000 Carriage 1,000 Cartage 1,000 Rent 1,000 Interest Received Salaries 2,000 General Expenses 1,000 Discount Insurance 500 st The Closing Stock on 31 December, 1998 is Rs.5,000. Cr.Rs. 30,000 1,000
2,000 500
BALANCE SHEET A businessman will like to know the financial position of his business. For this purpose, he prepares a statement of his assets and liabilities as on a particular date. Such a statement is termed as Balance Sheet. Thus, Balance Sheet is not an account but only a statement
containing the assets and liabilities of a business on a particular date. The Balance Sheet has two sides. On the left hand side, the liabilities of the business are shown and on the right hand side, the assets. These two terms have been explained later in the chapter. It will be useful here to quote definitions of the Balance Sheet given by some prominent writers. According to Palmer, The Balance Sheet is a statement at a given date showing on one side the traders property and possessions and on the other side his liabilities. According to Freeman, A Balance Sheet is an itemized list of the assets, liabilities and proprietorship of the business of an individual at a certain date. The definition given by the American Institute of Certified Public Accountants makes the meaning of Balance Sheet more clear. According to it, Balance Sheet is a list of balances in the asset and liability accounts. This list depicts the position of assets and liabilities of a specific business at a specific point of time.
From the following balance extracted from the books of M/s Rajendra Kumar Gupta & Co., pass the necessary closing entries, prepare a Trading and Profit and Loss Account and a Balance Sheet. Particulars Opening Stock Sales Depreciation Commission (Cr.) Insurance Carriage Inwards Furniture Printing Charges Carriage Outwards Capital Creditors Bills Payable Particulars Plant and Machinery Returns Outwards Cash in hand Salaries Debtors Discount (Dr.) Bills Receivable Wages Returns Inwards Bank Overdraft Purchases Petty Cash in hand Bad Debts st The value of Stock on 31 December, 1998 was Rs.3,700. ADJUSTMENT ENTRIES Rs 1,250 11,800 667 211 380 300 670 481 200 9,228 1,780 541 Rs 6,230 1,380 895 750 1,905 328 2,730 1,589 1,659 4,000 8,679 47 180
Sometimes after the Books of Account are closed and the Trial Balance is prepared, the accountant may come to know of certain adjustments which have to be made in the books of account, to give a true picture of the state of affairs of the business. These adjustments usually relate to the following: 1. Closing Stock 2. Outstanding Expenses 3. Prepaid Charges 4. Outstanding or Accrued Income 5. Income received in Advance or Unearned Income 6. Depreciation 7. Bad Debts. 8. Provision for Bad Debts. 9. Provision for discount on debtors 10. 11. 12. Reserve for discount on creditors Internet on Capital Interest on Drawings.
(c) Prepaid Expenses (Unexpired Expenses (d) Accrued Income (or Income earned but not received) or Outstanding Income (e) Unearned Income (or Income received in advance) (f) Depreciation
Prepaid Expense A/c To Respective Expense Accrued Income A/c To Respective Income A/c
side Deducted from the respective indirect expense on the debit side Added to the respective Income on the Credit Side
Shown on the Assets side as a Current Asset Shown on the Assets side as a Current Asset
X Dr.
Deducted from the respective Income on the Credit Side Shown on the debit side as a separate item
Shown on the liabilities side as a Current Liability Shown on the assets side by way of deduction from the value of respective Fixed Asset. Shown on the Assets side by way of deduction from the amount of Sundry Debtors.
Shown on the debit side by way of addition to Bad Debts (inside the Trial Balance) (If no Provision for Doubtful Debts is maintained) or shown on the debit side of Provision Account is maintained) Shown on the debit side as a separate item
X Dr.
Shown on the asset side by way of Deduction from the amount of Sundry Debtors (Net of additional bad debts) Shown on the Asset Side by way of deduction from the amount of Sundry Debtors (Net of additional bad debts & Provisions for doubtful debts) Shown on the liabilities side by way of deduction from the amount of Sundry
X Dr. Dr. on X
Shown on the Debit Side as a Separate Item Shown on the Credit Side as a Separate Item Shown on the Debit Side as a Separate Item Total value of irrecovered loss of stock is shown on the Debit Side as a separate item X
(l) Interest on Drawings (m) Managers Commission on Profit (n) Abnormal Loss of Stock
Managers Commission Dr. To Outstanding Commission A/c Loss of Stock A/c Dr To Trading A/c
Debtors Shown on the liabilities side by way of deduction from the Capital Shown on the liabilities side by way of deduction from the Capital Shown on the liabilities side as a Current Liability The amount due from the insurance company is shown on the assets side as a Current Asset (i) Shown on the asset side by way of deduction from debtors (ii) Shown on the Assets side by way of addition to closing stock in hand Shown on the assets side by way of addition to closing stock in hand
Total Value of abnormal loss of stock (Whether or not recovered) is shown on the credit side as a separate Item Shown on the Credit Side by way of Deduction from sales Shown on the Credit Side by way of addition to Closing Stock in hand Shown on the Credit side by way of addition to closing stock in hand
(ii) Stock with To Trading A/c (p) Goods Transit in Goods in Transit A/c To Trading A/c
