Shuchita Times May 2016 - Shuchita Prakashan(P)Ltd

ISSN : 0972-7124
May 2016
Volume 17 No. 5
for the Growth
and
Popularity of
Self Finance
Courses over
Traditional
B.Com
courses in
Colleges
Affiliated to
Responsible for the Growth and Popularity of Self Finance Courses over
3 Factors
Traditional B.Com courses in Colleges Affiliated to University of Mumbai
8 Rural Markets
10 Planning and Organisation of Working Capital Management
ISSN : 0972-7124
May 2016
Volume 17 No. 5
The best preparation for tomorrow is doing your best today.
- H. Jackson Brown, Jr.
Success is the sum of small efforts, repeated day in day out.
f.
Dr. K. K. Patra
Prof. B. M. Agrawal
Prof. M. P. Gupta
CA Shashwat Singhal
Dr. Pavan Jaiswal, CWA
Sri Gaurab Ghosh
Dr. Arpita Ghosh
Success is not the thing we will find in a day. It takes
continuous efforts and sacrifices to gain success in life. Your little
efforts in a day create great differences in life. It means you have
to work towards success day in day out. You can just expect to be
successful without efforts. Success is accomplished in many
areas and it is clearly related to the efforts made by us. I would
like to relate this is in example: Do you remember the story of a
“Thirsty Crow” how he dropped the pebbles into the pot and
when the water level rose the crow drank the water and flew
away. So, he got succedded due to his continuos efforts which
he has made by dropping the pebbles into the pot. The success
comes on to the ladder of efforts or we can say the sum of small
efforts made by us. If you want success in your life then work for
something you enjoy and that's worthy for your time and talent,
give people more than they expect and do it cheerfully, become
the most positive and enthusiastic person you know, be forgiving
of yourself and others, be generous and kind to others. These are
some steps for success just climb it up.
Whatever your Marathon in life is, you can accomplish it with
the right attitude and training. Never give up.
Have a great day and hit the road of life.
CA Ganpat Kumar
CA Amar Omar
CA Dilip Badlani
CS Himanshu Srivastava
CA Mohit Bahal
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COVER UP
Factors Responsible for the Growth and Popularity of Self Finance
Courses over Traditional B.Com courses in Colleges Affiliated to
University of Mumbai
Mr. Ashok Luhar
M.Com., M.A., MBA, PGDMM, UGC-NET, M.Phil., Ph.D.
In-Charge Principal
Anandibai Damodar Kale Degree College of Arts & Commerce
Borivali-West, Mumbai
Abstract:
Now a days there is a massive growth of Self Finance
Courses over Traditional B.Com Courses is there in terms of
placement, infrastructures, syllabus and so on. Self Finance
courses are dominating to Traditional B.Com courses in all the
aspects. There are enormous factors are responsible for the
growth and popularity of Self Finance Courses over
Traditional B.Com courses which we will find it out in this
article.
Keywords:
Growth of Self Finance Courses, Popularity of Self
Finance Courses
1.1. Introduction: Self-Finance courses are unaided
courses. In such kinds of courses government do not provides
any financial assistant to colleges or institutes. The first SelfFinance course has been started in Mumbai was B.M.S. In this
course student has given very good response and they made
this course popular. Now a days there is massive growth of
Self-Finance courses over Traditional B.Com courses.
Maximum numbers of students are taking admission in SelfFinance courses due to better profession opportunities in the
market. Fees charged on Self-Finance courses are very high as
compare to Traditional B.Com courses. Students are getting
all the benefit and facilities in the institutes like library, audio
visual room, gym and canteen etc.
University of Mumbai started verities of Self-Finance
course in B.Com i.e. Bachelor of Accounting and Finance
(B.A.F), Bachelor in Banking and Insurance (B.B.I), Bachelor
of Mass Media (B.M.M), Bachelor of Management Studies
(B.M.S), and Bachelor of Financial Market (B.F.M) etc.
Now a days Self-Finance courses are highly attracted
courses for the students to make their carrier paramount. It is
seen that in University of Mumbai thousands of people every
year are taking admission in Self-Finance courses to gain
better knowledge over Traditional B.Com courses and make
them fit suitable in any business organization in future.
