Accounting - Introduction

!!! Greetings!!!
Welcome
Subject
Financial Accounting
Topic Code
Chapter
FA-01
Accounting - Introduction
By
R Narayanaswamy
M Com, MBA, M Phil, CPFA & AFP
(Investments)
Knowledge Initiator
Introduction - Preface
Why people do business?
To make money or in formal terms, to make
Profits
So, what is the meaning of the term
Profits?
Profits = Revenues - Expenses
Can you remember all the transactions
done by all the employees at different
locations?
So, what is the relevance of Accounting?
Accounting - Definition
Accounting is an art of
recording, classifying
and summarizing in a
significant manner and
in terms of money,
transactions and events
which are, in part, at
least, of a financial
character and
interpreting the results
Functions of accounting
Identifying
Recording
Summarizing
Classifying
Interpreting
Identifying the
financial transactions
and the accounts
involved in it.
Identifying
Recording
Summarizing
Classifying
Interpreting
Recording the identified
financial transactions in
the books of accounts as
per the said rules
Identifying
Recording
Summarizing
Classifying
Interpreting
Classifying the
transactions
under various
heads
Identifying
Recording
Summarizing
Classifying
Interpreting
Presenting the
classified data in
Identifyingunderstandable
Recording
and useful
manner.
Summarizing
Classifying
Interpreting
Identifying
To make
meaningful
judgement about
the financial
Recording
Classifying
condition
and
profitability of the
business.
Summarizing
Interpreting
Accounting - Definition
Accounting is an art of
recording, classifying
and summarizing in a
significant manner and
in terms of money,
transactions and events
which are, in part, at
least, of a financial
character and
interpreting the results
Tools
Identifying
Recording
Summarizing
Classifying
Interpreting
Tools
Accounting
Equation
Identifying
Recording
Summarizing
Classifying
Interpreting
Tools
Journal
Identifying
Recording
Summarizing
Classifying
Interpreting
Tools
Ledger
Identifying
Recording
Summarizing
Classifying
Interpreting
Tools
Trial Balance,
Identifying
IncomeRecording
Statement
and Balance Sheet
Summarizing
Classifying
Interpreting
Tools
Identifying
Horizontal Analysis,
Vertical Analysis,
Common size
statements,Classifying
Ratio
Recording
analysis and Cash
flow analysis
Summarizing
Interpreting
Groups interested in accounting information

Owners
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups
As owners have
Groups
interested
in accounting
invested
money, they
need to know the
performance
Owners
information
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups
As managers drive
Groups
interestedthey
in accounting
the organization,
need to know the
performance so as to
Owners
improve further
information
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups

Analysts need to
suggest
investments to
their clients
Owners
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups
As they lend money

Groups
to interested
the business,in accounting information
need to be
interested whether
Owners
they will get the
Managers
principal and
Security Analysts
interest back on
Lenders
time
Creditors
Employees
Government
Customers
Competitors
Research Groups

The need for
creditors to know
is more or less
similar to
lenders, but for a
shorter time
frame
Owners
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups

Employees need
to know the
accounting data,
so that they can
know what to
expect from the
organization
Owners
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups

Government need
to know so that
they can regulate
the business and
also collect taxes
for the profits
made
Owners
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups
Customers need
to know, so that
they can decide
on the long term
association
Owners
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups
Competitors
need to know the
accounting data
so as to
understand their
market position
Owners
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups
The primary purpose

of research groups is
to understand the
fundamental issues
and develop detailed
knowledge
Owners
Managers
Security Analysts
Lenders
Creditors
Employees
Government
Customers
Competitors
Research Groups
Accounting branches
C
o
s
Financial
Accounting
t
Management Accounting
A
c
c
o
u
n
Accounting branches
Financial accounting
To know the profit or loss and
the financial position of an
organization.
Accounting branches
organization.
Cost accounting
To ascertain the cost
Accounting branches
organization.
Cost accounting
To ascertain the cost
Management accounting
To provide the management
with information taken from
financial and cost accounting,
so as to facilitate decision
making
Understanding Business
Organization
S
e
r
v
i
c
Manufacturing
MerchandisingOrganization
Organization
e
O
r
g
a
Business Organizations can be