TREATMENT OF ITEMS OF ADJUSTMENT APPEARING IN THE TRIAL BALANCEIf any item of adjustment appears inside the Trial Balance, it will be
shown at one appropriate places in the final accounts. The treatment of such items has been shown below: Treatment of Items of Adjustments Appearing Inside the Trial Balance
Item given in Trial Balance (a) Closing Stock (b) Outstanding Expenses / Accrued Expense (c) Prepaid Expense (d) Accrued Income (e) Unearned Income (f) Depreciation (g) Bad Debts if no provision for Doubtful Debts A/c Treatment in Profit and Loss A/c or Other Account ----------Shown on the debit side of P &L A/c as a Separate item Shown on the debit side of P &L A/c as a Separate item Treatment in Balance Sheet Shown on the Assets side Current Asset Shown on the Liabilities as a Current Liability Shown on the Assets side Current Asset Shown on the Assets side Current Asset Shown on the Liabilities as a Current Liability ----as a side as a as a side
appears (h) Bad Debts if provision for Doubtful Debts A/c appears (i) Discount allowed if no provision for Discount on Debtors A/c appears (j) Discount allowed if provision for Discount on Debtors A/c appears (k) Discount Received if no Reserve for Discount on Creditors A/c appears (l) Discount Received if Reserve for Discount on Creditors A/c appears (m)Interest on Capital (n) Interest on Drawings
Shown on the debit side of Provision for Doubtful Debts A/c Shown on the debit side of P &L A/c as a Separate item Shown on the debit side of Provision for Discount on Debtors A/c Shown on the debit side of P &L A/c as a Separate item Shown on the credit side of Reserve for Discount on creditors A/c Shown on the debit side of P &L A/c as a Separate item Shown on the debit side of P &L A/c as a Separate item
1. The following is the Trial Balance of Mr.Wise as at 31 st March 20X2 Debit Balances Fixed Assets Opening Stock Debtors Bills receivables 12% Investments (Purchased on 1.7.20X1) Cash in Hand Cash at Bank Drawings Purchases Sales Returns Carriage Inwards Carriage Outwards Rent Insurance Office & Administration Expenses Discount Allowed Bad Debts Interest Selling & Distribution Expenses Additional Information (a) Closing Stock as on 31st March 20X2 was Rs.42,000. (b) Rent is payable at the rate of Rs.300 per month. (c) Insurance Premium was paid for the year ending on 30 th June 20X2. (d) Write off further Rs.5,000 as bad. Rs. 3,00,000 75,000 2,05,000 10,000 50,000 5,000 10,000 10,000 5,25,000 10,000 5,000 2,000 3,000 3,600 13,200 2,000 5,000 2,500 15,800 12,52,100 Credit Balances Creditors Bills Payables Loan from Bank Capital Account Sales Purchases Returns Discount Earned Bad Debts Recovered Interest Rs. 1,00,000 5,000 4,000 5,00,000 6,30,000 5,000 1,000 3,500 3,000
(e) Create Provision for discount on Debtors @ 2% (f) Create a Provision for Doubtful debts @ 10% (g) Create a Reserve for discount on Creditors @ 2% (h) Provide for depreciation on fixed assets @ 10 p.a. Required Prepare Trading and Profit and Loss Account for the year ending on 31st March 20X2 and a Balance Sheet as at 31st March 20X2. 2. A Book Keeper has submitted to you the following Trial Balance wherein the totals of the Debit and Credit balances are not equal. Particulars Capital. Cash in hand.. Purchases Sales. . Cash at bank. Fixtures and Fittings.. Freehold Premises. Lighting and Heating.. Bills Receivable.. Returned Inward... Salaries . Creditors. . Debtors Stock at 1 April 20X1 Printing . Bills Payable Rates, Taxes & Insurance Discounts Received. Discount Allowed. You are required to (i) Redraft the Trial Balance correctly as at 31st March 20X2. Dr.(Rs) ----8,990 --885 225 1,500 65 ----1,075 --5,700 3,000 225 1,875 190 445 -24,175 Cr.(Rs) 7,670 30 11,060 --------825 30 --1,890 ------------2 00 21,705
(j) Prepare a Trading and Profit and Loss Account and a Balance Sheet after taking into account the following adjustments. a. Stock on hand on 31st March 20X2 was valued at Rs.1,800. b. Depreciate Fixtures and Fittings by Rs.25. c. Rs.35 was due and unpaid in respect of Salaries. d. Rates and insurance had been paid in advance to the extent of Rs.40. 3.The following Trial Balance has been extracted from the books of Shri Santosh Kumar on 31st March 20X2 Particulars Plant and Machinery.. Furniture and Fixtures. .. Capital Account / Drawing Account. Loose Tools.. Goodwill.. Opening Stock (1.4.20X1) .. Returns . Discount. .. Purchases / Sales.. Wages and Other Expenses.. ... Provision for Doubtful Debts. . Carriage Inwards.. Salaries. General Expenses and Insurance Rent and Taxes. Postage and Telegrams. Bank Overdraft. Sundry Debtors / Creditors. B.Barua . Cash and Bank Balances... Dr.(Rs) 1,00,000 12,000 2,000 20,000 10,000 20,000 8000 --2,12,000 1,00,000 --12,000 41,600 72,000 14,400 4,000 --56,000 2,000 14,0 00 7,00,000 Cr.(Rs) ----------4,000 6,000 4,68,000 --2,000 ----------20,000 24,000 ---7,00,000
The following additional information is available. (a) Stock on 31st March 20X2 was Rs.30,800. (b) Depreciation is to be charged on Plant and Machinery at 5 p.a . and Furniture and Fixtures at 6 p.a Loose Tools are revalued at Rs.16000. (c) Provision for Doubtful debts is to be maintained at 5 on Sundry Debtors. (d) Remuneration of Rs.2,000 paid to Mr.B.Barua a temporary employee, stands debited to his personal account and it is to be corrected. (e) Unexpired insurance was Rs.400. Required Prepare Trading and Profit and Loss Account for the year ended 31 st March 20X2 and a Balance Sheet as on that date.
