Question : Sindhu, Rahul and Kamlesh, who were sharing profits in the ratio of 3 : 3 : 4 respectively, as at 31st March, 2012 was as follows balance of capital are Sindhu: 1,20,000 Rahul 1,00,000 Kamlesh: 80,000 Sindhu’s loan 20,000 (debit balance)
General Reserve Rs 10,000
Sindhu died on 31st July 2012. The partnership deed provided for the following on the death of a partner :
(a) Goodwill of the firm be valued at two years’ purchase of average profits for the last three years which were Rs.80,000.
(b) Sindhu’s share of profit till the date of his death was to be calculated on the basis of sales. Sales for the year ended 31st March 2012 amounted to Rs.8,00,000 and from 1st April to 31st July 2012 Rs.3,00,000. The profit for the year ended 31st March 2012 was Rs.2,00,000.
(c) Interest on capital was to be provided @ 6% p.a.
Balance due to Sindhu’s Executor will be ------
Option 1: Rs 1,97,500
Option 2: Rs 1,75,900
Option 3: Rs 1,95,000
Option 4: None of the above
Correct Answer: Rs 1,75,900
Solution : Answer = Rs 1,75,900
Sindhu's Capital A/c
| To Sindhu's loan A/c | 20,000 | By Bal. B/d | 1,20,000 |
| By Reserve | 3,000 | ||
| By Goodwill | 48,000 | ||
| To Sindhu's Executor's A/c(B/R) | 1,75,900 | By Int. on capital | 2,400 |
| By profit and Loss Susp. A/c | 22,500 | ||
| 1,95,900 | 1,95,900 |
Hence, the correct option is 2.
Answer laterQuestion : Statement 1: Sales promotion techniques aim to increase short-term sales and consumer interest.
Statement 2: Sales promotion techniques have an impact on consumer purchasing decisions.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is false.
Correct Answer: Both statements are correct.
Solution : The correct answer is (a) Both statements are correct.
Statement 1 is correct. Sales promotion techniques are designed to stimulate immediate sales and generate consumer interest in the short term through various strategies like discounts, coupons, contests, and limited-time offers.
Statement 2 is correct. Sales promotion techniques do impact consumer purchasing decisions. These promotions often influence consumers to make a purchase by offering incentives, discounts, or attractive deals, affecting their decision-making process.
Question : Statement 1: The marketing concept does not focuses on building customer relationships and creating value.
Statement 2: Selling concept emphasizes aggressive promotional activities to drive sales.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
Correct Answer: Statement 1 is correct, and statement 2 is false.
Solution : The correct answer is (d).Statement 1 is incorrect.
The marketing concept focuses on building customer relationships and creating value. It assumes that customers are more likely to buy products or services from companies that they perceive as offering value and satisfaction.
Statement 2 is correct. The selling concept emphasizes aggressive promotional activities to drive sales. It assumes that customers are not interested in buying products or services unless they are convinced to do so.
Question : Assertion: Sales promotion techniques aim to boost long-term customer loyalty
Reason: Sales promotion techniques focus solely on short-term sales increases.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Assertion is false, but the reason is true.
Correct Answer: Assertion is true, but the reason is false.
Solution : The correct answer is (c) Assertion is true, but the reason is false.
The assertion is true. Sales promotion techniques do aim to boost customer loyalty, but they also aim to achieve short-term sales increases. While the immediate goal of sales promotions is often to increase sales in the short term, a well-designed sales promotion strategy can also contribute to long-term customer loyalty. For example, promotions can attract new customers who may become loyal in the long run through positive experiences with the brand.
The reason provided is false. Sales promotion techniques are not solely focused on short-term sales increases. While they do often have an immediate impact on sales, they can also be designed and implemented strategically to enhance customer loyalty over the long term.
Question : Case Study: XYZ Manufacturing Company
XYZ Manufacturing Company is a well-established firm that produces consumer electronics. They have been facing increased competition and declining sales in recent years. The management is looking for ways to revamp their production processes and regain market share.