In India Commerce education is started in the year 1886.
Commerce education is a core branch of business. Now a
daysit is seen that maximum number of people who cleared
their S.S.C exam they join commerce education. In commerce
education students are getting many opportunities to mud
their carrier outstanding. Students are having numerous
options during their course, for examples with commerce
education they can do courses like C.A under Institute of
Chartered Accountant of India, I.C.W.A under Institute of
Cost and Work Accountant of India and C.S Institute of
Company Secretary of India etc. In the market there is a huge
demand of commerce graduates, but now a days it is seen that
there is declining in the quality of commerce education.
All the universities and colleges are directly or indirectly
connected with the higher education. In India after
independence there is a massive growth happened in higher
education. In India in 1950 the total number of universities
was only 25. But at present in India we are having 46 central
universities, 332 state funded universities, 128 deemed
universities and 216 private universities. After independence
there is a tremendous growth took place in higher education in
India. But, in the same speed the quality of higher education
also declined. To recover that quality of higher education
government must focus on all the universities and their
affiliated colleges.
Sampling Frame
Sr.
No.
1
2
3
Types of Respondents
Students
Teachers
Principal
Grand Total
Traditional
B.Com
425
110
20
1.2. Objectives of the Study:
1. To find out the factors responsible for the growth of
increase in popularity of self-finance courses
among students.
3
2.
Self-Financing
Total
790
125
1215
235
20
1470
To suggest measures to improve the popularity of
Self-Financed courses running colleges affiliated
to University of Mumbai.
SHUCHITA TIMES May 2016
ARTICLE
9. During course work institutes provides Industrial
1.3. Hypothesis of the Study:
Visit to all the Self-Finance courses students which
1. There is a significant difference in growth of Selfis helpful for them to absorb practical knowledge.
financed courses over traditional B.Com courses in
10. Quality of Traditional B.Com courses is
the last ten years.
deteriorating.
2. Self-Finance courses are significantly dominating
11. Self-Finance courses offer 100% placement
Traditional B.Com courses.
opportunities to all the students.
1.4. Findings:
12. Syllabus of Self-Finance Courses is made as per
1.4.1 Factors responsible for the growth of increase in
industry requirement.
popularity of Self-Finance Courses among Students.
These all above are the main factors responsible for the
There are numerous factors are answerable for the
growth of rise in popularity of Self-Finance courses increase in growth and popularity of Self-Finance courses
among students.
amongst the students. The main factors are as follows:
1. Self-Finance courses are more jobs oriented as Hypothesis 1: There is a significant difference in growth of
Self- financed courses over traditional B.Com courses in
compare to Traditional B.Com courses.
2. Syllabus of Self-Finance courses is more practical the last ten years.
which is valuable for the students to withstand in Null Hypothesis: There is a no significant difference in
growth of Self- financed courses over traditional B.Com
any business organization.
3. In Self-Finance courses examination pattern is courses in the last ten years.
motivating i.e. internal examination and external Alternative Hypothesis: There is a significant difference in
growth of Self- financed courses over traditional B.Com
examination.
4. In Self-Finance courses study is take place on PPT. courses in the last ten years.
For testing purpose respondents (students) are asked to
5. In Self-Finance courses students has to make
project and presentation which is beneficial for the give their opinion on five point agreement scales regarding
students to mature their skillsand eliminate their different characteristics related institutional growth due to
both types of courses. The codes were as follows
stage fear.
6. In the Self-Finance courses in each classroom 1. Strongly Agree, 2. Disagree, 3. Neither agree nor disagree,
extreme student intake capacity is 60 students, 4. Agree, 5. Strongly Agree
with the help of this students can concentrate better Normality test: Before selecting statistical test we test
normality of data as follows:
as compare to Traditional B.Com courses.
We use Kolmogorov-Smirnov test for testing normality and
7. Students are highly satisfied with their syllabus.
8. In Self-Finance courses students are receiving all results of which are tabulated below
the modern amenities in the class room throughout
study.
