Garner v/s Murray

Garner v/s Murray is a very famous case in partnership law, it is so popular that the situation related to this case named is Garner v/s Murray.This is the situation where, on dissolution, a partner, capital account is in debt and he is unable to discharge his indebtedness.

Prior to the decision in Garner v/s Murray it was generally supposed that any loss occasioned by one of the partners of a firm being unable to make good a debit balance on his account should be borne by the remaining partners in the proportions in which they shared profits and losses.
In this case, however, it was held that a deficiency of assets occasioned through the default of one of the partners must be distinguished from an ordinary trading loss, and should be regarded as a debt due to the remaining partners individually and not to the firm.
The decision of the case gave rise to considerable controversy. The circumstances were as follows: Garner, Murray and Wilkins were in partnership under a parole agreement by the terms of which capital was to be contributed by them in unequal shares, but profits and losses were to be divided equally. On the dissolution of the partnership, after payment of the creditors and of advances made by two of the partners, there was a deficiency of assets of 635 $, in addition to which Wilkins’ capital account was overdrawn by 263$, which he was unable to pay. There was thus a total deficiency of 898$, and the plaintiff claimed that this should be borne by the solvent partners, Garner and Murray, in their agreed profit and loss ration, via equally. Mr. Justice Joyce held, however, that each of the three partners was liable to make good his share of the 635$ deficiency of assets, after which the available assets should be applied in repaying to each partner what was due to him on account of capital. Since, however, one of the assets was the debt balance on Wilkins’ account, which was valueless, the remaining assets were to be applied in paying to Garner and Murray ratable what was due to them in respect of capital, with the result that Wilkins’ deficiency was borne by them in respect of capital.

 

ACCOUNTING STANDARD

Accounting Standards are used as one of the main compulsory regulatory mechanisms for preparation of general-purpose financial reports and subsequent audit of the same, in almost all countries of the world. Accounting standards are concerned with the system of measurement and disclosure rules for preparation and presentation of financials statements.

Accounting Standards are the policy documents (authoritative statements of best accounting practice) issued by recognized expert accountancy bodies relating to various aspects of measurement, treatment and disclosure of accounting transactions and events!

Sub Section (3A) to section 211 of Companies Act, 1956 requires that every Profit/Loss Account and Balance Sheet shall comply with the Accounting Standards. The standard of accounting in India recommended by the “Institute of Chartered Accountants of India” and prescribed by the Central Government in consultation with the National Advisory Committee on Accounting Standards constituted under section 210(1) of companies Act, 1956.

According to Government of India, there are 31 accounting standards, but 32 are also included in 31st accounting standard (Financial Instrument: Presentation). So we can say that there are 32 accounting standards.

Here we are giving a short detail of all accounting standard. In accounting profession AS is used as short form of accounting standard. AS is always followed by it’s serial number, each AS number describe it’s separate explanation. 

Accounting Standard 1         Disclosure of accounting policies (AS 1)

Accounting Standard 2        Valuation of Inventories

Accounting Standard 3       Cash Flow Statements

Accounting Standard 4       Contingencies and Events Occurring after the Balance Sheet Date

Accounting Standard 5       Net Profit or Loss for the Period, Prior Period Items and Changes in AS

Accounting Standard 6       Depreciation Accounting


Accounting Standard 7       Construction Contracts

Accounting Standard 8       Accounting for Research and Development

Accounting Standard 9       Revenue Recognition

Accounting Standard 10     Accounting for Fixed Assets

Accounting Standard 11     The Effects of Changes in Foreign Exchange Rates

Accounting Standard 12     Accounting for Government Grants

Accounting Standard 13     Accounting for Investments

Accounting Standard 14     Accounting for Amalgamations

Accounting Standard 15     Employee Benefits

Accounting Standard 16     Borrowing Costs

Accounting Standard 17     Segment Reporting

Accounting Standard 18     Related Party Disclosures

Accounting Standard 19     Leases

Accounting Standard 20     Earnings per Share

Accounting Standard 21     Consolidated Financial Statements

Accounting Standard 22     Accounting for Taxes on Income

Accounting Standard 23     Accounting for Investments in Associates in Consolidated Financial                                            Statements