Business organisations bring
together materials,
technology, people and
money in order to satisfy the
customers needs and make
profit out of it.
Business Organisations can be

Business organisations
bring together materials,
technology, people and
money in order to satisfy
the customers needs and
make profit out of it.
Manufacturing
Organisations they
convert inputs into outputs
by applying processes.
Product has form and
substance and the goods
are physically delivered.

Business organisations bring
together materials, technology,
people and money in order to satisfy
the customers needs and make
profit out of it.
Manufacturing Organisations they
convert inputs into outputs by
applying processes. Product has form
and substance and the goods are
physically delivered.
Merchandising (Trading)
Organisations the organisation just
buys and sells the products without
adding any significant value

Business organisations bring together
materials, technology, people and money in
order to satisfy the customers needs and
make profit out of it.
Manufacturing Organisations they convert
inputs into outputs by applying processes.
Product has form and substance and the
goods are physically delivered.
Merchandising (Trading) Organisations the
organisation just buys and sells the products
without adding any significant value
Service Organisations the organisation
gives services, which is not tangible, to the
clients. The recipient can enjoy the service
but not transfer the same to another person.
GAAP
Generally Accepted Accounting
Principles It is a set of
conventions, rules and procedures,
which define accepted accounting
practice
GAAP
practice
Why general acceptance is
required?
GAAP
practice
Why general acceptance is
required?
So that, meaningful comparisons
between the firms past financial
history and financial information of
other enterprises can be done
GAAP
Principles It is a set of conventions,
rules and procedures, which define
accepted accounting practice
Why general acceptance is required?
So that, meaningful comparisons
between the firms past financial
history and financial information of
other enterprises can be done
So let us learn the concepts and
conventions now.
Accounting concepts assumptions Entity concept

Dual aspect concept
Going concern concept
Accounting period concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition concept
Accrual concept
Owner is different
Accounting
concepts from business.
assumptions
They are two
different entities
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept
There are twoconcepts Accounting

aspects in every
assumptions
transaction. For
every give, there
is a take
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept
Accounting concepts assumptions

We assume that
the business will
be going on for
ever
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept
Accounting concepts There is a time

assumptions
period over which
we need to do the
assessment or
performance
evaluation
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept

Every
transaction
should have a
true and fair
proof
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept

Only those
transactions that
can be measured
by money will be
recorded in
accounting
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept

The transactions
are recorded at the
original cost at
which it was
incurred and it
remains the same
in the data, even
when the market
value differs
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept
The income and

expenses of the
business should be
matched or
compared for the
same time period, so
as to calculate the
profits.
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept

The revenue
should be
recognised when
the ownership
passes on.
Ownership is
assumed to pass
on when the
physical delivery
takes place
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept
Revenue Recognition An
Example
June 1 A prospective client walks in for an
enquiry
June 5 He places a huge order
June 8 You deliver
June 10 He gives you cash
When will you recognise this as a
transaction?

In accrual system
of accounting, we
dont wait for the
cash to come in or
go out. If business
is eligible to
receive or
responsible to pay,
it is recorded in the
accounting books
Entity concept
Dual aspect concept
Objectivity concept
Money measurement
concept
Cost concept
Matching concept
Revenue recognition
concept
Accrual concept
Accounting conventions practices

Convention of
materiality
Convention of
consistency
Convention of
conservatism
Convention of
disclosure

Data is recorded
separately if it is
material enough,
otherwise it can be
clubbed or
combined and
recorded as a
common data
Convention of
materiality
Convention of
consistency
Convention of
conservatism
Convention of
disclosure
Accounting
conventions In accounting, there
are areas where
practices
multiple ways of
calculations are
available. If we
choose one method,
it should be
consistently followed
period after period
Convention of
materiality
Convention of
consistency
Convention of
conservatism
Convention of
disclosure

