Present cultural differences to the class.

Choose one or two students from your class to discuss their experience traveling internationally. The students may use the following questions to guide their ten-minute presentation:

• What country did you visit, and what was the reason for your trip?

• What surprised you most about the people? What were the most obvious differences you noticed from your own culture?

• How do you interpret the cultural values of the region? Review the following dimensions discussed in this chapter: individualism, time orientation, power distance, uncertainty avoidance, formality, materialism, and context sensitivity.

• What observations did you make about the people’s feelings about space and group-oriented behavior?

• What advice would you give to someone planning to do business in the region?

Gaurav Lal and Kanika Raj, both MBAs from the renowned FSM School of Management and having worked in the industry in various capacities for over ten years, called it a day and decided to be on their own. They enter into a partnership on 1st July 2006 and form a firm Kanika and Gaurav Management Consultants. They agree to bring in cap- ital of ` Six Lacs in the ratio of Gaurav 3 and Kanika 2, maintain their personal drawings in that ratio and share the profits or losses of the firm also in the same proportion. They hire a furnished office at G-40, Fort, Mumbai @ ` 17,000 P.M. inclusive of electricity. They also get two telephones already connected for which they have to make monthly payment to the owner. They also appoint one financial analyst Pawan Sharma; research associate Neena Kapoor and peon Satish Rane. The following are the details of the transactions entered into by the firm during the month of July.

Required:
1. Analyse the above transactions with reference to rules of recording and dual aspect concept.
2. Record all the transactions in the journal of Kanika and Gaurav Management Consultants.