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00:00Now, the concept of Profit and Loss is that if the income is high and expenditure is low,
00:17then it is called as surplus.
00:21And if the income is low and expenditure is high, then it is called as deficit.
00:33If the income is high, then what?
00:35Surplus.
00:36And if the income is low and expenditure is high, then what?
00:39Deficit.
00:40So, there we call it as Profit and Loss.
00:43What do we call it here?
00:44Surplus and Deficit.
00:46Does anyone have any objection?
00:48Okay.
00:51Next, I have told you one point about working.
00:54If they tell you an event in the question and say that there is so much income and expenditure,
00:59and you have to bring the income from working.
01:01What have you brought, brother?
01:02Working.
01:03This is what you have made.
01:04If you have an event, then you don't have to solve it on the face.
01:09You have to bring the income directly from there.
01:13I will minus the expenses from the income and bring the income from that particular event on the face.
01:18You have to keep it in mind.
01:19Otherwise, it will be a mess.
01:21You will write the income and expenditure.
01:22It will be too lengthy.
01:23It will be difficult for you to handle.
01:25So, if there is an event, then its income will be in working and its expenses will also be in working.
01:30Does anyone have any objection?
01:32Okay.
01:35Next.
01:37Next, what we make in NPMO is State-Budget Financial Position.
01:43Statement of Financial Position is almost 75% same.
02:04What is the first thing you write?
02:05Assets.
02:06What is the first thing in Assets?
02:08Non-current assets.
02:14Non-current assets can be land, building, plant, machinery, furniture, fixtures, vehicles, etc.
02:41Non-current assets are the same.
02:42Depreciation rates, depreciation methods are also the same.
02:45Everything is the same.
02:47Is the report okay?
02:49Okay.
02:50Show it to me.
02:53Show it to me.
02:55Is the data available?
03:01Is the data available?
03:06Password.
03:09Password.
03:10Password.
03:20Accounting.
03:21Accounting.
03:37Yes.
03:38Non-current assets and after that we have same current assets.
03:43Non-current assets and after that we have same current assets.
03:52In current assets, there can be inventory of what?
03:58Inventory of canteen.
04:00There will be refreshment in canteen.
04:03That is its inventory.
04:05Inventory can be there.
04:06Rest, no one does business.
04:09Yes, it can also be that if there is a medicine, if there is a hospital, then its medicine etc. will also be there.
04:14Where will it come from?
04:15In the inventory.
04:16Inventory can be there.
04:18Yes.
04:19Pre-payment.
04:20Pre-payment can be there.
04:22But that is running on people's money.
04:24So, I think the situation may not be pre-payment.
04:26But there will be pre-payment.
04:28Because if there is accrual, then there will be pre-payment.
04:30So, where will the pre-payment go?
04:31Current assets.
04:32Apart from this, there will be cash.
04:35Apart from this, a major thing that they have is receivable.
04:39That is subscription receivable.
04:44Because when subscription will be due to people,
04:47then people have to take it.
04:49The year is over.
04:50Members have to give subscription.
04:51Till now, they have not given.
04:52So, we have receivable.
04:53So, what will be our receivable?
04:55Asset.
04:56What will be the liability for members and what will be ours?
04:58Asset.
04:59Rest, all items are the same.
05:00Here, often one item comes.
05:02Which is new?
05:03Subscription receivable.
05:05Any more objections?
05:07Okay.
05:09Asset side is the same.
05:12If we go down,
05:13then when we made the SOF of Profit Seeking Organization,
05:17then there were assets above.
05:19What did we make below?
05:21Equity and liabilities.
05:25Here, it is called fund.
05:29Here, no one will use the word equity.
05:31It will be called fund.
05:33And it is also called net assets.
05:35Anyway, net assets are also called there.
05:38What is net asset called?
05:39Assets minus?
05:40Liabilities.
05:41Assets minus?
05:42Liabilities.
05:43Liabilities are our net assets.
05:47So, fund is also the same.
05:48If liabilities are minused from assets,
05:50then what will be left?
05:51Fund.
05:52There,
05:54usually,
05:56equity is that
05:57which is invested by the owner of the business.
06:00Here also,
06:01in fund,
06:02there are mostly those things
06:03which are
06:04the founder of this particular organization.
06:08He brought money,
06:09land,
06:10building.
06:12So, as a founder member,
06:14means,
06:15technically,
06:16he can only be called the owner
06:17who made this.
06:18Like E.D. sir,
06:19all in all.
06:20E.D. sir's seat
06:21could not have been kept by anyone else.