Accounting Standard 24     Discontinuing Operations

Accounting Standard 25     Interim Financial Reporting

Accounting Standard 26     Intangible Assets

Accounting Standard 27     Financial Reporting of Interests in Joint Ventures

Accounting Standard 28     Impairment of Assets

Accounting Standard 29     Provisions, Contingent Liabilities and Contingent Assets

Accounting Standard 30     Financial Instruments: Recognition and Measurement

Accounting Standard 31     Financial Instruments: Presentation

Accounting Standard 32     Financial Instruments: Disclosures and limited revision to AS 19

SPECIAL WORDS

BEING FRANK IS ALWAYS BETTER THAN BEING FALSELY SWEET ,

BECAUSE BY BEING FRANK IN LIFE, WE MAY GET LOT OF TRUE ENEMIES BUT SURELY NOT UNTRUE FRIENDS.

GOOD NIGHT

Your upper eyelashes had fallen in love with lower eyelashes & they want to hug each other 4 whole nights they are just waiting for a sweet word and that is GOOOOOODNIGHT.

  ******************

No Matter How Much U Flirt In Night U Will Always End Up Thinking About The One U Truly Love Good Night

 *****************

  

            The Day Has Ended Busy Hours Are Over Its Time To Sleep Ur Dreams R Waiting The Night Waits In Silence Go Ahead Sleep Well

**********

            A bed of clouds 4 U 2 sleep Diamond stars as your bedside lamp Angels 4rm heaven singing lullabies 4 U May u sleep peacefully through out night

****************

Law’s Questions

Law’s Questions

“An auditor is a watch dog, not
the bloodhound.” This was commented by an honorable ]udge in the case of-                          (A) Kingston Cotton Mill C0.
(B) Imperial Tobacco Co.
(C) Mohri Bibi Vs. Dhanno Das Ghosh
(D) Keshav Bharti Vs. Govt. of India                                                                                 Answer.A

As per the rule of Garner v/s Murray, any loss that arises due to being insolvent of any partner should be divided among other partners in their
(A) Profit and loss sharing ratio
(B) Capital ratio
(C) Average of both ratios
(D) None of these
Anawer.B

The first auditors of the company are appointed-                                                                                            (A) By the Government
(B) By the Board of Directors
(C) ln the Statutory Meeting
(D) By the Shareholder having largest amount of capital invested in the company                                          Answer.B

ln the absence of any other agreement, the interest on the capital of partners-                                                  (A) ls not paid
(B) Is paid at bank rate if profit is available
(C) @ 6% profit or no profit
(D) @ 6% only if profit available                                                                                                             Answer.A

A partner of a firm has gone insolvent. The loss so caused according to Indian Partnership Act will be shared by solvent partners-                                                                                                                                         (A) Equally
(B) Profit Sharing Ratio
(C) Capital Ratio
(D) Agreement Basis                                                                                                                          Answer.B

On the death of a partner the amount of joint life insurance policy should be credited to the Capital A/ c of-                                                                                                                    (A) All partners (including deceased one) in their profit sharing ratio
(B) Remaining partners in their old profit sharing ratio
(C) Remaining partners equally
(D) All partners (including deceased) in their capital ratio                                                                        Answer.A

As per Indian Companies Act, 1956 the Balance Sheet of a Company shall be drawn in                                        (A) Horizontal order only        
(B) Vertical order only
(C) Either horizontal or vertical
(D) Horizontal and vertical both

Answer.C

Auditor submits his report to-                                                                                                                        (A) Chief Executive Officer of company
(B) Creditors of the company
(C) Shareholders of the company
(D) Company Registrar                                                                                                                               Answer.C