It says,
provide for
all possible
losses, but
not for
possible
gains
Convention of
materiality
Convention of
consistency
Convention of
conservatism
Convention of
disclosure
Convention of Conservatism Example

April 1- You sell goods worth Rs 10,000 to
a person living in your own street for a
month credit.
April 1 to 15 you keep seeing him
everyday.
April 16 to 23 You dont see him
April 24 checks with his neighbour, to
know that he has vacated his house
without any information to anyone
What will be your state of mind?
Will you call it as loss or probable loss?

Disclose all
the
transactions,
never hide
any.
Convention of
materiality
Convention of
consistency
Convention of
conservatism
Convention of
disclosure
Types of business entities

Sole Proprietor
ship
Partnership
Company - Private
Limited
Company Public
Limited
Limited Liability
Partnership
Types of business entities Sole

Proprietor Ship
Members Only one Sole Proprietor
Management Control - Capital and Profits /
Losses fully taken by one owner
Liability is unlimited
Legal Registration No provision
Flexibility - Maximum
Types of business entities - Partnership

Members Minimum Two and Maximum
Hundred
Management Control - Capital and Profits /
Losses equally shared by all partners,
unless otherwise agreed upon
Liability is Joint and Several
Legal Registration Under Indian
Partnership Act
Flexibility Depends on the partners
Types of business entities Private Limited

company
Two Hundred
Management Control Capital is
contributed as an agreed amount by the
share holders which may not be same
Liability is limited to the extent of unpaid
part of the capital by share holders.
Companies Act
Flexibility Comparatively less
Ownership cannot be traded outside
Types of business entities Public Limited

Company
Members Minimum Seven and
Maximum Unlimited
Management Control Capital is
contributed as an agreed amount by the
share holders which may not be same
Liability is limited to the extent of unpaid
part of the capital by share holders.
Companies Act
Flexibility Comparatively less
Ownership can be traded outside
Types of business entities Limited Liability

Partnership
Unlimited
Ideal for professional services
Management Control Capital and Profits /
Losses equally shared by all partners, unless
otherwise agreed upon. Partners can be
individuals or Corporates
Liability is limited to the extent of unpaid part
of the capital by partners, except in case of
fraud
Legal Registration Under Limited Liability
Partnership Act
Flexibility Depends upon the partners
Accounting equation
Assets = Liabilities + Owners equity
Accounting equation
What the
business
owns
Accounting equation
What the
business
Owes to
others
Accounting equation
What the
business
Owes to
owners
Accounting equation
Assets = Liabilities + Owners
Rs 60
Rs 100
equity
Rs 40 cr
cr
cr
Accounting equation
Assets = Liabilities + Capital Drawings
Accounting equation
The amount
invested by the
owners
Accounting equation
The amount drawn

by the owners out
of the capital
invested by them
Accounting equation
Assets = Liabilities + Capital Drawings +
Profit
Accounting equation
Profit
Excess of
Income
over
expenses.
It belongs
to owners
Accounting equation
Profit
Income - Expenses
Accounting equation
Profit
Income - Expenses
Income Expenses - Dividends
Accounting equation
Assets
Liabilities
+ Owners equity
The=amount
given
as a
Assetsto=owners
Liabilities
+ Capital Drawings
share in the
profits
Profit
Income - Expenses
Income Expenses - Dividends
Format of an Account
Account Name
Debit side
Credit side
Traditional classification of
Accounts
Real
Nomi
nal
Perso
nal
Accounts
Accounts
representing all
real things in life
which we can
really see, feel,
touch, etc.
Real
Nomi
nal
Perso
nal
All accounts
Accounts
representing
expenses,
losses, incomes
and gains
Real
Nomi
nal
Perso
nal
Traditional classification
of
ts
n
u
o
c
c
A
ing
t
n
e
s
e
r
rep
Accounts
al
r
u
t
a
n
ons
pers
s or
u
e
k
i
l
persons ersons
lp
a
i
c
fi
i
t
r
a
s.
e
s
s
e
n
i
like bus
Real
Nomi
nal
Perso
nal
Alternatively, modern classification of accounts
Assets
Liabilities
Revenues
Owners
Equity
Expenses