06:22Of course,
06:23he was doing charity work,
06:24but all in all.
06:26Technically,
06:27he is the owner.
06:28No one else can replace him.
06:30Here also,
06:31the person who laid the foundation of this foundation
06:33and brought money from his own pocket
06:35and made it,
06:36what will he be called?
06:37He will be called a fund.
06:38But,
06:39when he will bring money in NPO,
06:41then he will not be like him.
06:43Then who will he become?
06:44Then he will become an NPO.
06:46Similarly,
06:47as we read there,
06:48that opening capital can be,
06:50then here also,
06:51there will be an opening fund.
06:56There will be an opening fund
06:57and in this,
06:58what will be the surplus?
07:00Add.
07:01If there was a profit add,
07:02then what will be the add here?
07:03It will be a surplus add.
07:04And if there is a deficit add,
07:05then what will happen here,
07:06brother?
07:07It will be less.
07:08And similarly,
07:09if there was a closing there,
07:10then here also,
07:11there will be a closing.
07:16Usually,
07:17usually,
07:18listen carefully,
07:19I told you a technical point earlier,
07:21that if there is a coffee,
07:23if there is an event,
07:24if there is an event,
07:25then its working is different.
07:28Usually,
07:29usually,
07:30you will read the question,
07:31turn the eye-camera,
07:32and there are 3-4 numbers hidden in it.
07:34It does not even tell you the opening fund.
07:37Doesn't it tell you?
07:38And you keep searching,
07:39where is the opening fund?
07:43And it has at least 3-4 numbers,
07:45just to find the opening fund.
07:48And what is written in front of the opening fund?
07:50What is the other name of the fund?
07:51Net Asset.
07:52Net Asset.
07:53When it does not give you the opening fund,
07:55then you will be in a working.
07:58Of the opening fund.
08:04In a paper situation,
08:05the working number can go up or down,
08:06there is no tension.
08:08When it will make a working of the opening fund from you,
08:11if it does not give,
08:12then it will give you 3-4 numbers for free.
08:14What will you do?
08:15You will write all the opening assets,
08:20will be given in the question,
08:22not only the fund will be given in the question,
08:24opening asset, opening receivables,
08:25opening inventory,
08:26opening subscription receivables,
08:28everything will be given.
08:30Lab, building, plant and machinery,
08:32everything will be given.
08:33From the opening assets,
08:37we will minus the opening liabilities.
08:41From the opening assets,
08:42if we minus the opening liabilities,
08:44then what will happen?
08:46Opening fund will come.
08:48These are numbers for free.
08:50So try, pray,
08:52do not pray for the paper.
08:54Never pray that the paper is easy.
08:57Pray that I will pass.
09:04Often when the paper is easy,
09:05the failure rate increases.
09:08In difficult paper,
09:09more people come out.
09:10Because those who fight till the end,
09:12try to try all the questions,
09:14some start crying.
09:20And some people keep fighting till the end.
09:23See, ICAP has said a very simple thing.
09:25I was in that meeting.
09:28The Karachi examiners were sitting there
09:30and they said that
09:32passing marks are not more than 50.
09:37What did they say?
09:38They did not say that passing marks are 50.
09:41Passing marks are exactly 50.
09:45What did they say?
09:47Passing marks are?
09:49Then a teacher said,
09:50then a teacher said,
09:51then a teacher said,
09:52then a teacher said,
09:53that passing marks can be less than 50.
09:55Then he said,
09:56then he said,
09:59There was one more international examination body.
10:02We were sitting in its seminar.
10:04So when we went to Lahore,
10:08when they called us,
10:09do you know what the examiner said?
10:11He said that
10:13if a student
10:16did bother to attempt whole paper,
10:19we will not bother to give him a single mark only.
10:24If a student thinks that the paper is not complete,
10:28then we will fail in 49.
10:30We will fail in 49.
10:31We will not give him a single mark.
10:32We can give him a single mark.
10:34One student keeps fighting the whole paper.
10:37The last question,
10:38I am checking yours,
10:39I am checking yours,
10:40I am a human being.
10:42He has a lot of marks.
10:43He has professional marks.
10:45In that question,
10:46he has minimum marks.
10:47He has come at 48,
10:48he has come at 49.
10:49He says,
10:50every area comes,
10:52and if you have fought well,
10:53then we will give you a single mark.
10:55We will pass you.
10:56We can even give you two.
10:58We will give you professional marks.
10:59We will give you the remaining marks.
11:02Okay brother?
11:03And he said the next thing,
11:04that if a person attempts the whole paper,
11:06struggles,
11:07fights,
11:08then we will give him one or two marks
11:10and make sure that he passes.