“Stock taking is not the liability of auditor”. ln which of the following cases was this decided ?                              (A) Kingston Cotton Mill Co. Ltd.
(B) The Westminster Road Construction and Engineering Co. Limited
(C) London and General Bank
(D) None of the above                                                                                                                                    Answer.A

Clauses of the Articles of Association can be altered-                                                                                          (A) By ordinary resolution in an Ordinary General Meeting
(B) By special resolution in the General Meeting
(C) By ordinary resolution in an Extraordinary General Meeting
(D) By special resolution in an Extraordinary General Meeting                                                                       Answer.B

Minutes should be signed by                                                                                                                         (A) Chairperson of the meeting
(B) Company Secretary
(C) Chairperson and Secretary both
(D) All members present in the meeting                                                                                                       Answer.C

lf a partner introduces additional capital over and above his normal share or gives loans to the firm he is entitled to get interest per annum at the rate of–                                                                                                           (A) 9%
(B) 6%
(C) 12%        
(D) Bank rate                                                                                                                                             Answer.B

Under which Section of Companies Act, has the remuneration Of the Auditor been discussed?   (A) Section 224(2)
(B) Section 224(8)
(C) Section 225
(D) Section 231
Answer.B

Working papers which contain a record of the audit work done, are the property of-
(A) The company
(B) The auditor
(C) The company and the auditor both
(D) The Company Law Board
Answer.B

The subsidiary voucher produced in the absence of primary voucher is called-
(A) General voucher
(B) Note-book voucher
(C) Counterfoil
(D) Collateral voucher
Answer.D

In how many days from the registration, the first Auditor of the company be appointed?
(A) 10                                                                                                                                                            (B) 20
(C) 30                                                                                                                                                          (D) 60
Answer.C

The main objective of Auditing 154
(A) To detect errors and fraud
(B) To prevent errors and fraud
(C) To find out accuracy, completeness and validity of accounts and documents
(D) All of these
Answer.C

Internal Auditor can be removed by the
(A) Management
(B) Shareholders
(C) Statutory Auditor
(D) Government
Answer.A

In his report the Auditor gives his-
(A) judgment
(B) Opinion
(C) Guarantee to correctness of accounts
(D) All of these
Answer.B

According to Section 227(1) of the Companies Act, 1956, the Auditor does not have the right—
(A) To sign the Audit Report
(B) To see the books, accounts and vouchers of die company
(C) To obtain information and explanation
(D) To correct any wrong statement
Answer.D

FUN WITH NUMBERS

HERE I GIVING SOME STEPS JUST FALLOW THEM AND FUN WITH MATHS

YOU CAN TELL YOUR ANSWER FIRST OR AFTER COMPLETING FALLOW  ALL STEPS YOUR MAGIC 1: ANSWER IS 3

Step1: Think of a number below 10.
Step2: Double the number you have thought.
Step3: Add 6 with the getting result.
Step4: Half the answer, that is divide it by 2.
Step5: Take away the number you have thought from the answer, that is, subtract the answer from the number you have thought.

MAGIC 2: ANSWER IS 8
Step1: Think of any number.
Step2: Subtract the number you have thought with 1.
Step3: Multiply the result with 3.
Step4: Add 12 with the result.
Step5: Divide the answer by 3.
Step6: Add 5 with the answer.
Step7: Take away the number you have thought from the answer, that is, subtract the answer from the number you have thought.

Use window media player without mouse

Use window media player without mouse

In Windows Media Player, we can use the combination of different keyboard keys to accomplish routine task. By using these keys, we can increase the working speed in media player; otherwise require a conventional mouse to select menus and buttons options. Basically keyboard shortcuts keys help us to save time and we can perform any tasks without leaving the keyboard keys.

