Lucknow University B.Com. (NEP) 1st Semester Question Papers 2026

This page contains complete, previous-year-style model question papers for all 5 core B.Com Semester I papers under the Lucknow University NEP syllabus: Financial Accounting, Micro Economics, Business Organisation, Essentials of Management, and Currency, Banking and Exchange. Each subject has 5 full model sets (Set A to Set E), with 10 questions per set of 15 marks each (answer any five, maximum marks 75), prepared by LUUPDATE for focused exam practice. These are B.Com Semester I old-paper-style question banks meant to help you understand the exact pattern, unit-wise weightage and difficulty level you should expect in your actual university examination.

Financial Accounting (Major A - Paper P-1)

Financial Accounting (Major A, Paper P-1, 4 Credits) covers Introduction to Accounting, Partnership Accounts, Hire-Purchase System & Royalty Accounts, and Special Accounting (Insolvency, Insurance Claims, Branch and Voyage Accounts). Time: 3 Hours, Maximum Marks: 75. Answer any five of the ten questions given below; all questions carry equal marks (15 each). The five sets below (Set A to Set E) give you full practice coverage across every unit of the syllabus.

Set A

Q1. Define accounting. Explain in detail the nature and scope of accounting as a field of knowledge, bringing out its distinction from book-keeping and from other allied disciplines such as accountancy and auditing. [15]

Q2. What do you mean by accounting concepts and accounting conventions? Explain, with suitable examples, the important accounting concepts (Business Entity, Going Concern, Money Measurement, Accrual, Matching and Dual Aspect) that are followed while preparing financial statements. [15]

Q3. A and B are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2026 stood as follows (given below). They admit C into partnership for 1/5 share in the future profits of the firm, which he acquires equally from A and B, on the following terms: (i) C brings in Rs. 25,000 as his capital and Rs. 15,000 as premium for goodwill, in cash. (ii) Stock is to be appreciated by Rs. 5,000 and Machinery is to be depreciated by Rs. 3,000. (iii) A Provision for Doubtful Debts of Rs. 2,000 is to be created on Sundry Debtors. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	60,000	Sundry Debtors	40,000
Capital A/c - B	40,000	Stock-in-Trade	50,000
General Reserve	20,000	Furniture	15,000
Sundry Creditors	30,000	Machinery	45,000
Bills Payable	10,000	Cash at Bank	10,000
Total	1,60,000	Total	1,60,000

Q4. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2026 was as follows (given below). Partner B retires from the firm on 1st April, 2026 (in the event of B's death, the same figures apply for the Executor's Account) on the following terms: (i) Goodwill of the firm is valued at Rs. 24,000 and is to be adjusted through the remaining partners' capital accounts in their gaining ratio, without being raised in the books. (ii) Machinery and Building together are to be appreciated by Rs. 8,000 and Stock is to be depreciated by Rs. 3,000. (iii) The amount due to B is to be transferred to his/her Loan Account, to be repaid later. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	50,000	Sundry Debtors	40,000
Capital A/c - B	40,000	Stock-in-Trade	50,000
Capital A/c - C	30,000	Furniture	15,000
General Reserve	18,000	Machinery	55,000
Sundry Creditors	32,000	Building	12,900
Bills Payable	12,000	Cash in Hand	9,100
Total	1,82,000	Total	1,82,000

Q5. A, B and C, sharing profits and losses in the ratio of 4 : 3 : 2, decided to dissolve their firm on 31st March, 2026, on which date their Balance Sheet stood as follows (given below). The assets realised as follows: Debtors Rs. 18,000, Stock Rs. 25,000, Furniture Rs. 7,000 and Machinery Rs. 32,000. Sundry Creditors were paid off at a discount, in full settlement for Rs. 24,000, and the Bank Loan was repaid in full along with the amount shown in the books. Realisation expenses of Rs. 1,500 were paid. Prepare the Realisation Account, Partners' Capital Accounts and the Bank Account to close the books of the firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	40,000	Sundry Debtors	20,000
Capital A/c - B	30,000	Stock-in-Trade	30,000
Capital A/c - C	20,000	Furniture	10,000
Sundry Creditors	25,000	Machinery	40,000
Bank Loan	15,000	Cash at Bank	30,000
Total	1,30,000	Total	1,30,000

Q6. X purchased a machine from Y on Hire Purchase System. The cash price of the machine was Rs. 60,000. X paid Rs. 12,000 as down payment on signing the agreement and agreed to pay the balance in 3 annual installments of Rs. 20,800, Rs. 19,200, Rs. 17,600 respectively, payable at the end of each year, the installments being inclusive of interest charged by Y at 10% per annum on the outstanding balance. Calculate the amount of interest and cash price included in each of the 3 installments, and verify your answer with the given cash price. [15]