What the
business
owns
Assets
Liabilities
Revenues
Owners
Equity
Expenses

What the
business
owes to
outsiders
Assets
Liabilities
Revenues
Owners
Equity
Expenses

What the
business
owes to its
owners
Assets
Liabilities
Revenues
Owners
Equity
Expenses
An increase in
assets
resulting from
Assets
Liabilities
selling of
goods or
providing
services
Revenues
Owners
Equity
Expenses
Assets
A decrease in
assets
resulting from
Owners
selling of
Liabilities
goods or Equity
providing
services
Revenues
Expenses
Owners account can be
Drawings
Capital
Dividends
The
amount
invested
by the
owners
Drawings
Capital
Dividends
The amount
drawn by
the owners
Drawings
Capital
Dividends
The amount
taken by the
owners from
Drawings
Capitalthe profits of
Dividends
the business
Goods a/c can be
Purchases
Sales
Good
s
Sales
Purchases
Returns
Returns
Money can be spent for
Goods
(Resale)
Expenses
(Consumpt
ion)
Assets
(Usage)
Drawings
Owner
draws
money
Owner
takes
goods
/
servic
es
Owner
s
perso
nal
expen
ses
paid
by
Accounting Equation
Resources
What are an organizations resources called?
Accounting Equation
Resources
Sources
Assets
Cost of
resources used
in the business
What are the

sources of the
assets?
Accounting Equation
Resources
Sources
Liabilities
Assets
Cost of
resources used
in the business
Owners
Equity
Resources
supplied by
creditors and
owners
Business Transactions
a.Ram Charan deposits Rs 25,000 in

a bank
account for Soft
Corner.
LIABILITIES
ASSETS
OWNERS EQUITY
a.Ram Charan deposits Rs 25,000 in

a bank account for Soft Corner.
LIABILITIES
ASSETS
Cash
25,000
OWNERS EQUITY
a.Ram Charan commences Soft

Corner by investing Rs 25,000.
LIABILITIES
ASSETS
Cash
25,000
OWNERS EQUITY
Ram Charan, Capital
25,000
b.Soft Corner buys land for Rs

20,000.
LIABILITIES
ASSETS
OWNERS EQUITY

20,000.
LIABILITIES
ASSETS
Cash
(20,000)
OWNERS EQUITY

20,000.
LIABILITIES
ASSETS
Cash
(20,000)
Land
20,000
OWNERS EQUITY
c. Soft Corner buys supplies for Rs

1,350, agreeing to
pay the supplier
in the near
LIABILITIES
ASSETSfuture.
OWNERS EQUITY

1,350, agreeing to
pay the supplier
in the near
LIABILITIES
ASSETSfuture.
Supplies
1,350
OWNERS EQUITY

1,350, agreeing to
pay the supplier
in the near
LIABILITIES
ASSETSfuture.
Accounts Payable
1,350
Supplies
1,350
OWNERS EQUITY
d.Soft Corner earns fees of Rs 7,500,

receiving Cash & Bank.
LIABILITIES
ASSETS
OWNERS EQUITY

LIABILITIES
ASSETS
Cash
7,500
OWNERS EQUITY

LIABILITIES
ASSETS
Cash
7,500
OWNERS EQUITY
Fees Earned 7,500
e.Soft Corner paid: wages, Rs 2,125;

rent, Rs 800;
utilities, Rs 450;
and miscellaneous,
Rs 275.LIABILITIES
ASSETS
OWNERS EQUITY
e.Soft Corner paid: wages, Rs 2,125;