BANK RECONCILIATION STATEMENT Causes of Difference The following are the causes of difference between the balance as shown by the bank pass book and the balance as shown by the firms cash book. (i) Cheques issued but not presented for payment The Firm issues cheques from time to time for making different payments. As soon as a cheque is issued, the firm debits the partys account in whose favour the cheque is issued and credits the banks account. However, the bank comes to know of issue of such cheques only when they are presented for payment. The bank, therefore debits the firms account only when the cheque is actually presented for payment. It may therefore, be possible that on a particular date when the bank is submitting the firms statement of account, it may not include certain cheques
which have been issued by the firm because they may not have yet been presented. Thus, the balance shown by the banks books in the firms account will be higher than the balance shown by the firms books in the bank account. For example, a firm issues a cheque in favour of a creditor on 28th December, 1998 for a sum of Rs.10,000. The Cheque is presented by the creditor on 3rd January, 1999 for payment. In case, the bank submits a statement of account to the firm upto 31st December,1998, there will be a difference of Rs.10,000 between the balance as shown by the firms books and the balance as shown by the pass book. (ii) Cheques sent for Collection but not yet Collected A Firm receives from time to time cheques from its customers which is sent to its bankers for collection and for crediting the proceeds to its account. The firm debits the account of the bank as soon as it sends the cheques to the bank for collection. However, the bank gives credit to the firm only when the cheques are actually collected. Thus, on a particular date it may be possible that certain cheques which were sent for collection by the firm to the bank may not have been collected by the bank and therefore not credited to the firms account. The two balances the balance as shown by the bank passbook and the firms cashbook will therefore be different. For example, if a firm sends a cheque Rs.5,000 on 25 th December, 1998 to the bank for collection which is collected by the bank on 5 th January, 1999, in the statement of account which may be submitted by the bank for the year ending 31 st December, 1998, there will be no credit to the customer for the cheque which it has not yet collected. Thus the balance shown by the firms cash book will be different from the balance shown by the firms cash book will be different from the balance as shown by the bank pass book. Bank Charges The bank its customers for the services it renders to them from time to time. The bank may charge its customer for remitting funds at his instruction from one place to another. It may also charge for collecting outstation cheques or bills of exchange of its customer. The bank debts the customers account as soon as it renders such a service.
However a customer will know of such charges only when he receives a statement of account from the bank. Thus, on a particular date, the balance shown by the bank passbook may be different from the balance shown by the cashbook. (iv) Direct Collections on behalf of Customers A banker may receive amounts due to the customer directly from customers debtors. For example, the banker may get dividends, rents, interest, etc. directly from the persons concerned on account of standing instructions of the customer to such persons. The bank gives credit to the customer for such collections as soon as it gets such payments. However the customer comes to know of such collections only when he receives the statement of account from his banker. Thus, the balance shown by the bank passbook and the firms cashbook may not be the same on account of this reason. Errors There may be errors in the account maintained by the customer as well as the bank. A wrong credit or debit may be given by the customer or the bank. The two balances, therefore, may not tally.
A Bank Reconciliation Statement is a statement reconciling the balance as shown by the bank passbook and the balance as shown by the Cashbook. The objective of preparing such a statement is to know the causes of difference between the two balances and pass necessary correcting or adjusting entries in the books of the firm. It should be noted that every variation or difference does not require an adjusting or correcting entry. Some reasons for difference are automatically adjusted. For example, a cheque that has been sent for collection, but not yet collected, causes a difference between the balance as shown by the bank passbook and the balance as shown by the cashbook, but no adjusting entry is required in the cashbook for such a difference because the bank will credit the firms account as soon as the cheque is collected. This is only a question of time. However, if the cheque sent for collection to the bank has been
returned by the bank on account of it being dishonored, the firm should pass an adjusting entry for return of this cheque if it has not already been passed. Similarly, the firm has also to pass in its books, the entries for bank charges or direct payments received by the bank on behalf of the firm.


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tag:blogger.com,1999:blog-5442018764881782957.post2252092384161082525..comments2019-06-05T22:45:51.429-05:00Comments on Life in Entertainment : Derrick Dean Musician, Owner of K3 Studio CafeGena Heelzhttp://firstname.lastname@example.com:blogger.com,1999:blog-5442018764881782957.post-6293363364379523582019-06-05T22:45:51.429-05:002019-06-05T22:45:51.429-05:00Thank you for your kind beautiful words! Thank y...Thank you for your kind beautiful words!

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How does a sitting president pull off a speech at a convention where his party, its nominee, and many of its constituents oppose his legacy project? Barack Obama will have the chance to square that circle on Wednesday night as the DNC's keynote speaker at Wells Fargo Center in Philadelphia.