Q7. M holds a mining lease from L on the following terms: Minimum Rent Rs. 10,000 per annum; Royalty at Rs. 2 per tonne of output raised; short-workings are recoverable out of the royalty in excess of minimum rent arising in any of the subsequent years, without any time limit. The output raised during the first five years was: 3000, 4000, 5500, 6000, 7000 tonnes in Year 1, Year 2, Year 3, Year 4 and Year 5 respectively. Prepare the Royalty Account, Short-workings Account and L's (Landlord's) Account in the books of M for all five years. [15]

Q8. P purchased a delivery van from Q under the Installment Purchase System, ownership passing immediately on signing the agreement. The cash price of the van was Rs. 36,000. P paid Rs. 6,000 on signing the agreement and agreed to pay the balance in 3 annual installments of Rs. 13,000, Rs. 12,000, Rs. 11,000 respectively, at the end of each year, the installments being inclusive of interest at 10% per annum on the outstanding balance. Calculate the interest and cash price included in each installment, and prepare Q's Account in the books of P. [15]

Q9. Mr. R was adjudged insolvent on 31st March, 2026. From the following particulars, prepare his Statement of Affairs and Deficiency Account as on that date: Assets (estimated to realise) - Cash in Hand Rs. 500; Furniture Rs. 4,000; Stock-in-Trade Rs. 18,000; Book Debts - Good Rs. 12,000, Doubtful (estimated to realise) Rs. 3,000; Investments Rs. 6,000; Land and Building, mortgaged with the Bank for a loan of Rs. 15,000, estimated to realise Rs. 20,000. Liabilities - Unsecured Creditors Rs. 90,000; Preferential Creditors (income-tax and wages due) Rs. 2,500. Capital as per his last Balance Sheet (before the loss) Rs. 6,000; Net loss suffered since the last Balance Sheet Rs. 35,000; Drawings during the period Rs. 15,000. [15]

Q10. A fire occurred in the godown of M/s ABC Traders on 30th June, 2026, destroying a major part of the stock. From the following particulars, prepare a statement showing the amount of the claim to be lodged with the insurance company under the Average Clause of the policy: Stock on 1st April, 2026 (opening stock) Rs. 40,000; Purchases from 1st April, 2026 to the date of fire Rs. 2,50,000; Purchases Returns Rs. 5,000; Sales for the same period Rs. 3,10,000; Sales Returns Rs. 6,000; Direct Expenses (wages and carriage inward) Rs. 8,000. The rate of Gross Profit, as disclosed by the accounts of the preceding year, was 20% on sales. Stock salvaged from the fire was valued at Rs. 4,000, and the stock was insured for Rs. 35,000. [15]

Set B

Q1. What are financial statements? Explain their meaning, nature and objectives, and describe the information needs of the various internal and external users of financial statements, along with the inherent limitations of such statements. [15]

Q2. Distinguish between Capital and Revenue items of expenditure and receipts. Explain, with suitable examples, the effect of wrong classification of capital and revenue items on the profitability and financial position disclosed by the financial statements of a business. [15]

Q3. A and B are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2026 stood as follows (given below). They admit C into partnership for 1/4 share in the future profits of the firm, which he acquires equally from A and B, on the following terms: (i) C brings in Rs. 40,000 as his capital and Rs. 20,000 as premium for goodwill, in cash. (ii) Stock is to be appreciated by Rs. 6,000 and Machinery is to be depreciated by Rs. 4,000. (iii) A Provision for Doubtful Debts of Rs. 2,500 is to be created on Sundry Debtors. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	80,000	Sundry Debtors	45,000
Capital A/c - B	60,000	Stock-in-Trade	55,000
General Reserve	25,000	Furniture	18,000
Sundry Creditors	40,000	Machinery	60,000
Bills Payable	25,000	Building	30,000
		Cash at Bank	22,000
Total	2,30,000	Total	2,30,000

Q4. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2026 was as follows (given below). Partner C retires from the firm on 1st April, 2026 (in the event of C's death, the same figures apply for the Executor's Account) on the following terms: (i) Goodwill of the firm is valued at Rs. 30,000 and is to be adjusted through the remaining partners' capital accounts in their gaining ratio, without being raised in the books. (ii) Machinery and Building together are to be appreciated by Rs. 10,000 and Stock is to be depreciated by Rs. 4,000. (iii) The amount due to C is to be transferred to his/her Loan Account, to be repaid later. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	70,000	Sundry Debtors	48,000
Capital A/c - B	50,000	Stock-in-Trade	55,000
Capital A/c - C	40,000	Furniture	18,000
General Reserve	20,000	Machinery	65,000
Sundry Creditors	35,000	Building	32,500
Bills Payable	15,000	Cash in Hand	11,500
Total	2,30,000	Total	2,30,000

