BUSINESS QUIZ AFTERSCHO☺OL – DEVELOPING CHANGE MAKERS CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME – World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship OPEN FOR ALL FREE FOR ALL
BUSINESS QUIZ Dr. T.K. Jain. AFTERSCHO☺OL Centre for social entrepreneurship Bikaner M: 9414430763 [email_address] www.afterschool.tk , www.afterschoool.tk
What is the difference between contract and agreement?
Every contract is an agreement, but every agreement is not a contract.
There are some agreement, which are not legally enforceable, therefore they are not contracts – for example family agreements etc.
What are the duties and responsibilities of a partner?
To carry out business in common interest
To render true accounts
To give full information
To disclose private profit (if any)
To indemnify the firm for any fraud
To do firm’s work diligently, honestly, sincerely.
What is the difference between condition and warranty (sale of goods act)?
Condition is essential to the main purpose of the contract. Warranty is collateral to the main purpose of the contract
If condition is broken, the contract is broken. If warranty is broken, the other party can demand damages.
What is the value of the following?
= 1 + 8 + 16
What is the solution of the following?
Let us take factors of 18:
3*6 = 18 and their squares addup to 45.
The squares of 3 and 6 are 9 and 36, which adds up to 45.
1/3 + 1/6 = 3/6 or ½ answer.
What is X?
.69*logx 625 = log 10 16 * 2.3025
Log X 625 = 1.20 *2.3025 / .69
Log x 625 = 4
X = 5 answer.
Implied conditions …
Condition to title
Condition that goods are as per description
Merchantable quality of goods
Goods should be as per sample
On a Bill of Exchange for Rs. 10,000, X’s acceptance to the Bill is forged. ‘A’ takes the Bill from his customer for value and in good faith before the Bill becomes payable. State with reasons whether A’ can be considered as a ‘Holder in due course’ and whether he (A) can receive the amount of the bill from X?
Noperson can receive payment in forged document. No person can become a holder in due course in the case of a forged document.
A obtains B’s acceptance to a bill by fraud. He indorses it to C, who takes it as a holder in due course. C indorses the bill to X. who knows of the fraud. Decide giving reasons whether X gets a good title to the bill?
This is a debatable question. In general, the possibility is that since C got the bill for value, he became a holder in due course. Later, X will also get good title, because C was a holder in due course. So X will obtain good title.
Prepare the following:
A press release on launch of a new product
A report on present market shares of different companies in Automobile (two wheeler) industry.
Guidelines for writers – as per APA guidelines.
Narendra Limited having nominal capital of Rs. 5,00,000 divided into 50,000 Equity Shares of Rs. 10 each issued 30,000 equity shares at par, payable as to Rs. 2 on application, Rs. 3 on allotment, Rs. 2.50 on first call and Rs. 2.50 on second call. All the shares were subscribed for and were alloted Ofl 1St April, 2007. The last date for payment of amount due on allotment being 30th April, 2007. The first and second calls were made on 1st August, 2007 and 1st December, 2007 and were and were payable by 31st August, 2007 and 31St December, 2007 respectively. All the amounts were received by the prescribed dates except that the holder of 100 shares failed to deposit the amount due on allotment by the prescribed date and instead he deposited. this amount with interest @ 5% per annum with the first call money. Another holder of 200 shares paid the whole amount on his shares along with allotment money. He was, however, paid interest @ 6% per annum on his advance deposits..
Bank Dr. To Share application Cr. 60000
Sha Appl Dr. to share capital cr. 60000
Sh. Allotm. Dr. to share capital cr. 90000
Bank dr. To Sh. Allot. 89700
Bank Dr. To call in advance : 1000
First call Dr. 75000 to sh. Capital 75000
Bank dr. 74500 cal in adv. Dr. 250 To 1 st call 74750
Bank Dr. 305 To call in arrers. 300 to int. 5
2 nd call Dr. 75000 to sh. Capital 75000
Bank Dr. 74750 call in advance 250 to 2 nd call 75000
Int. on call in advance 25 to bank 25 answer.
Question on FIFO
Young Entrenpreneurs Ltd. has furnished the following details
Date Particulars Units Rate (Rs.)
01.03.2008 Opening stock 100 1.75
05.03.2008 Purchased 150 1.50
12.03.2008 Purchased 300 1.60
08.03.2008 Issued 200 -
18.03.2008 Issued 250 -
What is the value of closing stock using FIFO method:
THE CLOSING STOCK IS OF 100 UNITS. Thus this closing stock will be valued at the last rate so
100*1.6 = 160 is the closing stock. Answer.
Find the value of closing stock using LIFO principle
The following are the details supplied by Greenguards Ltd.. in respect of its raw materials for the Month of December, 2007
Date Receipts price issues
01.12.2005 2,000(Opening) 5
07.12.2005 1,000 6
10.12.2005 - - 2,500
15.12.2005 2,000 6.50
31.12.2005 - - 2,200
On 31.12.2007, a shortage of 100 units was found
= (2+1+2) – (2.5+2.2)= .3 thousand
However, 100 units are normal loss
Thus we shall value closing stock for 200 units. Thus closing stock is 200 * 5 (the rate of the first material) = 1000.
In LIFO, the last material goes first, so what is left is with the first rate.