Eight years after winning his own victory against Hillary Clinton, Obama takes stage to make the case for this year's Democratic nominee. His job, like most incumbents popular in their own party, will be to draw a line of continuity between himself and Clinton.
But Obama faces one major obstacle: Clinton, her Republican challenger Donald Trump, and many Democrats vocally oppose the Trans Pacific Partnership Agreement (TPP), a massive free trade deal that was one of the signature projects of the president's second term.
Related: The DNC's pro-Bernie protesters won't go away
"We have got to make sure TPP does not get to the floor of the Congress in the lame duck session," Senator Bernie Sanders thundered on Tuesday, on the very same stage Obama will take tonight. Sanders and others say that the deal pits Americans against workers in low-wage countries, sapping what's left of industrial jobs and the basis of the middle and working classes.


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See Trump White House Sing Queen's 'Don't Stop Me Now' on 'SNL'
Season 44's cast members, with help from Robert De Niro's Robert Mueller, close out final Season 44 cold open on musical note
Saturday Night Live's final cold open of Season 44 ended on a musical note as the series' Trump administration sang a tribute to the president to the tune of Queen's "Don't Stop Me Now."
"I'm on cruise control to a second term and there is nothing the Democrats and Congress can do about it, so sit back and enjoy the ride, America," Baldwin's Trump said before the Oval Office broke into song.
One by one, cast members reprised their Season 44 impersonations – including Chris Redd's MAGA hat-wearing Kanye West, Kate McKinnon's Secretary of Commerce Wilbur Ross and Trump's Muppet Show theme-singing sons – to celebrate the administration's work.
When Robert De Niro's Robert Mueller appeared with the hopes of delivering an important message to the American people, Trump quickly cut him off. "No collusion! No obstruction! So don't stop me now!" the president sang.
Baldwin's Trump closed it out by saying in his final appearance of Season 44, "Guys, it's been fun. I don't know what's next for me but I wouldn't be Donald Trump if I didn't say tune in next season to see who lives and who dies. Have a wonderful summer, America."
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Looking for a career? You've come to the right place!
Product Manager (Fulltime | REMOTE)
As Product Manager you'll be responsible for making product decisions and executing on delivering world-class e-commerce features. You'll work closely with our Store and Shopper teams to help our store owners bring valuable features to market for their customers.
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Nicholas Quah
I run this thing.
Further Notes on the Revenue Study
The revenue breakdowns by genre are worth a closer read.
The Universe, According to Apple
New genres and subgenres coming to the platform.
Spotify begins tests on podcast playlist feature
This came in overnight. Fresh off its run of podcast company acquisitions, Spotify is now taking a crack at the problem that's perhaps most groaned about in the community: discoverability. Starting this morning, the platform is kicking off what is being described as "a very small test" around a discoverability feature in the form of […]
WWDC Notes: Apple Podcast Desktop App, Machine Learning Search
Apple's week-long WWDC developer conference kicked off yesterday, and there are a few podcast things you should be aware of. Well, two. The first is the official end of iTunes, which is now going to be split up into separate desktop apps for Music, TV, and Podcasts on the new Catalina Mac operating system. This […]
IAB/PWC: Podcast Advertising $$$
Podcast advertising revenue by 53% between 2017 and 2018, according to the latest Podcast Revenue Report by IAB and Pricewaterhousecoopers (PWC). Specifically: $479 million was spent by marketers on podcasts in 2018, up from $314 million in 2017. The Big Picture: overall digital audio advertising revenue reached $2.3 billion in 2018, up 22.9% from $1.8 […]
Tracking: June 4, 2019
Revolving Door Notes Gimlet has announced a new Deputy Head of New Show Development: Collin Campbell, who joins from the Audible Originals team, where he worked on Evil Has a Name, Sincerely, X and The Making of a Massacre. Previously, he ran audio content and strategy at KPCC. Campbell will be based in Los Angeles, […]
BBC Sounds Launch Director Moves On
Charlotte Lock, launch director of the BBC Sounds app, has stepped down nine months after taking up the role.
Desktop Apps Return
I feel like desktop apps are having a moment.
Money for Drama
Audible hasn't turned its back on original content completely, mind you.
Funding Frenzy
Two podcast-related startups have secured new funding this week: Backtracks and PodMe.


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Two Rivers Press
Founded in 1994 by Reading artist Peter Hay, Two Rivers Press is an informal, not-for-profit collective which has published over 70 titles. It has been described by Keiren Phelan as "one of the most characterful small presses in the country".
Strongly rooted in its local community, Two Rivers was the recipient of a Pride of Reading award in 2008 for its contributions to the city's culture, through local groups, including the University and the local Poets' Café.
Two Rivers is interested in new writing from Reading and the Thames Valley, focusing on local poets, local history, and new editions of classic poems, especially those with a Reading connection: for example, Oscar Wilde's The Ballad of Reading Gaol. Bold illustration and striking design are important elements of its work, which has been featured in exhibitions in local museums. Poets published by Two Rivers include Adrian Blamires, Jane Draycott, A.F. Harrold, Kate Noakes, Peter Robinson and Susan Utting.
Creative entrepreneur Suzanne Stallard describes a Two Rivers book as having "little works of art in your hand".
Two Rivers Press
7 Denmark Road
Tel: +44 (0)118 987 1452
Spring Song by Shakespeare, WilliamThis lovely but somewhat disturbing song from Love's Labour's Lost uses Shake...