Q5. A, B and C, sharing profits and losses in the ratio of 5 : 4 : 3, decided to dissolve their firm on 31st March, 2026, on which date their Balance Sheet stood as follows (given below). The assets realised as follows: Debtors Rs. 20,000, Stock Rs. 30,000, Furniture Rs. 10,000 and Machinery Rs. 40,000. Sundry Creditors were paid off at a discount, in full settlement for Rs. 29,000, and the Bank Loan was repaid in full along with the amount shown in the books. Realisation expenses of Rs. 2,000 were paid. Prepare the Realisation Account, Partners' Capital Accounts and the Bank Account to close the books of the firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	50,000	Sundry Debtors	22,000
Capital A/c - B	40,000	Stock-in-Trade	35,000
Capital A/c - C	30,000	Furniture	12,000
Loan from A	10,000	Machinery	48,000
Sundry Creditors	30,000	Cash at Bank	63,000
Bank Loan	20,000
Total	1,80,000	Total	1,80,000

Q6. X purchased a machine from Y on Hire Purchase System. The cash price of the machine was Rs. 90,000. X paid Rs. 18,000 as down payment on signing the agreement and agreed to pay the balance in 3 annual installments of Rs. 30,480, Rs. 28,320, Rs. 26,160 respectively, payable at the end of each year, the installments being inclusive of interest charged by Y at 9% per annum on the outstanding balance. Calculate the amount of interest and cash price included in each of the 3 installments, and verify your answer with the given cash price. [15]

Q7. M holds a mining lease from L on the following terms: Minimum Rent Rs. 12,000 per annum; Royalty at Rs. 3 per tonne of output raised; short-workings are recoverable out of the royalty in excess of minimum rent arising in any of the subsequent years, without any time limit. The output raised during the first five years was: 3200, 3800, 4500, 5000, 6000 tonnes in Year 1, Year 2, Year 3, Year 4 and Year 5 respectively. Prepare the Royalty Account, Short-workings Account and L's (Landlord's) Account in the books of M for all five years. [15]

Q8. X purchased a machine from Y on Hire Purchase System. The cash price of the machine was Rs. 80,000. X paid Rs. 20,000 as down payment on 1st January, 2024, and the balance was to be paid in 3 annual installments of principal Rs. 20,000 each, together with interest @ 10% per annum on the outstanding balance. X paid the first installment (principal Rs. 20,000 plus interest Rs. 6,000, i.e. Rs. 26,000 in all) on 31st December, 2024, but failed to pay the second installment due on 31st December, 2025, whereupon Y repossessed the entire machine. X had charged depreciation on the machine @ 10% per annum on the cash price under the Straight Line Method. Y valued the repossessed machine at Rs. 32,000, spent Rs. 2,000 on its overhauling, and sold it for Rs. 45,000. Prepare the Machinery Account and Y's Account in the books of X, and the Goods Repossessed Account in the books of Y. [15]

Q9. Mr. R was adjudged insolvent on 31st March, 2026. From the following particulars, prepare his Statement of Affairs and Deficiency Account as on that date: Assets (estimated to realise) - Cash in Hand Rs. 800; Furniture Rs. 5,000; Stock-in-Trade Rs. 22,000; Book Debts - Good Rs. 15,000, Doubtful (estimated to realise) Rs. 4,000; Investments Rs. 8,000; Land and Building, mortgaged with the Bank for a loan of Rs. 18,000, estimated to realise Rs. 22,000. Liabilities - Unsecured Creditors Rs. 1,05,000; Preferential Creditors (income-tax and wages due) Rs. 3,000. Capital as per his last Balance Sheet (before the loss) Rs. 5,800; Fresh Capital introduced during the period Rs. 5,000; Net loss suffered since the last Balance Sheet Rs. 42,000; Drawings during the period Rs. 18,000. [15]

Q10. From the following particulars relating to its Kanpur Branch for the year ended 31st March, 2026, prepare the Branch Account in the books of the Head Office under the Debtors Method, to ascertain the profit or loss made by the branch: Opening Balances - Stock Rs. 20,000, Sundry Debtors Rs. 15,000, Cash Rs. 1,000; Goods sent to Branch during the year Rs. 1,50,000; Goods returned by Branch to Head Office Rs. 3,000; Cash Sales Rs. 80,000; Credit Sales Rs. 90,000; Cash received from Debtors Rs. 82,000; Discount allowed to Debtors Rs. 1,500; Bad Debts written off Rs. 1,000; Goods returned by Debtors Rs. 2,000; Branch Expenses paid by Head Office Rs. 18,000; Closing Balances - Stock Rs. 25,000, Sundry Debtors Rs. 18,500. [15]