Table No. 1.4.1 (1)
Hypothesis No. 1: Kolmogorov-Smirnov Test
Kolm ogor ov-S m irn ov a
S tatistic
df
Sig.
Se lf-F ina nce
0.27 6
790
0. 000
T ra ditional B. C om
0.19 3
425
0. 000
Observations and interpretations:
both types of courses is not normal. Further two groups are
From the above table it is observed that significant p values for independent. Hence we use non-parametric Mann-Whitney
k-s test are both 0.000 less than 0.05 clearly indicates that data Test for testing significance of data. Details are as follows.
for different characteristics related institutional growth due to
Table No. 1.4.1(2)
Hypothesis No. 1: Mann-Whitney Test
Ranks
METHOD
Self-Finance
Traditional B.Com
Total
SHUCHITA TIMES May 2016
N
Mean Rank
790
747.18
425
347.25
1215
4
Sum of
MannRanks
Whitney U
590271.50
147233.50
57133.5
Z
-19.141
P value
(1-tailed Sig.)
0.000
BODY & BRAIN
Commerce Quiz
1.
2.
The minimum number of members required for 3.
registration of a Cooperative Society are(a) Two
(b) Seven
4.
(c) Ten
(d) Twenty
Which are the following errors are disclosed by
Trial Balance?
(a) Errors of Omission
5.
(b) Errors of Principle
(c) Compensatory Errors
(d) All the Three
Double Entry system was introduced in(a) America
(b) Japan
(c) India
(d) Italy
A Public Corporation is Set up(a) By a special Act of Parliament
(b) By a special order of the Government
(c) Under Indian Companies Act, 1956
(d) By none of the above
The Product range is widest in case of(a) Chain Type
(b) Departmental Store
(c) Speciality Shop
(d) One Price Shop
P. C. Mustafa
T
he average adult head has about 100,000 to
young techie who could just about make himself
daal, rice and papad in his bachelor days now runs a
company with a 70 crore turnover that provides almost
five lakh idlis a day to hungry Bengalureans.
It started in a small corner of the city’s
Thippasandra locality where Musthafa’s cousins ran a
grocery store. “This was eight years ago, and a local
supplier would sell idly/dosa batter in an unbranded
plain plastic bag tied up with a rubberband, on
weekends.
t is with this intent that Musthafa is very particular
that they identify “smart guys from rural areas who are
unemployed” and provide them opportunities in their
company. Today they employ 650 such people from the
eight regions they work in across India.
Business is of course growing phenomenally with
venture capital (VC) firms wanting to invest in them;
5
60 companies’ evinced interest in pumping money;
mostly American. Finally Helion Venture invested Rs.
35 crore in their expansion plans.
They have a SAP-based backend platform so that
they have a zero inventory model – 90 per cent of the
products are sold on the same day; a mobile app keeps
track of sales patterns in each store.
SHUCHITA TIMES May 2016
ARTICLE
Observations and interpretations: As p value is 0.00 which Hypothesis 2: Self-Finance courses are significantly
is less than á = 0.01 (1 % significant level). It is also observed dominating Traditional B.Com courses.
that calculated ‘z’ value is -19.141 is less than – 1.65 (table Null hypothesis: Self-Finance courses are not significantly
value of at 1 % significant level). Hence we reject null dominating Traditional B.Com courses.
Alternative hypothesis: Self-Finance courses are
hypothesis Ho.
Finding: From the above we may infer that there is a significantly dominating Traditional B.Com courses.
For testing purpose respondents (principals) are asked to
significant difference in growth of Self- financed courses over
give
their
opinion on five point agreement scale regarding
traditional B.Com courses in the last ten years.
different
characteristics
related to domination of Self1.4.2 Measures to improve the Popularity of SelfFinanced
courses
on
Traditional
B.Com courses. The codes
Financed Courses running colleges affiliated to University
were
as
follows
of Mumbai.
1
Institute must provide finest infrastructure facilities to 1. Strongly Agree, 2. Disagree, 3. Neither agree nor disagree,
students as well as to teacher like library, computer with 4. Agree, 5. Strongly Agree
For testing above hypotheses we compare mean rating
internet, gym, ground and audio visual room etc.
scores
with score 3.5 (which gives positive agreement opinion
2
Teacher must provide practical as well as theoretical
knowledge to students to sustain in any business rating score).