A Mutual Friend: Poems for Charles DickensThis anthology of new poems provides a modern-day response to the life and wo...


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Published at Saturday, 09 March 2019. Bar stools. By Sasya.
Metal Bar Stools: Metal bar stools are often available in dozens of finishes. Look for a powder-coated and baked on finish. These finishes are by far more chip and scratch resistant than "spray painted" finishes. In addition to a more durable surface a powder coated finish is much less likely to be damaged by cleaning products than a painted finish.
"Nicer" metal bar stools typically have all-welded frames. The only bolts you may see hold the seat to the swivel mechanism and there may be a few screws holding the seat pad to the metal frame. This type of construction is far more sturdy than "RTA" stools.
particularly in the night clubs. The material we sit on is also important so. again. the options are multiple and you may go for for fabric. plastic. or. more expensive. for leather. according to your personality. the colours and the other furniture and décor in your room.
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text: Courtney Baldwin, Event Manager, Easyfairs Jo Channer, Client Director, LiveBuzz Emma Eveleigh, Director, LiveBuzz Zoe Lacey-Cooper, Portfolio Director, Diversified Communications Nicola Macdonald, Exhibition News, Editor Sylvain Meneux, Head of Marketing, Upper Street Events Hasiba Minhas, Marketing Manager, Media 10 James Moffat, Head of Web, LiveBuzz Michael Myburgh, Digital Marketing Manager, Reed Exhibitions 33 Rommon Thompson, Brand Marketing Manager, UBM/ Informa show when we're putting content out we're still encouraging people to book tickets, because the main message is you can still come to the show. We have a same-day video on day one, which goes that night on email and social. When it's completed, we have a timeframe that it has to be in my hand by about 4pm. When we get that, that goes to the web team, they then put that on the website because the website is switched at midnight anyway to the onsite version. Then we add the video and it goes on social and email as well, and then it goes on our YouTube channel. James Moffat: There are platforms like Instagram Stories where you've got opportunities to experiment with video where the cost is low and also the risk of anything going bad is, well, I can't say low but it goes after 24 hours. Then by the time you get to your show you know what works and what doesn't. RT: It's horses for courses. What's the aim for it first, before you decide on what platform you're going to push whatever content out on, and what do you want back? If you just want engagement or you want someone to action it then you have to think about what channel you want to use. continued ➞ exhibitionnews.co.uk | October 2018


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Within the framework of the 4th edition of the Diagnostic and Statistical Manual of Mental Disorders (DSM-IV), substance dependence is redefined as a drug addiction, and can be diagnosed without the occurrence of a withdrawal syndrome.[6] It was described accordingly: "When an individual persists in use of alcohol or other drugs despite problems related to use of the substance, substance dependence may be diagnosed. Compulsive and repetitive use may result in tolerance to the effect of the drug and withdrawal symptoms when use is reduced or stopped. This, along with Substance Abuse are considered Substance Use Disorders."[7] In the DSM-5 (released in 2013), substance abuse and substance dependence have been merged into the category of substance use disorders and they no longer exist as individual diagnosis.[8]
Drug addiction, also called substance use disorder, is a disease that affects a person's brain and behavior and leads to an inability to control the use of a legal or illegal drug or medication. Substances such as alcohol, marijuana and nicotine also are considered drugs. When you're addicted, you may continue using the drug despite the harm it causes.
Call us to discuss your options for free alcohol rehabilitation today. This free national referral service is available to help you find the perfect rehab option for you 24 hours per day, 365 days per year. This hotline is staffed by caring people who want to help you find the treatment option that best meets your needs today. Don't wait any longer to take the next step in your recovery.
Stimulants work by activating the central nervous system, inciting feelings of excitement and increasing physical and cognitive function. When a person uses these substances, they feel a rush of intense pleasure caused by a surge of dopamine. A tolerance can build up over time from frequent stimulant use, which can signify the early stages of an abuse disorder.
Rock Solid Recovery (men's rehab) and its sister center, Sure Haven (women's rehab), are highly rated, intimate treatment facilities. Treatment is based on a holistic, 12-step approach. Each facility has its own complete, multidisciplinary treatment staff, allowing patients to receive the best individualized care possible. The facilities offer inpatient treatment programs ranging from 30 days to 90 days, depending on patient needs. The primary benefit of these treatment centers is their small size. The men's facility supports 6 patients and the women's supports 13. This allows for the specialized, highly successful treatment that these facilities are known for.
Alcohol is a legal controlled substance that slows down the body's vital functions when consumed in excess. Its many forms include beer, wine and liquor. Some of the physical effects of heavy alcohol consumption are slurred speech, loss of coordination and slowed reaction time. Psychological effects include inhibiting judgment and lowering a person's ability to think rationally. Typically, drinking alcohol in moderation does not signify a problem. However, consuming more than four alcoholic beverages per day for men – or more than three per day for women – can indicate an alcohol use disorder (AUD).
In the 2014 National Survey on Drug Use and Health (NSDUH), 20.2 million American adults reported a past-year substance use disorder, and out of this group 7.9 million (39.1 percent) also suffered from a co-occurring mental health disorder. The range of co-occurring disorders known to coincide with drug addiction is broad and includes virtually every type of mental illness recognized by the American Psychiatric Association.