Set C

Q1. What are Indian Accounting Standards (Ind AS)? Discuss the need, objectives and process of harmonisation of Ind AS with International Financial Reporting Standards (IFRS), and explain the benefits of convergence to Indian corporates. [15]

Q2. Explain the meaning and significance of accounting standards in reducing diversity in accounting practices. Distinguish between Ind AS and IFRS, and briefly discuss the major carve-outs made by India while adopting Ind AS. [15]

Q3. A and B are partners sharing profits and losses in the ratio of 5 : 2. Their Balance Sheet as at 31st March, 2026 stood as follows (given below). They admit C into partnership for 1/6 share in the future profits of the firm, which he acquires equally from A and B, on the following terms: (i) C brings in Rs. 30,000 as his capital and Rs. 18,000 as premium for goodwill, in cash. (ii) Stock is to be appreciated by Rs. 4,000 and Machinery is to be depreciated by Rs. 5,000. (iii) A Provision for Doubtful Debts of Rs. 3,000 is to be created on Sundry Debtors. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	1,00,000	Sundry Debtors	50,000
Capital A/c - B	70,000	Stock-in-Trade	60,000
General Reserve	15,000	Furniture	20,000
Sundry Creditors	40,000	Machinery	70,000
Bills Payable	15,000	Building	30,000
		Cash at Bank	10,000
Total	2,40,000	Total	2,40,000

Q4. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2026 was as follows (given below). Partner A retires from the firm on 1st April, 2026 (in the event of A's death, the same figures apply for the Executor's Account) on the following terms: (i) Goodwill of the firm is valued at Rs. 18,000 and is to be adjusted through the remaining partners' capital accounts in their gaining ratio, without being raised in the books. (ii) Machinery and Building together are to be appreciated by Rs. 6,000 and Stock is to be depreciated by Rs. 2,500. (iii) The amount due to A is to be transferred to his/her Loan Account, to be repaid later. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	60,000	Sundry Debtors	42,000
Capital A/c - B	45,000	Stock-in-Trade	48,000
Capital A/c - C	35,000	Furniture	16,000
General Reserve	15,000	Machinery	58,000
Sundry Creditors	30,000	Building	24,100
Bills Payable	13,000	Cash in Hand	9,900
Total	1,98,000	Total	1,98,000

Q5. A, B and C, sharing profits and losses in the ratio of 5 : 4 : 3, decided to dissolve their firm on 31st March, 2026, on which date their Balance Sheet stood as follows (given below). The assets realised as follows: Debtors Rs. 14,000, Stock Rs. 22,000, Furniture Rs. 8,000 and Machinery Rs. 28,000. Sundry Creditors were paid off at a discount, in full settlement for Rs. 19,500, and the Bank Loan was repaid in full along with the amount shown in the books. Realisation expenses of Rs. 1,200 were paid. Prepare the Realisation Account, Partners' Capital Accounts and the Bank Account to close the books of the firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	35,000	Sundry Debtors	16,000
Capital A/c - B	28,000	Stock-in-Trade	26,000
Capital A/c - C	21,000	Furniture	9,000
Sundry Creditors	20,000	Machinery	34,000
Bank Loan	12,000	Cash at Bank	31,000
Total	1,16,000	Total	1,16,000

Q6. X purchased a machine from Y on Hire Purchase System. The cash price of the machine was Rs. 48,000. X paid Rs. 8,000 as down payment on signing the agreement and agreed to pay the balance in 4 annual installments of Rs. 14,000, Rs. 13,000, Rs. 12,000, Rs. 11,000 respectively, payable at the end of each year, the installments being inclusive of interest charged by Y at 10% per annum on the outstanding balance. Calculate the amount of interest and cash price included in each of the 4 installments, and verify your answer with the given cash price. [15]

Q7. M holds a mining lease from L on the following terms: Minimum Rent Rs. 8,000 per annum; Royalty at Rs. 4 per tonne of output raised; short-workings are recoverable out of the royalty in excess of minimum rent arising in any of the subsequent years, without any time limit. The output raised during the first five years was: 1500, 1800, 2200, 2600, 3000 tonnes in Year 1, Year 2, Year 3, Year 4 and Year 5 respectively. Prepare the Royalty Account, Short-workings Account and L's (Landlord's) Account in the books of M for all five years. [15]

Q8. P purchased a delivery van from Q under the Installment Purchase System, ownership passing immediately on signing the agreement. The cash price of the van was Rs. 54,000. P paid Rs. 9,000 on signing the agreement and agreed to pay the balance in 3 annual installments of Rs. 19,050, Rs. 17,700, Rs. 16,350 respectively, at the end of each year, the installments being inclusive of interest at 9% per annum on the outstanding balance. Calculate the interest and cash price included in each installment, and prepare Q's Account in the books of P. [15]