Tests of Normality: Before selecting statistical test we test
organization.
3
Institute must offer teacher training program for Self- normality of data as follows:
We use Kolmogorov-Smirnov test for testing normality
Finance courses teachers to upgrade their knowledge.
and
results
of which are tabulated below
4
Institute must provide best pay to all the teachers of SelfTable No. 1.4.2 (1)
Finance courses.
Hypothesis
No.
2: Kolmogorov-Smirnov Test
5
Institute mustoffer best employment opportunities to
teachers of Self-Finance course.
Kolmogorov-Smirnova
6
Institute must make available all the facilities to students
Statistic df
Sig.
as per the Universities norms.
7
University must change and upgrade the Self-Finance
domination of Self-Financed 0.271
20
0.000
courses syllabus time to time.
courses
on
Traditional
8
Institute must provide Industrial Visit facilities to all the
B.Com courses
students of Self-Finance courses to get practical
knowledge of the Industry.
Observations and interpretations: From the above table it is
9
Institute must hire professional staff to give quality observed that significant p value 0.000 for k-s tests is less than
education to students.
0.05 clearly indicates that data for different characteristics
10 University must promote admission criteria to take related to domination of Self-Financed courses on Traditional
admission in Self-Finance courses.
B.Com courses. Hence we use non parametric one sample
11 University must preserve the examination standard as sign test for testing significance of different characteristics
per the level of course.
related to domination of Self-Financed courses on Traditional
12 Institute should not stretch excess work load and giant B.Com courses.
administrative work to teachers.
One sample‘t’ test: To test above null hypothesis we use one
13 Institute should offer scholarship facilities to needy sample sign test with hypothesized mean value 3.5
students.
The details of which are tabulated as follows.
14 Institutes must sustain their standard in terms of quality
education and placement.
Table No. 1.4.2 (2)
One sample nonparametric sign test of median vs hypothesized score 3.5 for domination of Self-Financed courses on
Traditional B.Com courses
Med ian
sco re
H yp othesized sco res differen t characteristics related to do minatio n of SelfFinan ced co urses on Trad itio nal B.Co m co urses.
Ì 0= 3.5
O bserved Mean rating sco res fo r d ifferen t characteristics related to
d ominatio n o f Self-F in anced cou rses on Tradition al B.Com co u rses.
M= 4.8
Sa mp le
size
n = 20
Calcu late d ‘z’
va lu e (o ne
taile d, up pe r)
z = 2. 01
S ig n ific an t
P v alu e
p =0. 04 42
C ritica l z values:1 . A t 5% lev el of sig nifican ce the co rresp on d in g z valu e is 1.645 ; 2. At 1% level of sig nifican ce the co rresp o nd ing
z valu e is 2.326
SHUCHITA TIMES May 2016
6
ARTICLE
Observation: From the above table it is observed that ‘z’
value for null hypothesis is 2.46 which is greater than +1.645.
Also p value is 0.0442 which is less than 0.05. Hence we
reject null hypothesis at 5% level of significance.
Interpretation: On the basis of above data it can be inferred
that Mean rating scores for different characteristics related to
domination of Self-Financed courses on Traditional B.Com
courses is greater than or equal to 3.5
Findings: Self-Finance courses are significantly dominating
Traditional B.Com courses.
1.5 Suggestions
1.5.1 Factors responsible for the growth of increase in
popularity of self-finance courses among students.
There is anenormous growth of Self Finance
courses over Traditional B.Com courses in last ten years.
Day by day the popularity of Self Finance courses among
students are increasing because industries provide finest
placement opportunities to Self-Finance courses
students. Self-Finance courses are extremely
employment oriented courses, and the purpose behind
that practical as well as theoretical knowledge of the
students, paramount communication skills, finest inter
personal skills andtop presentation skills etc. All these
are the exceptional qualities which every industry gives
first preference during the selection of employee. Just
because of this the growth and popularity of Self Finance
courses among the students has been increasing
tremendously.