Naltrexone was approved by the FDA in 1994 for the treatment of alcoholism; however, it is currently prescribed for the treatment of opioid addiction. Sold in oral or injectable forms (ReVia and Vivitrol), naltrexone can help block the effects of opioids on the brain, making it less pleasurable to use these powerful drugs. Naltrexone is prescribed for opiate users who have been through the withdrawal phase and who are motivated to stick to a recovery program.
One of the most common forms of aftercare is mutual-support groups, such as AA. Since AA's approach faith-based, 12-step approach isn't right for everyone, other types of support groups are also available. Whatever option you choose, regularly attending groups can help you maintain abstinence by providing a support system with positive relationships from which to draw encouragement.
If you're ready to face your addiction, make an appointment with your doctor. They will likely ask you a series of questions to determine your level of addiction. These questions can also help them determine which treatment option is best suited to your needs. They may also want to speak with some of your friends or relatives to gauge your addiction, symptoms, and treatment opportunities.
These effects of drug abuse have serious consequences, like missed work, punishable offenses, accidents and injuries. In fact, alcohol and drugs are partly to blame in an estimated 80 percent of offenses leading to jail time in the U.S. These incidents include domestic violence, driving while intoxicated and offenses related to damaged property. Legal and illegal drugs excluding alcohol are involved in about 16 percent of motor vehicle crashes. In the past year, almost 12 million people drove under the influence of illicit drugs, and almost 4,000 fatally injured drivers tested positive for drug involvement.
In the precontemplation phase, the individual does not express any interest in the need for change. Many individuals with substance use problems are firmly entrenched in this stage. The options in dealing with patients in this stage are limited and include pointing out the discrepancy between patient action and patient goals, suggesting that the patient bring a family member to the next appointment, and suggesting a 2-week abstinence trial.
Are you seeking an inpatient rehab center near you? There are hundreds of residential rehabilitation centers (inpatient rehab facilities) all over the country. The Recovery Village has various outpatient and inpatient treatment centers locations throughout the U.S. To find an inpatient facility near you, refer to the following Local Rehab Resources page, which allows you to narrow your search by city and state. Woman Turns to Rehab After Struggling With Drugs, Alcohol: Part 1
Alcohol addiction, also known as 'alcoholism' or 'alcohol use disorder', is a condition that is characterised by drinking alcohol in excess, to the extent that your body eventually becomes dependent on alcohol in order to function on a day-to-day basis. Whilst enjoying the occasional alcoholic drink can, for many people, be a harmless pleasure, it is when alcohol consumption becomes more frequent that it can result in the development of a harmful addiction.
Recovery housing, which provides supervised, short-term housing for patients, often following other types of inpatient or residential treatment. Recovery housing can help people make the transition to an independent life—for example, helping them learn how to manage finances or seek employment, as well as connecting them to support services in the community.
Repeat the focusing with each part of your body that experiences the craving. Describe to yourself the changes that occur in the sensations. Notice how the urge comes and goes. Many people, when they urge surf, notice that after a few minutes the craving has vanished. The purpose of this exercise, however, is not to make the craving go away but to experience the craving in a new way. If you practice urge surfing, you will become familiar with your cravings and learn how to ride them out until they go away naturally.
Anxiety, depression, and suicidal thoughts are all common results of alcohol dependency. This is because prolonged heavy drinking effects the neurotransmitters in the brain which regulate mood. Two of the most important neurotransmitters for mood are dopamine and serotonin, which are responsible for creating the positive feelings vital for a healthy mind. Research shows that the levels of both serotonin and dopamine are often heavily altered in the brains of alcoholics, leading to deteriorating mental health and, often, a negative spiral of alcohol use.
Made from a mixture of baking soda and powder cocaine, crack is a version of cocaine—but at a lower purity level. The key difference is that crack is smoked. This method of ingestion allows the drug to seep into lung tissues, producing a completely different result. Smoking crack causes the high to be much faster and more intense than the high traditionally felt from powder cocaine. Crack's high is extremely short, usually less than 15 minutes, causing the user to crave a frightening amount of the drug. Withdrawal symptoms can cause immense depression, agitation and insomnia – all of which drive an addict to keep using the drug.11
Even if you are aware of the harm that prolonged heavy drinking causes to the body, you will tend to believe that you would never let it get to that stage because you would be sure to stop long before then. But the truth is that drinking causes great harm to the body long before you can see the effects, and the most serious consequences might not be that far off. An idea of the extent of the negative health impacts of drinking can be seen in the NHS finances, which show that alcohol consumption is responsible for over 10% of the cost of healthcare in Britain.
An individual who suffers from both mental illness and alcoholism will need to undergo different treatment. Because alcohol withdrawal symptoms cause a person to experience some psychiatric stress, an alcoholic with mental health issues will find it much more difficult to resist turning to drink. The NIAAA believes the some self-help groups, such as Alcoholics Anonymous, are not effective when it comes to treating people with a dual-diagnosis of both alcoholism and mental illness. This is because these groups tend to specifically focus on the actual addiction itself, rather than any underlying psychological problems. Anti-depressants are improving all the time and it is believed that while a self-help group may not be useful for a dual-diagnosis individual by itself, if the individual is on the appropriate medication and receiving the appropriate psychological therapy it can prove to be just as effective as with other alcoholic individuals.