Q9. Mr. R was adjudged insolvent on 31st March, 2026. From the following particulars, prepare his Statement of Affairs and Deficiency Account as on that date: Assets (estimated to realise) - Cash in Hand Rs. 600; Furniture Rs. 3,500; Stock-in-Trade Rs. 16,000; Book Debts - Good Rs. 10,000, Doubtful (estimated to realise) Rs. 2,500; Investments Rs. 5,000; Land and Building, mortgaged with the Bank for a loan of Rs. 12,000, estimated to realise Rs. 16,000. Liabilities - Unsecured Creditors Rs. 78,000; Preferential Creditors (income-tax and wages due) Rs. 2,000. Capital as per his last Balance Sheet (before the loss) Rs. 3,600; Net loss suffered since the last Balance Sheet Rs. 30,000; Drawings during the period Rs. 12,000. [15]

Q10. A ship owning company undertook a voyage from Mumbai to London and back. From the following particulars relating to the voyage, prepare the Voyage Account and ascertain the profit or loss on the voyage, which was completed within the same accounting year: Freight Earned Rs. 2,50,000; Primage Rs. 5,000; Crew Wages Rs. 40,000; Provisions and Stores Consumed Rs. 15,000; Fuel and Engine Oil Rs. 35,000; Port Dues and Charges Rs. 20,000; Insurance of Ship Rs. 12,000; Stevedoring and Loading/Unloading Charges Rs. 18,000; Depreciation on Ship for the voyage Rs. 25,000; Brokerage on Freight Rs. 8,000; Sundry Voyage Expenses Rs. 6,000. [15]

Set D

Q1. What is a Computerized Accounting System (CAS)? Discuss its salient features, advantages and limitations as compared to a manual accounting system, and explain the basic requirements for setting up a computerized accounting system in a business organisation. [15]

Q2. Explain the basic components and grouping of accounts (Ledgers, Groups, Vouchers) followed while creating a company and maintaining day-to-day books of account in a typical computerized accounting package. [15]

Q3. A and B are partners sharing profits and losses in the ratio of 1 : 1. Their Balance Sheet as at 31st March, 2026 stood as follows (given below). They admit C into partnership for 1/4 share in the future profits of the firm, which he acquires equally from A and B, on the following terms: (i) C brings in Rs. 22,000 as his capital and Rs. 12,000 as premium for goodwill, in cash. (ii) Stock is to be appreciated by Rs. 3,000 and Machinery is to be depreciated by Rs. 2,000. (iii) A Provision for Doubtful Debts of Rs. 1,500 is to be created on Sundry Debtors. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	50,000	Sundry Debtors	35,000
Capital A/c - B	50,000	Stock-in-Trade	40,000
General Reserve	18,000	Furniture	12,000
Sundry Creditors	25,000	Machinery	40,000
Bills Payable	8,000	Cash at Bank	24,000
Total	1,51,000	Total	1,51,000

Q4. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2026 was as follows (given below). Partner B retires from the firm on 1st April, 2026 (in the event of B's death, the same figures apply for the Executor's Account) on the following terms: (i) Goodwill of the firm is valued at Rs. 22,000 and is to be adjusted through the remaining partners' capital accounts in their gaining ratio, without being raised in the books. (ii) Machinery and Building together are to be appreciated by Rs. 9,000 and Stock is to be depreciated by Rs. 3,500. (iii) The amount due to B is to be transferred to his/her Loan Account, to be repaid later. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	55,000	Sundry Debtors	38,000
Capital A/c - B	44,000	Stock-in-Trade	46,000
Capital A/c - C	33,000	Furniture	14,000
General Reserve	22,000	Machinery	50,000
Sundry Creditors	28,000	Building	35,400
Bills Payable	11,000	Cash in Hand	9,600
Total	1,93,000	Total	1,93,000

Q5. A, B and C, sharing profits and losses in the ratio of 5 : 4 : 3, decided to dissolve their firm on 31st March, 2026, on which date their Balance Sheet stood as follows (given below). The assets realised as follows: Debtors Rs. 17,500, Stock Rs. 27,000, Furniture Rs. 9,500 and Machinery Rs. 36,000. Sundry Creditors were paid off at a discount, in full settlement for Rs. 26,500, and the Bank Loan was repaid in full along with the amount shown in the books. Realisation expenses of Rs. 1,800 were paid. Prepare the Realisation Account, Partners' Capital Accounts and the Bank Account to close the books of the firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	45,000	Sundry Debtors	20,000
Capital A/c - B	36,000	Stock-in-Trade	32,000
Capital A/c - C	27,000	Furniture	11,000
Sundry Creditors	27,000	Machinery	44,000
Bank Loan	18,000	Cash at Bank	46,000
Total	1,53,000	Total	1,53,000

