A few days back I did a story on what they do not teach at an MBA school…here is one more story. Happened to a CA friend – let us call him RJ. He was considered to be the ‘finance head’ of the business – but he was still a rookie and needless to say his father / elder brother etc. were the people running the business.
One of their clients had given them a cheque for Rs. 60,000 (in 1984 that must have been a nice round sum of 60K)..and the cheque bounced. Well our friend said, let us sue him!
His brother said, let us try something else.
His brother went to the bank branch where the client had an account. He became friendly with the branch manager, and opened an account in the same branch for the business. Deposited cheques thick and fast…and took the balance to Rs. 10 lakhs. Made a FD for 3 years for Rs. 5 lakhs …vow and then asked the bank manager ‘please tell me what is the balance in Mr. X (the client’s) account. Manager obliged told him..”balance is Rs. 58,000″.
So our friend deposited Rs. 2000 in the clients account….and presented the cheque again…cheque was passed – and credited to my friend’s business account.
Better solution than what all of us put together could have ever thought of….surely the CA institute and the MBAs are not taught all this in school.
The world of experience teaches us all this….LOL……
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