If you or a loved one is considering drug rehab or entering a drug rehab center, it's vital that you find the right treatment program for your specific needs. Choosing the correct treatment will increase the likelihood that it will be useful. Furthermore, a rise in the opioid crisis has created an array of knockoff or unethical treatment centers who use deceptive marketing practices to solicit business. alcohol rehabilitation centres in Bangalore INDIA
According to SAMHSA's National Survey on Drug Use and Health, 22.5 million people (8.5 percent of the U.S. population) aged 12 or older needed treatment for an illicit* drug or alcohol use problem in 2014. Only 4.2 million (18.5 percent of those who needed treatment) received any substance use treatment in the same year. Of these, about 2.6 million people received treatment at specialty treatment programs (CBHSQ, 2015). Jasmine's Battle With Heroin | True Stories of Addiction | Detox To Rehab
Problem drinking soon progresses to physical dependency. At this stage, you have probably developed a tolerance to alcohol and require more of it to feel the same level of enjoyment as before. This increased consumption can cause your body to get used to alcohol. When you are not using it, or the effects begin to wear off, you will experience physical withdrawal symptoms such as a rapid heartbeat, sweating, tremors, and nausea.
During alcoholism treatment, therapy teams provide lessons on relapse prevention. These lessons are designed to help people spot the people, places, and things that can drive them to return to drinking. With the help of these lessons, people can learn to both avoid and/or handle their triggers so they won't pick up an alcoholic beverage when they're under stress. What to Expect From Rehab Centers
As a dual diagnosis patient, you could expect to work with doctors and therapists who are experts in treating the conditions you suffer from. Your treatment may be very different from what others in your facility are receiving. Your stay at the residential facility might be longer as well. But rest assured that you will get the specialised treatment you need to deal with your dual diagnosis.
NOTE: This fact sheet discusses research findings on effective treatment approaches for drug abuse and addiction. If you're seeking treatment, you can call the Substance Abuse and Mental Health Services Administration's (SAMHSA's) National Helpline at 1-800-662-HELP (1-800-662-4357) or go to www.findtreatment.samhsa.gov for information on hotlines, counseling services, or treatment options in your state.
Alcohol rehab is often the only way that an individual who's struggling with addiction can get help. There are rehab centers all over the country that offer individualized programs to treat alcoholism, regardless of how long the disease has been present. Alcohol treatment programs take many factors into consideration, including the person's age and gender, and the extent and length of the addiction. Many alcohol rehab centers also offer various aftercare options and recommendations to help clients maintain their sobriety, such as group therapy. What is a typical day like in an inpatient drug rehab center?
In such cases, some rehabs offer outpatient services: the addict can go through the detox phase with medical help as and when required, and can then visit the facility for therapy sessions by appointment. Indeed it is often also possible to have phone therapy sessions if the addict cannot make it physically to the facility (this is often the case with professionals who travel a great deal and may not be in the country for an extended period).
Treating addiction – whether at rehab or not – can be divided into three main phases. Firstly is detoxification, the process by which an addict's system is cleansed of substances of abuse. Once this cleansing process has taken place, and the immediate pressures of drug dependency have been lifted, the addict will then need to address the psychological aspects of their addiction, including understanding the root causes and seeking to put measures in place to ensure that they do not stumble back into addiction by relapsing.
UKAT have already treated over 1,000 people with alcohol addiction in our private residential rehabilitation centres this year, the vast majority of which had to be medically supported during their initial detoxification stage. Going 'cold turkey' from alcohol is extremely dangerous; the individual could experience seizures, hallucinations, sweating, anxiety, depression, tremors and nausea.( Eytan Alexander 2 Oct 2018 )
As for programme length, residential rehab usually lasts between four and twelve weeks. Many experts believe that shorter programmes do not give patients enough time to recover while longer programmes run the risk of institutionalising patients and making them fearful of returning home. The one exception for longer stays is dual diagnosis. People recovering from a dual diagnosis circumstance may require longer stays. Bob D. - AA Speaker - "My 12-Step Journey to Awakening" - NEW - FULL WORKSHOP
There is a wide range of alcohol rehab programs, including inpatient, outpatient, day-patient, and evening programs. Inpatient rehab facilities are the most structured. Generally, these programs run for 30, 60, or 90 days. There is a benefit to stepping out of your environment so that you can completely focus on recovery without any distractions, as in an inpatient program. However, that is not an option for many people.
^ Jump up to: a b c Malenka RC, Nestler EJ, Hyman SE (2009). "Chapter 15: Reinforcement and Addictive Disorders". In Sydor A, Brown RY. Molecular Neuropharmacology: A Foundation for Clinical Neuroscience (2nd ed.). New York: McGraw-Hill Medical. pp. 364–368. ISBN 9780071481274. The defining feature of addiction is compulsive, out-of-control drug use, despite negative consequences. ...
Addiction can be either behavioral or substance related. An intense feeling of emotional need or physical craving characterizes them both. Both types of addiction carry a number of other similarities, but behavioral addiction does not possess the same physical symptoms that accompany drug addiction. Experts disagree on the similarities and differences between the symptoms and consequences of the types of addictions. Inside NHS detox centre - Victoria Derbyshire
At Priory, we recognise that without appropriate treatment, alcohol addiction can result in a whole host of long-term physical and psychological problems, and can even be fatal. However, it's important to understand that you don't' have to struggle alone; alcohol addiction is treatable and our medically trained, expert addiction treatment team, consisting of psychiatrists, psychologists and therapists, are able to offer comprehensive and personalised alcohol addiction treatment at our specialist hospitals and wellbeing centres.