11:12Make sure.
11:15That is why it is very important to do the whole paper.
11:18Multiply every question by 1.8.
11:20Start working in allocated time.
11:22Start filling the workings.
11:24Write whatever comes on the face,
11:25directly on the face.
11:26When the time of that question is over,
11:27and five minutes are left,
11:29then close the workings and write on the face.
11:32When the time is over,
11:33the question is over.
11:34And this is a very daring problem.
11:39There is no such daring in children.
11:41They don't dare.
11:43But whatever they do,
11:44they will pass.
11:47If you have done three questions,
11:50and out of 50,
11:5150 will not fill you.
11:53If you have passed 50,
11:54out of two questions,
11:55there are only three.
11:57But if you do the whole paper,
11:59then what will happen?
12:00Then the chances increase.
12:02You have more options.
12:04If a person does the 100th paper,
12:0650 mistakes will be solved.
12:08If a person does the 70th paper,
12:09how many mistakes will be solved?
12:11Just 20.
12:13Is it right, friend?
12:14Practice to complete the paper.
12:16Okay, let's move on.
12:18We have the working of this fund.
12:19I have taught two things.
12:20Very important.
12:22If someone has done an event,
12:24bring the income from outside.
12:25And if you don't give the opening fund,
12:27then don't worry.
12:28From the opening asset,
12:30we will reduce the opening liabilities.
12:32And you will get free numbers.
12:33Free numbers.
12:343-4 numbers.
12:35Will be given in the question.
12:37Opening assets will also have
12:38opening liabilities.
12:39If you reduce it,
12:40what will come?
12:41Fund will come.
12:42Anyone object?
12:44Okay.
12:45Let's move on.
12:46What do we have next, brother?
12:48After the fund,
12:49non-current liabilities.
12:50Same as before.
12:52There can be a loan.
12:55There is a bank loan.
12:56We don't have any other technical liabilities.
12:58Non-current.
12:59In FR-1.
13:01When we go to FR-2,
13:03God willing,
13:06May God take us to the level of FR-2.
13:09May God take us to the level of CF-1.
13:13May God take us to the level of MS-1.
13:16So, accounting.
13:17Your financial accounting
13:18will continue on MS-1.
13:20And anyway,
13:21your name is not a Chartered Lawyer.
13:24Not a Chartered Economist.
13:26Your name is Chartered.
13:28That's why you need to know accounting.
13:30If you know accounting,
13:31then you can do audits.
13:32What audits do you do?
13:33For financial students.
13:35What are financial students?
13:36All these things.
13:38If I don't know this,
13:39then how will I do audits?
13:40If I don't know IAS-16,
13:42then how will I audit
13:43the amount made from IAS-16?
13:46So, to become an auditor,
13:47accounting is necessary.
13:50Are you getting me?
13:52That's why you are called
13:53Chartered Accountant.
13:55Okay.
13:57So, we can have
13:58non-current liabilities.
14:00And what else can we have?
14:03Current liabilities.
14:07In current liabilities,
14:10you can have
14:12bank loan draft.
14:13You can have accruals.
14:15Okay, friend?
14:19You can have accruals
14:20in accrued expense.
14:24And one more thing,
14:25which will not come here,
14:26is subscription in advance.
14:36For example,
14:37if a customer
14:38gives me an advance,
14:40then what will happen to me?
14:42If a customer
14:43gives me an advance,
14:44then what will happen to me?
14:45Liability.
14:48Similarly,
14:49if a member gives me
14:50a subscription in advance,
14:52if he doesn't give it to me,
14:53then it is receivable.
14:54And if he gives it to me
14:55in advance,
14:56then I have a liability.
14:58So, this is a very important concept.
14:59Subscription in advance.
15:01If someone gives it to me,
15:02then what will happen to me?
15:04Liability.
15:05Similarly,
15:06if someone gives me
15:07a subscription in advance,
15:08and hasn't given it to me yet,
15:09then what will happen to me?
15:11It will be an asset.
15:12The subscription will be
15:13a receivable asset.
15:14And what will be the
15:15subscription in advance?
15:16Liability.
15:19We have not studied two things.
15:21Subscription.
15:23If we have a receivable,
15:24then it is an asset.
15:25And if the subscription
15:26is in advance,
15:27then it is mine.
15:28Liability.
15:29The rest of the SOFP
15:30performance is the same.
15:31The asset side is the same.
15:32The liability side is the same.
15:33The equity side is different.
15:35What is the name of the equity side?
15:37The equity side
15:38has a fund.