rent, Rs 800;
utilities, Rs 450;
and miscellaneous,
Rs 275.LIABILITIES
ASSETS
Cash
(3,650)
OWNERS EQUITY
e.Soft Corner paid: wages, Rs2,125;

rent, Rs800;
utilities, Rs450; and
miscellaneous,
Rs275.
LIABILITIES
ASSETS
Cash
(3,650)
OWNERS EQUITY
Expenses
(3,650)
f. Soft Corner pays Rs950 to creditors

on account.
LIABILITIES
ASSETS
OWNERS EQUITY

on account.
LIABILITIES
ASSETS
Cash
(950)
OWNERS EQUITY

on account.
LIABILITIES
ASSETS
Accounts Payable
(950)
Cash
(950)
OWNERS EQUITY
g.At the end of the month, the cost of

supplies on
hand is Rs550.
LIABILITIES
ASSETS
OWNERS EQUITY

supplies on hand is Rs550.
LIABILITIES
ASSETS
Supplies
(800)
OWNERS EQUITY

supplies on hand is Rs550.
LIABILITIES
ASSETS
Supplies
(800)
OWNERS EQUITY
Supplies Expense
(800)
h.Ram Charan withdraws Rs2,000 in

Cash & Bank.
LIABILITIES
ASSETS
OWNERS EQUITY

Cash & Bank.
LIABILITIES
ASSETS
Cash
(2,000)
OWNERS EQUITY

Cash & Bank.
LIABILITIES
ASSETS
Cash
(2,000)
OWNERS EQUITY
Ram Charan, Drawing
(2,000)
Transaction Summary
ASSETS
LIABILITIES
Cash 5,900
Supplies 550
Land 20,000
OWNERS EQUITY
Transaction Summary
ASSETS
Cash 5,900
Supplies 550
Land 20,000
LIABILITIES
Accts.
Payable
400
OWNERS
EQUITY
Transaction Summary
LIABILITIES
ASSETS
Cash 5,900
Supplies 550
Land 20,000
Accts. Payable
400
OWNERS EQUITY
R. Charan, Capital
25,000
R. Charan, Drawing
(2,000)
Fees Earned 7,500
Wages Expense
(2,125)
Rent Expense (800)
Supplies Expense
(800)
Utilities Expense
(450)
Misc. Expense (275)
Financial Statements
Income Statement
Statement of Owners Equity
Balance Sheet
Cash Flow Statement
Soft Corner
Income Statement
For the Month Ended November 30, 2002
Fees earned
Operating expenses:
Wages expense
Rent expense
Supplies expense
Utilities expense
Miscellaneous expense
Total operating expenses
Net income
Rs7,500
Rs2,125
800
800
450
275
4,450
Rs3,050
Soft Corner
Income Statement
Fees earned
Operating expenses:
Wages expense
Rent expense
Supplies expense
Utilities expense
Net income
Rs7,500
Rs2,125
800
800
450
275
4,450
Rs3,050
Soft Corner
Income Statement
Fees earned
Operating expenses:
Wages expense
Rent expense
Supplies expense
Utilities expense
Net income
Rs7,500
Rs2,125
800
800
450
275
4,450
Rs3,050
Soft Corner
Income Statement
Fees earned
Operating expenses:
Wages expense
Rent expense
Supplies expense
Utilities expense
Net income
Rs7,500
Rs2,125
800
800
450
275
4,450
Rs3,050
Soft Corner
Ram Charan, capital, November 1, 2002
Rs
0
Investment on November 1, 2002 Rs25,000
Net income for November
3,050
Rs28,050
Less withdrawals
2,000
Increase in owners equity
26,050
Rs26,050
Soft Corner
Rs
0
3,050
Rs28,050
Less withdrawals
2,000
26,050
Rs26,050
Soft Corner
Rs
0
3,050
Rs28,050
Less withdrawals
2,000
26,050
Rs26,050
Soft Corner
Rs
0
3,050
Rs28,050
Less withdrawals
2,000
26,050
Rs26,050
Soft Corner
Rs
0
3,050
Rs28,050
Less withdrawals
2,000
26,050
Rs26,050
Soft Corner
Balance Sheet
November 30, 2002
Assets
Cash
Supplies
Land
Total assets
Liabilities
Accounts payable
Owners Equity
Ram Charan, capital
Total liabilities and
owners equity
Rs5,900
550
20,000
Rs26,450
Rs 400
26,050
Rs26,450
Soft Corner
Balance Sheet
November 30, 2002
Assets
Cash
Supplies
Land
Total assets
Liabilities
Accounts payable
Owners Equity
Ram Charan, capital
owners equity
Rs5,900
550
20,000
Rs26,450
Rs 400
26,050
Rs26,450
Soft Corner
Balance Sheet
November 30, 2002
Assets
Cash
Supplies
Land
Total assets
Liabilities
Accounts payable
Owners Equity
Ram Charan, capital
owners equity
Rs5,900
550
20,000
Rs26,450
Rs 400
26,050
Rs26,450
Soft Corner
Balance Sheet
November 30, 2002
Assets
Cash
Supplies
Land
Total assets
Liabilities
Accounts payable
Owners Equity
Ram Charan, capital
owners equity
Rs5,900
550
20,000
Rs26,450
Rs 400
26,050
Rs26,450
Soft Corner
Statement of Cash Flows
Cash flows from operating activities:
Cash received from customers
Rs 7,500
Deduct Cash payments for expenses
and payments to creditors
4,600
Net Cash flow from operating activities
Rs 2,900
Cash flows from investing activities:
Cash payments for acquisition of land
(20,000)
Cash flows from financing activities:
Cash received as owners investment Rs25,000
Deduct Cash withdrawal by owner
2,000
Net Cash flow from financing activities
23,000
Net Cash flow and Nov. 30, 2002
Cash balance
Rs5,900
Happy Learning
Thank You