Having 24-hour supervision, intensive care, and access to treatment are some of the major benefits of inpatient rehab, as they increase the chance of recovery. Another benefit of inpatient rehab is the change in scenery. Individuals battling drugs or alcohol, or with a co-occurring disorder, often associate a particular place or even person with the struggle. For some people, it might be their basement or the local bar. For others, it might be their "drinking buddies." And for others, just being home alone might be enough to trigger substance use or symptoms of a particular mental health disorder.
Acamprosate, disulfiram and topiramate (a novel anticonvulsant sulphonated sugar) are also used to treat alcohol addiction. Acamprosate has shown effectiveness for patients with severe dependence, helping them to maintain abstinence for several weeks, even months.[13] Disulfiram (also called Antabuse) produces a very unpleasant reaction when drinking alcohol that includes flushing, nausea and palpitations. It is more effective for patients with high motivation and some addicts use it only for high-risk situations.[14] Patients who wish to continue drinking or may be likely to relapse, should not take disulfiram as it can result in the disulfiram-alcohol reaction mentioned previously, which is very serious and can even be fatal[13] Guilt, Shame, Depression And The Cycle Of Addiction, Recovery And Relapse - John Flaherty
The purpose for seeking rehab is to ultimately achieve the goal of overcoming alcohol abuse or addiction. Rehab is the ideal way to attack an alcohol abuse problem because treatment utilises the latest methodologies and practices that address every aspect of alcohol misuse. Patients are treated in mind, body, and spirit rather than just focusing only on the body.
Remember though, overcoming alcoholism is a process. Less than half of individuals relapse after achieving one year of sobriety. That number reduces to less than 15 percent who relapse after five years of sobriety. For the greatest chance of long-term sobriety after completing an inpatient or outpatient program, you should participate in local support groups and continue with counseling. Treating alcoholism is an investment in your future. It will not only make a huge difference in your life, but also the lives of those around you such as family members and friends.
Our medical team of addiction professionals are experienced and qualified with the use of anti-drug addiction medication. Our physicians are licensed to prescribe naltrexone methadone, suboxone, and a variety of other anti-addiction medications that have been proven effective in helping to control cravings and prevent relapse. Our clinical team recognize the benefits of pharmacotherapy and want you to get the most out of your individual and group sessions. We are proud members of the National Association of Addiction Treatment Providers (NAATP), a US based association and we adhere to the high standards embodied by the NAATP. We are also proud members of the National Association of Alcohol and Drug Abuse Counsellors (NAADAC), the largest association of addiction focused professionals in the US and Canada.
This central nervous system stimulant remains one of the most popular drugs of abuse in the United States. Its euphoric, energizing effects are not only seductive, but also highly addictive. The 2012 National Survey on Drug Use and Health reported that nearly 640,000 American adults tried cocaine for the first time in that year, an average of almost 2,000 per day. Over 1 million Americans met the criteria for dependence on cocaine that same year. Crack cocaine, a more potent form of the drug, is between 75 and 100 percent more powerful than the powdered form, according to the Foundation for a Drug-Free World. Crack is highly addictive, causing changes in brain chemistry that quickly lead to compulsive abuse and dependence.
In order to effectively address drug addiction as well as the co-occurring issues that may be underlying the problem, most patients will require residential or inpatient care. At a residential treatment program, the addicted patient will live at the treatment facility with access to 24-hour care and support that can be critical in helping them to avoid relapse in the early stages of recovery.
Use any setbacks in recovery as a learning experience and recognise that while you may have made a mistake, you do not have to make it worse by continuing to drink. Get yourself to your nearest fellowship meeting or call your sponsor as soon as possible. You will then need to take a good look at what led to your setback. It is important that you take the time to do this so that you can avoid another occurrence in the future.
High Success Rates. Most drug rehabs keep track of the recidivism, or relapse, rates of their patients and the most effective programs keep in close contact with clients as much as possible after they are graduated from treatment. The success rates for different drugs and situations can help patients compare the efficacy of different theories behind addiction treatment. The Discovery House - the best drug rehab center in Los Angeles, Virtual Tour.
Nitrous oxide, also sometimes known as laughing gas, is a legally available gas used for purposes that include anesthesia during certain dental and surgical procedures, as well as food preparation and the fueling of rocket and racing engines. Substance abusers also sometimes use the gas as an inhalant. Like all other inhalants, it's popular because it provides consciousness-altering effects while allowing users to avoid some of the legal issues surrounding illicit or illegal drugs of abuse. Abuse of nitrogenous oxide can produce significant short-term and long-term damage to human health, including a form of oxygen starvation, called hypoxia, brain damage, and a serious vitamin B12 deficiency that can lead to nerve damage.
This kind of treatment is known as Cognitive Behavioral Therapy (CBT), because it introduces the patient to new and healthier ways of thinking ("cognitive") and acting ("behavioral"). The National Institute on Alcohol Abuse and Alcoholism says that the success of alcohol treatment depends on "changing a person's behaviors and expectations about alcohol." Mom Left Job and Fell Into Alcoholism


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