Q6. X purchased a machine from Y on Hire Purchase System. The cash price of the machine was Rs. 75,000. X paid Rs. 15,000 as down payment on signing the agreement and agreed to pay the balance in 3 annual installments of Rs. 24,800, Rs. 23,200, Rs. 21,600 respectively, payable at the end of each year, the installments being inclusive of interest charged by Y at 8% per annum on the outstanding balance. Calculate the amount of interest and cash price included in each of the 3 installments, and verify your answer with the given cash price. [15]

Q7. M holds a mining lease from L on the following terms: Minimum Rent Rs. 15,000 per annum; Royalty at Rs. 2.5 per tonne of output raised; short-workings are recoverable out of the royalty in excess of minimum rent arising in any of the subsequent years, without any time limit. The output raised during the first five years was: 4500, 5200, 6800, 7200, 8000 tonnes in Year 1, Year 2, Year 3, Year 4 and Year 5 respectively. Prepare the Royalty Account, Short-workings Account and L's (Landlord's) Account in the books of M for all five years. [15]

Q8. X purchased 10 identical machines from Y on Hire Purchase System, at a cash price of Rs. 8,000 per machine (total cash price Rs. 80,000). X paid 20% of the cash price, i.e. Rs. 16,000, as down payment, and agreed to pay the balance of Rs. 64,000 in 4 annual installments of principal Rs. 16,000 each, together with interest @ 10% per annum on the outstanding balance. X paid the first installment (principal Rs. 16,000 plus interest Rs. 6,400, i.e. Rs. 22,400 in all) on the due date, but failed to pay the second installment. X thereupon returned 4 machines to Y in full settlement of the balance due on them, and retained the remaining 6 machines, agreeing to pay cash for the balance of cash price outstanding on those retained. Y valued the 4 returned machines (after charging depreciation @ 10% per annum on written down value) at Rs. 16,800 in aggregate. Compute the balance of cash price due on the date of default, apportion it between the machines returned and those retained, and prepare the Machinery Account and Y's Account in the books of X, clearly showing the profit or loss on the machines returned. [15]

Q9. A fire occurred in the godown of M/s ABC Traders on 30th June, 2026, destroying a major part of the stock. From the following particulars, prepare a statement showing the amount of the claim to be lodged with the insurance company under the Average Clause of the policy: Stock on 1st April, 2026 (opening stock) Rs. 55,000; Purchases from 1st April, 2026 to the date of fire Rs. 3,00,000; Purchases Returns Rs. 8,000; Sales for the same period Rs. 3,70,000; Sales Returns Rs. 10,000; Direct Expenses (wages and carriage inward) Rs. 10,000. The rate of Gross Profit, as disclosed by the accounts of the preceding year, was 25% on sales. Stock salvaged from the fire was valued at Rs. 5,000, and the stock was insured for Rs. 70,000. [15]

Q10. From the following particulars relating to its Kanpur Branch for the year ended 31st March, 2026, prepare the Branch Account in the books of the Head Office under the Debtors Method, to ascertain the profit or loss made by the branch: Opening Balances - Stock Rs. 25,000, Sundry Debtors Rs. 18,000, Cash Rs. 1,200; Goods sent to Branch during the year Rs. 1,80,000; Goods returned by Branch to Head Office Rs. 4,000; Cash Sales Rs. 95,000; Credit Sales Rs. 1,10,000; Cash received from Debtors Rs. 1,00,000; Discount allowed to Debtors Rs. 2,000; Bad Debts written off Rs. 1,500; Goods returned by Debtors Rs. 2,500; Branch Expenses paid by Head Office Rs. 22,000; Closing Balances - Stock Rs. 30,000, Sundry Debtors Rs. 22,000. [15]

Set E

Q1. Discuss the objectives, functions and importance of accounting in the modern business world. Who are the principal internal and external users of accounting information, and what is each one's specific information need? [15]

Q2. Explain, with suitable examples, the accounting conventions of Conservatism (Prudence), Consistency, Materiality and Full Disclosure, and discuss the significance of each in the preparation and presentation of financial statements. [15]

Q3. A and B are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2026 stood as follows (given below). They admit C into partnership for 1/5 share in the future profits of the firm, which he acquires equally from A and B, on the following terms: (i) C brings in Rs. 35,000 as his capital and Rs. 21,000 as premium for goodwill, in cash. (ii) Stock is to be appreciated by Rs. 5,500 and Machinery is to be depreciated by Rs. 4,500. (iii) A Provision for Doubtful Debts of Rs. 2,800 is to be created on Sundry Debtors. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	90,000	Sundry Debtors	48,000
Capital A/c - B	60,000	Stock-in-Trade	58,000
General Reserve	22,000	Furniture	16,000
Sundry Creditors	38,000	Machinery	65,000
Bills Payable	14,000	Building	30,000
		Cash at Bank	7,000
Total	2,24,000	Total	2,24,000