Accounting - Introduction

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Groups interested in accounting information

Groups interested in accounting information

As they lend money

Groups interested in accounting information

Groups interested in accounting information

Groups interested in accounting information

Groups interested in accounting information

Groups interested in accounting information

Groups interested in accounting information

The primary purpose

Business Organizations can be

Business Organisations can be

Business Organisations can be

Business Organisations can be

Accounting concepts assumptions Entity concept

There are twoconcepts Accounting

Accounting concepts assumptions

Accounting concepts There is a time

Accounting concepts assumptions

Accounting concepts assumptions

Accounting concepts assumptions

Accounting concepts assumptions

The income and

Accounting concepts assumptions

Accounting concepts assumptions

Accounting conventions practices

Accounting conventions practices

Accounting conventions practices

Convention of Conservatism Example

Accounting conventions practices

Types of business entities

Types of business entities Sole

Types of business entities - Partnership

Types of business entities Private Limited

Types of business entities Public Limited

Types of business entities Limited Liability

The amount drawn

Alternatively, modern classification of accounts

Alternatively, modern classification of accounts

Alternatively, modern classification of accounts

Alternatively, modern classification of accounts

Alternatively, modern classification of accounts

Alternatively, modern classification of accounts

Owners account can be

Owners account can be

Owners account can be

Owners account can be

Goods a/c can be

Money can be spent for

What are an organizations resources called?

What are the

a.Ram Charan deposits Rs 25,000 in

a.Ram Charan deposits Rs 25,000 in

a.Ram Charan commences Soft

b.Soft Corner buys land for Rs

b.Soft Corner buys land for Rs

b.Soft Corner buys land for Rs

c. Soft Corner buys supplies for Rs

c. Soft Corner buys supplies for Rs

c. Soft Corner buys supplies for Rs

d.Soft Corner earns fees of Rs 7,500,

d.Soft Corner earns fees of Rs 7,500,