15:39What does it give?
15:40And different things
15:41can come in the fund.
15:43Okay, brother.
15:44For example,
15:45if someone gives a fund for land.
15:47Or if someone gives a fund
15:48for some other item.
15:50There is a fund.
15:51Endowment fund.
15:52Has anyone heard of it?
15:53Yes.
15:54What is it?
15:55Tell me.
15:58It is for government employees.
15:59Okay.
16:00What is it?
16:01What is the way
16:02it works?
16:06What is the way it works?
16:19It is about the fund.
16:20I said, let's figure out
16:21a fund.
16:22Now we have to work on this.
16:23Endowment fund.
16:25What is endowment fund?
16:26Endowment fund is
16:27the person who gives you money.
16:29He says, keep the money.
16:31But do not use the principal.
16:34You give 10 crores to a
16:35not-for-profit organization
16:37like Shokat Khanum.
16:39You say,
16:40I want these 10 crores
16:41to run for a long time.
16:43They say,
16:44how can I use it?
16:45What you say is,
16:46invest it somewhere.
16:48And use the income
16:49that comes from there.
16:5010 crores.
16:51I am not taking it back.
16:53But what are you saying?
16:55For a long time,
16:56in the name of whom
16:57you have invested,
16:58in the name of grandfather,
16:59grandmother,
17:00grandfather,
17:01or in the name of anyone.
17:02What do you get from here
17:03for a long time?
17:04You get a reward.
17:06Right?
17:08Some people
17:09say,
17:10feed the poor.
17:11With charity.
17:12With charity.
17:14Some people say,
17:15get a water tank.
17:17In the same hospital,
17:19or in the hostel of the poor,
17:21of the orphans,
17:22they say,
17:23get a water tank.
17:24Get a water tank.
17:26Or buy an asset.
17:27Get a room made.
17:28So that,
17:29they have something in their heart.
17:30What will I get?
17:31What will I get from here
17:32for a long time?
17:33You get a reward.
17:35However,
17:36you can get a reward
17:37by eating.
17:38How?
17:39By eating,
17:40how can you get
17:41a reward for a long time?
17:43He ate that food,
17:45and the energy
17:46that remained
17:47because of that food,
17:48meat was made
17:49in his body.
17:51Or his bones grew.
17:53So,
17:54as long as the bones
17:55will be with you,
17:56and as long as he
17:57does good deeds,
17:58in your account,
17:59it will remain.
18:01There is no share
18:02in bad deeds.
18:05There is no share
18:06in bad deeds.
18:07Yes.
18:08If you have raised
18:09your children in such a way,
18:10as he said,
18:11in bad deeds,
18:12who was he?
18:15Yes.
18:16If, son,
18:17in your bad deeds,
18:18there is a role
18:19of your parents' upbringing,
18:20then they are not guilty.
18:21If they have
18:22raised you well,
18:23and you are spoilt,
18:24like you are spoilt
18:25by coming to the hostel,
18:26by coming to the outskirts,
18:27or by meeting
18:28many friends,
18:29your parents are not
18:30guilty.
18:31As long as
18:32they do
18:33good deeds,
18:34you get
18:35good deeds.
18:36But if they
18:37have bad upbringing,
18:38then they are
18:39spoilt.
18:40But if they
18:41have come after
18:42getting old,
18:43then they are
18:44spoilt.
18:45And yes,
18:46ladies and gentlemen,
18:47what is the
18:48Indonesian fund
18:49technically?
18:50That we give
18:51them money,
18:52and we tell them
18:53that,
18:54Vajan,
18:55use this money.
18:56We don't do it.
18:57Use this money.
18:58We don't do it.
18:59What we have
19:00to do is
19:01its principle is
19:02like this.
19:03If someone
19:04is coming,
19:05we need to
19:06utilize him.
19:07What is the
19:08word for
19:09money fund?
19:10Indonesian fund.
19:11Sir,
19:12are there
19:13students who
19:14have given
19:15Indonesian fund?
19:16Sorry,
19:17I don't know.
19:18I have read
19:19that.
19:20What have
19:21I said
19:22in Indonesian
19:23fund,
19:24brother?
19:25If people
19:26have given
19:27Indonesian
19:28From FDIC, income use.
19:30So, SOFP has only one side which is different?
19:33Fund side.
19:34Fund and equity side is different?
19:36Which one?
19:37Fund and equity side.
19:38Means, the difference is in that, the rest is in the state and financial position.
19:43If you have any questions, write them down.
19:46If you have any questions, ask them on the left or right and then ask them.
19:50Hurry up, you have to revise.