Q4. A, B and C are partners sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2026 was as follows (given below). Partner C retires from the firm on 1st April, 2026 (in the event of C's death, the same figures apply for the Executor's Account) on the following terms: (i) Goodwill of the firm is valued at Rs. 26,000 and is to be adjusted through the remaining partners' capital accounts in their gaining ratio, without being raised in the books. (ii) Machinery and Building together are to be appreciated by Rs. 7,000 and Stock is to be depreciated by Rs. 3,000. (iii) The amount due to C is to be transferred to his/her Loan Account, to be repaid later. Prepare the Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	65,000	Sundry Debtors	46,000
Capital A/c - B	52,000	Stock-in-Trade	52,000
Capital A/c - C	39,000	Furniture	17,000
General Reserve	19,000	Machinery	60,000
Sundry Creditors	33,000	Building	35,900
Bills Payable	14,000	Cash in Hand	11,100
Total	2,22,000	Total	2,22,000

Q5. A, B and C, sharing profits and losses in the ratio of 5 : 4 : 3, decided to dissolve their firm on 31st March, 2026, on which date their Balance Sheet stood as follows (given below). The assets realised as follows: Debtors Rs. 21,000, Stock Rs. 32,000, Furniture Rs. 11,500 and Machinery Rs. 43,000. Sundry Creditors were paid off at a discount, in full settlement for Rs. 32,000, and the Bank Loan was repaid in full along with the amount shown in the books. Realisation expenses of Rs. 2,200 were paid. Prepare the Realisation Account, Partners' Capital Accounts and the Bank Account to close the books of the firm. [15]

Liabilities	Rs.	Assets	Rs.
Capital A/c - A	55,000	Sundry Debtors	24,000
Capital A/c - B	44,000	Stock-in-Trade	38,000
Capital A/c - C	33,000	Furniture	13,000
Sundry Creditors	33,000	Machinery	52,000
Bank Loan	22,000	Cash at Bank	60,000
Total	1,87,000	Total	1,87,000

Q6. X purchased a machine from Y on Hire Purchase System. The cash price of the machine was Rs. 1,00,000. X paid Rs. 20,000 as down payment on signing the agreement and agreed to pay the balance in 4 annual installments of Rs. 26,000, Rs. 24,500, Rs. 23,000, Rs. 21,500 respectively, payable at the end of each year, the installments being inclusive of interest charged by Y at 7.5% per annum on the outstanding balance. Calculate the amount of interest and cash price included in each of the 4 installments, and verify your answer with the given cash price. [15]

Q7. M holds a mining lease from L on the following terms: Minimum Rent Rs. 9,000 per annum; Royalty at Rs. 1.5 per tonne of output raised; short-workings are recoverable out of the royalty in excess of minimum rent arising in any of the subsequent years, without any time limit. The output raised during the first five years was: 4000, 5000, 6500, 7000, 7500 tonnes in Year 1, Year 2, Year 3, Year 4 and Year 5 respectively. Prepare the Royalty Account, Short-workings Account and L's (Landlord's) Account in the books of M for all five years. [15]

Q8. M holds a lease from L at a minimum rent of Rs. 20,000 per annum and a royalty of Rs. 4 per tonne of output, short-workings being recoverable out of the royalty in excess of minimum rent arising in any subsequent year without any time limit. M sub-leased a part of the mine to S at a minimum rent of Rs. 8,000 per annum and a royalty of Rs. 5 per tonne raised by S, on similar terms as to short-workings. The total output raised by M (which includes the output raised by S) in the first four years was 3000, 4200, 5500, 6000 tonnes respectively, of which the output raised by S in the first three years was 1200, 1500, 2000 tonnes respectively (S had not started operations in Year 4). Prepare, in the books of M, the Royalty Receivable Account, Royalty Payable Account and the respective Short-workings Accounts. [15]

Q9. A fire occurred in the godown of M/s ABC Traders on 30th June, 2026, destroying a major part of the stock. From the following particulars, prepare a statement showing the amount of the claim to be lodged with the insurance company under the Average Clause of the policy: Stock on 1st April, 2026 (opening stock) Rs. 30,000; Purchases from 1st April, 2026 to the date of fire Rs. 1,80,000; Purchases Returns Rs. 4,000; Sales for the same period Rs. 2,25,000; Sales Returns Rs. 5,000; Direct Expenses (wages and carriage inward) Rs. 6,000. The rate of Gross Profit, as disclosed by the accounts of the preceding year, was 20% on sales. Stock salvaged from the fire was valued at Rs. 3,000, and the stock was insured for Rs. 28,000. [15]