One of the characteristics of effective planning that XYZ Manufacturing Company should focus on is:
Option 1: Lack of flexibility
Option 2: Ambiguous objectives
Option 3: Measurable and specific goals
Option 4: Ignoring external opportunities
Correct Answer: Measurable and specific goals
Solution : The correct answer is (c) Measurable and specific goals
Having measurable and specific goals is crucial for effective planning. Clear objectives provide a basis for making decisions, allocating resources, and evaluating progress. Measurable and specific goals allow the company to track performance and determine whether they are moving in the right direction. This clarity helps in focusing efforts, facilitating communication, and ensuring that everyone in the organization understands what needs to be achieved.
Question : A, B and S were partners sharing profits in the ratio 2: 2: 1. On July 1, 2017, Shreya died. The books of accounts are closed on March 31 every year. Sales for the year 2016-17 amounted to Rs.5,00,000 and that from 1st April to 30th June 2017 were Rs. 1,40,000. The rate of profit during the past three years had been 10% on sales. Since S's legal representative was her only son, who is specially abled, it was decided that the profit for the purpose of settling S's account is to be calculated as 20% of sales.
Calculate S's share of profits till the date of her death and pass the necessary journal entry for the same.
Option 1: Debited profit and loss account by Rs 5,600 and credited S's capital account
Option 2: Debited profit and loss suspense account by Rs 5,600 and credited S's account
Option 3: Debited S's capital account and credited profit and loss suspense account
Option 4: None of the above
Correct Answer: Debited profit and loss suspense account by Rs 5,600 and credited S's account
Solution : Answer = Debited profit and loss suspense account by Rs 5600 and credited S's account
Sales (IApril to Dure 30,2017)=1,40,000
Profit=
Shreys's share=
Protit and cass suspense AlC or 5600
To Shreya's Capital AIC - 5600
Hence, the correct option is 2.
Question : Statement 1: Societal marketing concept integrates social responsibility into business strategies.
Statement 2: Selling concept solely focuses on generating short-term sales.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
Correct Answer: Both statements are correct.
Solution : The correct answer is (a) Both statements are correct.
Statement 1 is correct. The societal marketing concept does indeed integrate social responsibility into business strategies. It emphasizes not only satisfying customer needs but also considering broader societal concerns and ethical considerations in business decisions.
Statement 2 is correct. The selling concept does primarily focus on generating short-term sales and transactions. It often involves aggressive sales tactics to maximize short-term sales rather than building long-term customer relationships.
Therefore, both statements are correct.
Question : Statement 1: Societal marketing concept integrates social responsibility into business strategies.
Statement 2: Selling concept solely focuses on generating short-term sales.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
Correct Answer: Both statements are correct.
Solution : The correct answer is (a) Both statements are correct.
Statement 1 is correct. The societal marketing concept does indeed integrate social responsibility into business strategies. It emphasizes not only satisfying customer needs but also considering broader societal concerns and ethical considerations in business decisions.
Statement 2 is correct. The selling concept does primarily focus on generating short-term sales and transactions. It often involves aggressive sales tactics to maximize short-term sales rather than building long-term customer relationships.
Therefore, both statements are correct.
Question : Which of the following is an example of an appropriation in a government budget?
Option 1: Income tax revenue
Option 2: Sales tax revenue
Option 3: Military spending
Option 4: Social security benefits
Correct Answer: Military spending
Solution : The correct answer is (c) Military spending
Military spending is an example of an appropriation because it represents a specific allocation of funds for defense and military-related purposes. It includes the budgetary provisions for maintaining armed forces, acquiring weapons and equipment, supporting military operations, and other defense-related activities.
Question : Statement 1: Marketing concept focuses on delivering superior value to customers.
Statement 2: Selling concept solely relies on product features to drive sales.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
Correct Answer: Statement 1 is correct, and statement 2 is false.
Solution : The correct answer is (b) Statement 1 is correct, and statement 2 is false.
Statement 1 is correct. The marketing concept indeed focuses on delivering superior value to customers. It emphasizes understanding and meeting customer needs and wants by offering products or services that provide value and benefits to the customers.
Statement 2 is false. The selling concept does not solely rely on product features to drive sales. While product features may be a part of the selling approach, the selling concept emphasizes aggressive promotional tactics and sales techniques to maximize short-term sales.
Therefore, statement 1 is correct, and statement 2 is false.