1.5.2 Measures to improve the popularity of Self-Financed
Courses running colleges affiliated to University of
Mumbai.
In the last ten years the Self Finance courses run by
colleges affiliated to University of Mumbai has been
given a revolutionary performance. We can judge the
performance of Self Finance courses by seeing the total
numbers of student’s enrolled during a year. We can see
the popularity of Self Finance courses by watching and
analyzing parent’s cent percent involvement and
supports to their child to do this course and enthusiasm
towards paying higher fees. Self-Finance Courses not
only increases the quality of education for the students
7
1
2
3
4
5
6
7
8
9
10
11
12
13
14
but also improved the financial performance of
educational institutes to provide best infrastructure
facilities to students and teachers. As per this study the
colleges who established in rural area must think to start
such kinds of courses to provide quality education as
well as best employment opportunities to the students.
There are following measure to improve the popularity
of Self Finance courses and they are as follows.
Institute must provide best infrastructure facilities to
students as well as to teacher like library, computer with
internet, gym, ground and audio visual room etc.
Teacher must give practical as well as theoretical
knowledge to students to sustain in any business
organization.
Institute must provide teacher training program for SelfFinance courses teachers to upgrade their knowledge.
Institute must provide best pay to all the teachers of SelfFinance courses.
Institute must provide best employment opportunities to
teachers of Self-Finance course.
Institute must provide all the facilities to students as per
the Universities norms.
University must change and upgrade the Self-Finance
courses syllabus time to time.
Institute must provide Industrial Visit facilities to all the
students of Self-Finance courses to get practical
knowledge of the Industry.
Institute must hire professional staff to give quality
education to students.
University must upgrade admission criteria to take
admission in Self-Finance courses.
University must maintain the examination standard as
per the level of course.
Institute should not give excess work load and huge
administrative work to teachers.
Institute should provide scholarship facilities to needy
students.
Institutes must maintain their standard in terms of
quality education and placement.
SHUCHITA TIMES May 2016
ARTICLE
Rural Markets
Prof V.H. Koppar
M.Com., LLB
Chiplun, Mumbai
Villages are the integral part of the nation. They have a
different culture and tradition. They become more important
in Asian and African countries where a majority of the
population resides. For countries rural world in India
remained static as a self sufficient unit of production and
consumption. But it is no longer so. The rural setting is
changing everyday spending pattern of rural people is also
changing. Rural consumers today are dictating terms. So, a
successful marketeer has to understand the special features of
these markets. However, it is a goldmine with throws.
Companies which want to enter rural markets have to spend a
lot on market survey. So far, the companies have not paid
sufficient attention to rural markets. But they cannot continue
do so as there is a vast scope in this sector for marketing
different types of goods.
Marketing is always more important than production.
Anybody can produce goods with the help of technicians. but
only few can sell those goods successfully in the market.
Profit is earned only when the goods are actually sold in the
market. Anybody can become an engineer but only few with
imagination can become successful marketeers. Marketing
needs a fertile mind. Marketeers should always use innovative
ideas. Marketeers have to go on changers their strategy from
time to time because the needs and tastes of the ultimate
consumers are constantly changing.
As it is said, real India still lives in villages though
urbanisation process is going on at a fast pace, still a large
chunk of our 140 crores population lives in villages. So, no
marketeer can neglect the rural market. Though there is
poverty on a large scale in villages. These days good many in
the villages have a substantial money and spending power
specially in those parts in which there are irrigation facilities
and the farmers grow cash crops like sugarcane, cotton etc.
Even luxury articles like smart phones and automobiles have a
large rural market. So, we find that these days, multinational
companies like Hindustan Unilever are doing their best to
capture the vast rural markets in India. Today even in small
villages you may not have a good supply of drinking water but
you will get Bisleri, Cocacola, Lux toilet soap and shampoo
sachets. The number of mobiles in India is more than the
number of toilets.
However, there is a clear distinction between urban and
rural India and hence rural marketing needs an entirely a
SHUCHITA TIMES May 2016
8
different approach, skills, tools and to strategies. Rural market
is totally a different proposition. There is lot of difference
between urban and rural income and socio cultural factors.