Shortcut keys                   Action

ALT+1                                    Adjust zoom to 50 percent

ALT+2                                    Adjust zoom to 100 percent

ALT+3                                    Adjust zoom to 200 percent

ALT+ENTER                         Display the video in full mode

ALT+F                                    Go to media player File Menu

ALT+T                                   Go to media player Tools Menu

ALT+V                                   Go to media player View Menu

ALT+P                                    Go to media player Play Menu

ALT+F4                                 Use to close media player

CTRL+1                                 Display media player in full mode

CTRL+2                                Display media player in skin mode

CTRL+B                                Use to play the previous item in media player

CTRL+F                                Use to play the next item in media player

CTRL+E                                Use to Eject CD or DVD from CD or DVD drive

CTRL+P                              Use to Play or Pause the item in media player

CTRL+T                              Use to repeat the items in media player

CTRL+SHIFT+B                Use to Rewind a file in media player

CTRL+SHIFT+F                Use to Fast Forward a file in media player

CTRL+SHIFT+S                Use to play items slower than a normal speed

CTRL+SHIFT+ G                        Use to play items faster than a normal speed

CTRL+SHIFT+ N               Use to play items at normal speed in media player

F8                                      Use to mute the volume in media player

F9                                      Use to decrease the volume in media player

F10                                      Use to increase the volume in media player

ENTER or SPACEBAR    Use to play an item

List of Governors of the Reserve Bank of India

List of Governors of the Reserve Bank of India (RBI):

Sir DesfdsfTaylor (1937 – 1943)

Sir C. D. Deshmukh (1943 – 1949)

Sir Benegal Rama Rau (1949 – 1957)

K. G. Ambegaonkar (1957)

H. V. R. Iyengar (1957 – 1962)

P. C. Bhattacharya (1962 – 1967)

L. K. Jha (1967 – 1970)

B. N. Adarkar (1970)

S. Jagannathan (1970 – 1975)

N. C. Sen Gupta (1975)

K. R. Puri (1975 – 1977)

M. Narasimham (1977)

Dr. I. G. Patel (1977 – 1982)

Dr. Manmohan Singh (1982 – 1985)

A. Ghosh (1985)

R. N. Malhotra (1985 – 1990)

S. Venkitaramanan (1990 – 1992)

Dr. C. Rangarajan (1992 – November 10, 1997)

Dr. Bimal Jalan (November 11, 1997 – September 5, 2003)

Dr. Y. Venugopal Reddy (September 6, 2003 – September 5, 2008)

Dr. D. Subbarao (September 6, 2008 - Till Date)

UGC National Eligibility Test English Syllabus

UGC National Eligibility Test English Syllabus

Subject Code No. : 30(English Syllabus)

Paper – II

1.       Chaucer to Shakespeare

2.       Jacobean to Restoration Periods

3.       Augustan Age : 18th Century Literature

4.       Romantic Period

5.       Victorian Period

6.       Modern Period

7.       Contemporary Period

8.       American and other non – British Literatures

9.       Literary Theory and Criticism

10.    Rhetoric and Prosody

Paper – III (A) (Core Group)

1.       British Literature from Chaucer to the present day

2.       Criticism and Literary Theory.

Unit – I: Literary Comprehension (with internal choice of poetry stanza and prose passage; four comprehension questions will be asked carrying 4 marks each).

Unit – II: Up to the Renaissance.

Unit – III: Jacobean to Restoration Periods.

Unit – IV: Augustan Age 18th Century Literature.

Unit – V: Romantic Period.

Unit – VI: Victorian and Pre – Raphaelites.

Unit – VII: Modem British Literature.

Unit – VIII: Contemporary British Literature.

Unit – IX: Literary Theory and Criticism up to T. S. Eliot.

Unit – X: Contemporary Theory.

Paper – III (B) (Elective / Optional)

Elective – I: History of English Language, English Language Teaching

Elective – II: European Literature from Classical Age to the 20th Century.

Elective – III: Indian writing in English and Indian Literature in English translation.

Elective – IV: American and other non – British English Literatures.

Elective – V: Literary Theory and Criticism.

