Deepika and Priyanka were good friends in college. After completing their MBA, they
worked in a leading MNC which was into global sales of premium dry fruits brands. Two
years into their MNC career, they decided to contribute to start up India mission. Both of
them quit their jobs and started their new venture by contributing ₹150000 each. On 01 June
2015, they opened a small outlet in Bangalore for selling premium brands of dry fruits. They
tied up with leading online sales platforms to market their products.
On 01 April 2017, both friends had a meeting with their accountant Ajitha to understand how
the business was doing. The accountant briefed them that they are doing fine. She mentioned
that though the current bank balance is only ₹ 22000, there were customers who owed ₹
16500 and would pay soon. Also the business owed to its suppliers ₹ 15600 in addition to a
loan outstanding from ICICI bank of ₹ 150000. Regarding the mini truck which the business
acquired two years ago for ₹ 600000, Ajitha informed that they had charged depreciation of
10% on it on WDV method. Regarding inventory of dry fruits, the accountant stated that they
are valued at ₹ 8400. Ajitha reassured the owners, that as on date their assets were more than
their liabilities and hence their business is doing well.
On 31 March 2018, the friends and their accountant met to review their operations.
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