Rural marketing in simple words is planning and
implementation of marketing function for the rural areas. So,
the marketeers here must understand different aspects of rural
living. He must study and understand The psyche of the rural
consumer, his needs and spending habits. So, a different set of
products and services should be tailored to meet the special
needs of a rural consumer.
Indian rural market is changing and expanding at a fast
pace. We cannot rule out the possibility of the rural market
outstripping urban market within a short time. Marketeer here
should have a clear picture of the rural market as it exists today
75% of the Indian population still lives in villages. Recent
Government schemes for alleviation of poverty and rural
development have contributed a lot to improve the financial
position of the rural population. According to one study, the
rural market in India is estimated to be of Rs. 1,23,000 crores.
The same is split up as F.M.C.G Rs. 65,000 crores, durables
Rs. 5,000 crores, tractor and agricultural equipment and inputs
Rs. 45,000 crores, two and four wheelers Rs. 8,000 crores.
However, this large market is highly scattered. Rural Indians
today are not as poor as they are perceived to be. They
contribute more than half of the national income. The rural
economy is getting less and loss dependent on agriculture. The
share of non farm income is increasing. Literacy level in rural
areas has improved a lot. Today it is about 59%. However, to
succeed in rural market it is absolutely essential to make its
proper segmentation.
There is a world of difference between Indian Rural and
Urban markets. There are differences in income, life style and
socio cultural outlook. The attitude and behaviour of the rural
consumer is likely to remain different from the urban
consumer for a long time to come. Poor villagers are brand and
extremely value conscious these days. There are challenges in
the distribution of goods and services. So, entirely a different
approach in marketing is necessary. Consumer behaviour and
consumer decision making process are significantly different.
Marketeer here has to face good many challenges like
high distribution cost due to lack of proper transport facilities.
Communication is not easy. Cost per contracting a prospective
consumer is very high. Marketeers have a very limited
ARTICLE
knowledge of the rural market etc. It is very difficult to
understand the psyche of the rural consumer. There is also a
problem of sale of spurious products by taking undue
advantage of the ignorance of The consumer. In spite of all
these problems, The marketeer can not ignore the rural
markets due to its large volume. Though there are these
problems, they are not unsormontable. Opportunities in rural
markets are increasing every year. So, every company must try
its level best to capture this market There is a continuous rise
in rural prosperity Dependence on agriculture and the vegaries
of monsoon is decreasing and as a result. The rural
consumption is also increasing.
Rural market is geographically a very large territory.
There fore conducting market research in This field is a costly
and time consuming process. Usually budget for rural market
survey is usually limited. So, the job because rather difficult
getting access to rural population is thus very challenging.
There are no proper transport and other facilities Rural people
are very sensitive so, it becomes more difficult for the
researcher to approach them. However knowing the rural
market and the unique behavior of the rural consumer is
extremely important. Daily life style of rural people is entirely
distinct from urban consumer.
Price is the most important phenomena asserting rural
markets Due to limited resources at their command, the rural
consumer are highly price sensitive. Marketeers should not
only study their income levels but also when the money is
received and in what quantum it is received You have also to
study their spending priorities.
F.M.C.G. products percolated in to rural areas from the
urban areas automatically. If the organisation wants to level up
demand in rural areas on a large scale it should modify the
existing products to. The specific needs and tastes of the rural
population products for the rural markets must be at fordable.
Brands & matter in the rural areas. However, they should
deliver value for money for the rural consumers.
Indian retail market is not only one of the largest in the
world but also the most fragmented one. So, it is a challenging
task to handle this market successfully. Ensuring continuous
availability of goods to the different retailers located at the
hook and corner of the world, regularly is a difficult task
Behavior of rural retailers is not so easy to understand. Credit
is to be necessarily given to these retailors. Selecting
financially strong retailor’s necessary. Help of the local bank
branches should be taken in this respect. Life style and
consumer behaviour is to be carefully studied. Goods to be
sold in this market should not only be cheap but also suitable to
meet the special needs of the rural consumers. Durable goods
sold in rural areas should be study and should not require often
repairs as there are no repair facilities in these areas.