Note: There will be two question papers, Paper – II and Paper – III (Parts – A & B }. Paper – II will cover 50 Objective Type Questions (Multiple choice, Matching type, True / False, Assertion – Reasoning type) carrying 100 marks.

Paper – III will have two Parts – A and B ; Paper – III (A) will have 10 Short Essay type questions (300 words) carrying 16 marks each. In it there will be one question with internal choice from each unit (i.e. 10 questions from 10 units; Total marks will be 160).

Paper – III (B) will be compulsory and there will be one question from each of the Electives. The candidate will attempt only one question (one Elective only in 800 words) carrying 40 marks. Total marks of Paper – III will be 200.

Commerce Syllabus for UGC National Eligibility Test (NET)

Commerce Syllabus for UGC National Eligibility Test (NET) December 2010

Subject Code No. : 08 (COMMERCE)

Paper-II and Paper-III (A) (Core Group):

Unit-I:

Business Environment:

• Meaning and Elements of Business Environment.
• Economic environment, Economic Policies, Economic Planning.
• Legal environment of Business in India, Competition policy, Consumer protection, Environment protection.
• Policy Environment: Liberalization Privatisation and globalisation, Second generation reforms, Industrial policy and implementation. Industrial growth and structural changes.

Unit-II:

Financial & Management Accounting:

• Basic Accounting concepts, Capital and Revenue, Financial statements.
• Partnership Accounts: Admission, Retirement, Death, Dissolution and Cash Distribution.
• Advanced Company Accounts: Issue, forfeiture, Purchase of Business, Liquidation, Valuation of shares, Amalgamation, Absorption and Reconstruction, Holding Company Accounts.
• Cost and Management Accounting : Ratio Analysis, Funds Flow Analysis, Cash Flow Analysis, Marginal costing and Break-even analysis, Standard costing, -Budgetary control, Costing for decision-making Responsibility accounting.

Unit-III:

Business Economics:

• Nature and uses of Business Economics Concept of Profit and Wealth maximization. Demand Analysis and Elasticity of Demand, Indifference Curve Analysis, Law.
• Utility Analysis and Laws of Returns and Law of variable proportions.
• Cost, Revenue, Price determination in different market situations: Perfect competition, Monopolistic competition, Monopoly, Price discrimination and Oligopoly, Pricing strategies.

Unit-IV:

Business Statistics & Data Processing:

• Data types, Data collection and analysis, sampling, need, errors and methods of sampling, Normal distribution, Hypothesis testing, Analysis and Interpretation of Data.
• Correlation and Regression, small sample tests: t-test, F-test and chi-square test.
• Data processing: Elements, Data entry, Data processing and Computer applications.
• Computer Application to Functional Areas: Accounting, Inventory control, marketing.

Unit-V:

Business Management:

• Principles of Management.
• Planning: Objectives, Strategies, Planning process, Decision-making.
• Organising, Organisational structure, Formal and Informal organisations, Organisational culture.
• Staffing
• Leading: Motivation, Leadership, Committees, and Communication.
• Controlling
• Corporate Governance and Business Ethics.

Unit-VI:

Marketing Management:

• The evolution of marketing, Concepts of marketing, marketing mix, marketing environment.
• Consumer behavior, Market segmentation.
• Product decisions
• Pricing decisions
• Distribution decisions
• Promotion decisions
• Marketing planning, Organising and Control.

Unit-VII:

Financial Management:

• Capital Structure, Financial and Operating leverage.
• Cost of capital, Capital budgeting.
• Working capital management
• Dividend Policy

Unit-VIII:

Human Resources Management:

• Concepts, Role and Functions of Human Resource management
• Human Resource Planning, Recruitment and Selection.
• Training and Development, Succession Planning.
• Compensation: Wage and Salary Administration, Incentive and Fringe benefits, Morale and Productivity.
• Performance Appraisal
• Industrial Relations in India, Health, Safety, Welfare and Social security, Workers’ Participation in Management.