Valuation of Stock
Physical verification of stock was done on 23rd October. the value of stock was Rs 4,80,000 following transactions took place between 23rd October and 31 October —
1. Out of goods sent on consignment, goods costing Rs 24,000 were unsold.
2. Purchases of Rs 40,000 were made, out of which goods worth Rs 16,000 were delivered on 5th November
3. Sales were Rs 1,36,000, which include goods worth Rs 32,000 sent on approval. Half of these goods were returned before 30th June, but no intimation is available regarding the remaining goods. Goods are sold at cost plus 25%. However, goods costing Rs24,000 had been sold for Rs12,000.
You want to determine the value of stock on 31 October.
Stock on 23 October 480000
Add 24000 unsold
Add purchases (40000 – 16000)=24000
Sales (136000 – 32000) = 104000
Sales includes abnormal sales 24000
Normal sales (80000+16000)*100/125
Less -Cost of sales = 76800 + 24000
What is the closing stock & depreciation?
Ajay Saharan Inc.: Assets Balance on 01.01.2008 is Rs 28,000. The Company purchased during the year Rs 16,000 Depreciation is to be charged on the assets as follows — 1/5th of their values is to, be written off in the year of purchase and 2/5th in each of the next 2 years. Of the stock as on 01.01.2008, ½ was one year old and ½ was 2 years old.
Dep on goods purchased 16000*1/5 =3200
½ of the goods were 1 year old and ½ 2 year old. So solve it as follows:
7000 on assets of 14000 purchased 1 year back and 14000 on assets purchased 2 years back.
Thus total dep. = 3200+7000+14000=24200 answer.
Afterschoool conducts three year integrated PGPSE (after class 12 th along with IAS / CA / CS ) and 18 month PGPSE (Post Graduate Programme in Social Entrepreneurship) along with preparation for CS / CFP / CFA /CMA / FRM . This course is also available online also. It also conducts workshops on social entrepreneurship in schools and colleges all over India – start social entrepreneurship club in your institution today with the help from afterschoool and help us in developing society.
Why such a programme?
To promote people to take up entrepreneurship and help develop the society
To enable people to take up franchising and other such options to start a business / social development project
To enable people to take up social development as their mission
To enable people to promote spirituality and positive thinking in the world
Who are our supporters?
Afterschoolians, our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us.
You can also support us – not necessarily by money – but by being promotor of our concept and our ideas.
About AFTERSCHO☺OL PGPSE – the best programme for developing great entrepreneurs
Most flexible, adaptive but rigorous programme
Available in distance learning mode
Case study focused- latest cases
Industry oriented practical curriculum
Designed to make you entrepreneurs – not just an employee
Option to take up part time job – so earn while you learn
The only absolutely free course on internet
Workshops from AFTERSCHO☺OL
ICSI Hyderabad Branch
Gyan Vihar, Jaipur
Apex Institute of Management, Jaipur
Aravali Institute of Management, Jodhpur
Xavier Institute of Management, Bhubaneshwar
Pacific Institute, Udaipur
Engineering College, Hyderabad
Spiritualising business and society
Rural development and transformation
HRD and Education, Social Development
NGO and voluntary work
Investment analysis,microfinance and inclusion
Retail sector, BPO, KPO
Accounting & Information system (with CA / CS /CMA)
Hospital management and Health care
Hospitality sector and culture and heritage
Other sectors of high growth, high technology and social relevance
The only programme of its kind (in the whole world)
No publicity and low profile course
For those who want to achieve success in life – not just a degree
Flexible – you may stay for a month and continue the rest of the education by distance mode. / you may attend weekend classes
Scholarships for those from poor economic background
Latest and constantly changing curriculum – keeping pace with the time
Placement for those who are interested
Admissions open throughout the year
Latest and most advanced technologies, books and study material
Pedagogy curriculum and approach based on IIM Ahmedabad and ISB Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)
Meditation, spiritualisation, and self development
EsGotitial softwares for business
Business plan, Research projects
Participation in conferences / seminars
Workshops on leadership, team building etc.
Written submissions of research projects/articles / papers
Interview of entrepreneurs, writing biographies of entrepreneurs
Editing of journals / newsletters
Consultancy / research projects
Assignments, communication skill workshops
Participation in conferences and seminars
Group discussions, mock interviews, self development diaryng
Mind Power Training & writing workshop (by Dr. T.K.Jain)
Articles from Harvard Business Review
Quiz, seminars, workshops, games,
Visits to entrepreneurs and industrial visits
PreGotitations, Latest audio-visuals
Group discussions and group projects
Periodic self assessment
Mentoring and counselling
Study exchange programme (with institutions out of India)
Rural development / Social welfare projects
AFTERSCHO☺OL will shortly open its branches in important cities in India including Delhi, Kota, Mumbai, Gurgaon and other important cities. Afterschooolians will be responsible for managing and developing these branches – and for promoting social entrepreneurs.
We want to write case studies on social entrepreneurs, first generation entrepreneurs, ethical entrepreneurs. Please help us in this process. Help us to be in touch with entrepreneurs, so that we may develop entrepreneurs.
Basic values at AFTERSCHO☺OL
Share to learn more
Interact to develop yourself
Fear is your worst enemy
Make mistakes to learn
Study & discuss in a group
Criticism is the healthy route to mutual support and help
Ask fundamental questions : why, when, how & where?
Embrace change – and compete with yourself only
www.afterschoool.tk social entrepreneurship for better society