It may be noted here that online or e-marketing can play a
very useful role in these markets. Under e-commerce, the
goods are delivered at the doors of the consumers, which is
very convenient to the consumers at large and specially for
senior citizens settled in the rural areas to spend a quiet retired
life. These days number of rural youth having computer
literacy is growing at a fast pace. For the healthy growth of ecommerce the vendors should create confidence in the minds
of the consumers about their reliability Central Government
should consider, passing a special legislation regulating ecommerce.
In short we can conclude that so far enough attention is
not paid by the marketeers to tap this market successfully.
Some are trying to capture this market in recent years. But still
more efforts are necessary. It is necessary to spend more on
research in this market and provide modified products to suit
the needs of the rural consumers to effectively capture this
huge and ever expanding market.
ISBN-978-93-5034-793-5
Price : ` 250
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* A tool to sketch the need and methods of cultivating Common Sense to your ultimately finish
with a dynamic portrait of Common Sense of your own and for your own.
This Book is not...
* A quick fix.
* A two hour journey read out.
This Book is for :
Being used as a gearwheel that grows smaller with gradual readings for bringing deep and
permanent transform to live a happier and healthier life.
This Book is not for: Get and forget.
9
SHUCHITA TIMES May 2016
ARTICLE
Planning and Organisation of Working Capital Management
Dr. Arvind S. Luhar
HOD, Accountancy & Research Guide
Government of Maharashtra
Ismail Yusuf College of Arts,
Science & Commerce
Jogeshwari (E), Mumbai - 60
Mr. Hitesh G. Suthar
Ph. D. Research Scholar in Accountancy
KPB Hinduja College,
University of Mumbai
every aspect of business activity. The item usually taken
into consideration while preparing a working capital
forecast designed to estimate the requirements of
working capital are: costs to be incurred on material,
wages and overheads obtained from cost records;
duration for which raw materials are to remain in stock
before they are issued for production purpose; length of
the production sale cycles; period of credit allowed to
debtors and period of credit availed from creditors, and
time lag involved in the payment of wages and overhead
expenses. The budgetary approach in determining the
working capital requirements involves preparation of
cash budget which is an integral part of the overall
budgetary process in any firm. Working capital
requirements are planned keeping in view the operating
cycles.
1.1 Operating Cycle: Operating Cycle is the duration
of time between acquisition of supplies and the
collection of cash from receivables, working
capital is required to finance operations during
operating cycle for the business to run smoothly.
1.1.2 Operating cycle in a trading firm in the length of time
required:
1. to convert cash into inventory of finished goods;
2. to convert inventory of finished goods into
receivables;
3. to convert receivables into cash;
Operating Cycle in a Trading Firm is shown below.
Abstract:
The operating cycle concept of working capital talks
about the period for which the amount of cash which is
originally put into the business is returned squarely. It is
essentially a cash to cash cycle. Initial investment of cash is
used to create inventories and through the sales of these
inventories cash is returned to the same with some
appreciation.
Keyword:
Working Capital, Operating Cycle
1.0 Introduction: Planning and Organisation of Working
Capital Management Efficient management of working
capital involves careful determination of working capital
requirements and formulation of plans for meeting them.
A large number of factors influence the working capital
needs of firms. The most important of these are: the
nature and size of the business, manufacturing cycle,
business fluctuations, production policy, dividend
policy, credit policy, credit availability, growth and
expansion activities, profit level changes and operating
efficiency. It is the consonance with these factors that the
working capital requirements are planned. An effective
device for working capital planning is the preparation of
working capital forecast, the main objective of which is
to secure an effective utilization of the proposed
investment there in a working capital forecast is prepared
to determine the amount of working capital required to
finance a particular level of business operations. The
exercise involves complicated calculations embracing
Cash
Inventory of Finished Goods
Operating Cycle in a Manufacturing Firm is the length of time
required:
1. to convert cash into inventory of raw materials;
2. to convert inventory of raw materials into work-inprogress;
Cash
Inventory of
Raw Materials
3.
to convert inventory of work-in-progress into finished
goods;
4. to convert inventory of finished goods into receivables;
5. to convert receivables into cash.