Unit-IX:

Banking and Financial Institution:

• Importance of Banking to Business, Types of Banks and Their Functions, Reserve Bank of India, NABARD and Rural Banking.
• Banking Sector Reform in India, NPA, Capital adequacy norms.
• E-banking
• Development Banking: IDBI, IFCI, SFCs, UTI, SIDBI.

Unit-X:

International Business:

• Theoretical foundations of international business, Balance of Payments.
• International liquidity, International Economic Institutions: IMF, World Bank IFC, IDA, ADB.
• World Trade Organisation-its functions and policies.
• Structure of India’s foreign trade: Composition and direction, EXIM Bank, EXIM Policy of India, Regulation and promotion of Foreign Trade.

Paper-III (B) (Elective / Optional):

Elective-I: Accounting and Finance

• Accounting standards in India, Inflation Accounting, Human Resource Accounting, Responsibility Accounting, and Social Accounting.
• Money and Capital market, working of stock exchanges in India, NSE, OTCEI, NASDAQ, Derivatives and Options.
• Regulatory Authorities: SEBI, Rating Agencies; New Instruments; GDRs, ADRs.
• Venture Capital Funds, Mergers and Acquisitions, Mutual Funds, Lease Financing, Factoring, Measurement of risk and returns securities and portfolios.
• Computer Application in Accounting and Finance.

Elective-II: Marketing

• Marketing Tasks, Concepts and Tools, Marketing Environment.
• Consumer Behavior and Market Segmentation.
• Product decisions
• Pricing decisions
• Distribution decisions
• Promotion decisions
• Marketing Research
• On-line marketing
• Direct Marketing; Social, ethical and legal aspects of marketing in India.

Elective-III: Human Resource Management

• Concept; Role and Functions of Human Resource Management.
• Human Resource Planning, Job analysis, Job description and specifications, Use of Job analysis information, Recruitment and Selection.
• Training and Development, Succession Planning.
• Compensation: Wage and Salary administration, Incentives and Fringe benefits, Morale and Productivity.
• Appraisal Performance
• Industrial Relations in India, Health, Safety, Welfare and Social Security, Workers participation in Management.

Elective-IV: International Business

• Foreign Direct Investment and Multinational Corporations-MNCs Culture, MNCs and LDCs, Joint Ventures.
• Regional Economic Integration: SAARC, ASEAN, EC, NAFTA.
• India and WTO, Intellectual Property Rights.
• Foreign Exchange : Exchange rate, Mechanism, Risk management, Transfer of international payments, Convertibility of Rupee, Current and Capital Accounts; Issues and Perceptions, Derivatives and Futures.
• Foreign investment Institutions; Instruments: GDRs, ADRs, FIIs-their role in Indian Capital Market.

Elective-V: Income-tax Law and Tax Planning

• Basic concepts, Residential status and tax incidence, exempted incomes, computation of taxable income under various heads.
• Computation of taxable income of individuals and firms.
• Deduction of tax, filing of returns, different types of assessment; Defaults and penalties.
• Tax planning: Concept, significance and problems of tax planning, Tax evasion and tax avoidance, methods of tax planning.
• Tax considerations in specific business decisions, viz., make or buy; own or lease, retain or replace; export or domestic sales; shut-down or closure; expand or contract; invest or disinvest.
• Computer Application in Income tax and Tax planning.

Note: There will be two question papers, Paper-II and Paper-III (Part-A & B). Paper-II will cover 50 Objective Type Questions (Multiple choices, Matching Type, True / False, Assertion-Reasoning type) carrying 100 marks. Paper-III will have two Parts-A and B; Paper-III (A) will have 10 short essay type questions (300 words) carrying 16 marks each. In it there will be one question with internal choice from each unit (i.e., 10 questions from 10 units; Total marks will be 160). Paper-III (B) will be compulsory and there will be one question from each of the Electives. The candidate will attempt only one question (one elective only in 800 words) carrying 40 marks. Total marks of Paper-III will be 200.