The Operating Cycle in a Manufacturing Firm is shown
below:
Inventory of
Work-in-progress
Receivables
SHUCHITA TIMES May 2016
Receivables
10
Inventory of
Finished goods
ARTICLE
2.0 Objective of the Study
1. To understand operating cycle period
Nature of Business
1. Small trading concern or
Retail shop
Requirement of
Working Capital
Small
2. Large Trading Firms or
Departmental Store dealing
in large variety of goods
Large
3. Manufacturing Firm
Large
2.
To study requirement of Working Capital at
different level, base on operating cycle.
3.0 Requirement of Working Capital
Reason
Operating cycle period is small since –
1. They mostly have cash sales.
2. They carry small quantities of goods in stock
3. They carry only small amount of debtors balances.
4. They carry small amount of cash.
5. Goods are purchased on credit but are sold for cash.
Operating Cycle Period is larger since –
1. They require large quantities of goods in stock.
2. They carry large debtors balances
3. They carry large amount of cash.
Operating Cycle period is large since –
1. They carry large quantity of raw materials
2. They carry large quantity of work in progress
3. They carry large quantity of finished goods
4. They carry huge amount of debtors balances.
5. They carry large amount of cash.
The various researches conducted in India have been shown the following results:
Nature of Business
1. Public utilities
(e.g. electricity generation
and supply, water supply)
2. Hotels, restaurants and
ea ting houses
3. Trading firms
4. Financial firms
5. Tobacco firm
6. Construction firm
7. Manufacturing firm
(a) Heavy engineering
Industry
(e.g.
BHEL)
(b) Rice mill/cotto n ® spinning mill / steel
rolling mill
Requirement
of Working
Capital
Small
Small
Large
Large
Large
Large
Reason
(a) T hey have cash sales.
(b) They supply services and not products.
They mostly have cash sales and only small amount of debtors
balances.
(a) T hey require large quantities of goods to be held in stock.
(b) They carry large d ebtors balances.
They carry large debtors balances.
They req uire large quantities o f inventories
They req uire large quantities of raw material and work-inprogress.
Large
They have larger period of operating cycle.
Small
They have smaller period of operating cycle
Conclusion: Operating Cycle play important role in Working
Capital Management. Delay in operating cycle will affect
working capital and liquidity of the business. Not only
operating cycle but cash conversion cycle also affect working
capital and its effect on liquidity and profitability of the
business.
Bibliography:
1. R. P. Banerjee, Working Capital Management, ISBN-81-760-0849, 2002.
2. P. C. Tulsian, Financial Management, ISBN-81-219-3225-4, 2011
3. V.K. Bhalla, Working Capital Management, ISBN 81-219-43027, 2014
11
SHUCHITA TIMES May 2016
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PREPARING FOR THE REAL WORLD
Measures to Avoid Summer
S
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The Mother & the Wolf
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` 220/CA. Raj K Agrawal
Cynosure of the Month
Pankaj Kumar
AIR: 3 (CS Executive, December 2015)
Fatehabad, Haryana
rd
1.
Your
Trusted
Partner
in
Success
2.
3.
4.
5.
6.
How do you feel after passing CS Executive Examination?
There was lots of pressure and expectation after I couldn't clear my CA final
examination in first attempt in Nov 2015. But yes, getting what you want is
extremely satisfying and getting all India 3rd rank.....I couldn't have ask for
more.....
What all has contributed to this success?
Guidance and blessings of family, continuous hard work made it all possible.
What challenges did you face during your preparation? (Word Limit: 25)
Due to CA final exams in November and articleship thereafter I was left with no
time to prepare for the CS exams.
How could you cope up with them? How did your coaching/teacher(s) help
you?
CS solved scanner helps me a lot to overcome this challenge. I didn't get any
coaching for CS executive.
Your advice to the aspirant for CS Executive Examination.
Never try to mug up.......be honest with yourself and work hard.......nobody can
stop you.....life is short. Be of use!!!!
Your views about
or Solved Scanner. (Word Limit: 50)
Without solved scanner it wouldn't be possible for me to prepare so well in
limited time. It is like a perfect partner for your exams.