Q10. A ship owning company undertook a voyage from Mumbai to London and back. From the following particulars relating to the voyage, prepare the Voyage Account and ascertain the profit or loss on the voyage, which was completed within the same accounting year: Freight Earned Rs. 3,20,000; Primage Rs. 8,000; Crew Wages Rs. 50,000; Provisions and Stores Consumed Rs. 18,000; Fuel and Engine Oil Rs. 45,000; Port Dues and Charges Rs. 25,000; Insurance of Ship Rs. 15,000; Stevedoring and Loading/Unloading Charges Rs. 22,000; Depreciation on Ship for the voyage Rs. 30,000; Brokerage on Freight Rs. 10,000; Sundry Voyage Expenses Rs. 7,000. [15]

Micro Economics (Major A - Paper P-2)

Micro Economics (Major A, Paper P-2, 4 Credits) covers Definitions and Concepts of Economics, Consumer Behaviour and Utility Analysis, Demand and Elasticity, Producer's Behaviour and Market Price Determination, and Distribution (Factor Pricing - Rent, Wages, Interest and Profit). Time: 3 Hours, Maximum Marks: 75. Answer any five of the ten questions given below; all questions carry equal marks (15 each). Practising all five sets will give you exposure to theory, numerical and diagram-based questions from every unit.

Set A

Q1. Discuss the various definitions of Economics - the Wealth definition, the Welfare definition, the Scarcity definition, and the Growth-oriented definition. Bring out the points of difference among them and critically evaluate which definition is most acceptable in the present context. [15]

Q2. Explain the concept of scarcity and its central role in economic decision-making. Discuss how the problem of scarcity necessitates the optimum utilization of scarce resources having alternative uses. [15]

Q3. What is meant by equilibrium in Economics? Explain the various forms of equilibrium - partial and general equilibrium, and stable and unstable equilibrium - with the help of suitable examples. [15]

Q4. Explain the Law of Diminishing Marginal Utility with the help of a utility schedule and a suitable diagram. State its assumptions and discuss the important exceptions to this law. [15]

Q5. State and explain the Law of Equi-Marginal Utility. A consumer has an income of Rs. 20 which he spends entirely on two goods, X (price Rs. 4 per unit) and Y (price Rs. 2 per unit). The marginal utility schedule of the two goods is given below. Using the Law of Equi-Marginal Utility, determine the equilibrium combination of X and Y that the consumer will purchase, and verify that his total utility is maximised at this combination. [15]

Units of Commodity	MU of X (Px = Rs. 4)	MU of Y (Py = Rs. 2)
1	40	24
2	32	20
3	24	16
4	16	12
5	8	8
6	0	4

Q6. What is Consumer's Surplus? Explain Marshall's concept of consumer's surplus with the help of a suitable diagram, and point out the important limitations of this concept. [15]

Q7. Explain the meaning of production and the factors of production. Discuss the Law of Variable Proportions with the help of a suitable diagram, explaining its three stages in detail. [15]

Q8. What is an Isoquant? Explain its meaning and the assumptions on which isoquant analysis is based, and discuss the important properties of isoquants with the help of diagrams. [15]

Q9. Explain the Marginal Productivity Theory of factor pricing. State its underlying assumptions and discuss the important criticisms levelled against this theory. [15]

Q10. Explain the Ricardian Theory of Rent. On what assumptions is this theory based, and what are the main criticisms that have been levelled against it? [15]

Set B

Q1. Discuss the nature and scope of Economics as a subject. Is Economics a positive science, a normative science, or both? Give reasons in support of your answer. [15]

Q2. Distinguish between Microeconomics and Macroeconomics. Discuss the scope, importance and limitations of each branch with suitable examples. [15]

Q3. Explain the various types of demand. Discuss, in detail, the determinants of demand for a commodity, and distinguish between a change in demand and a change in quantity demanded. [15]

Q4. State the Law of Demand. Explain its underlying assumptions and discuss, with suitable examples, the important exceptions to this law (such as Giffen goods, articles of snob appeal, and expectation of future price changes). [15]

Q5. Explain the concept and types of Elasticity of Demand - price elasticity, income elasticity and cross elasticity of demand. Discuss the various methods of measuring price elasticity of demand. [15]

Q6. Explain the Law of Returns to Scale with the help of the following production schedule, which shows the output obtained from various combinations of Labour (L) and Capital (K) when both inputs are increased in the same proportion. Identify, with supporting calculations, the stage(s) of Increasing, Constant and Diminishing Returns to Scale. [15]

Labour (L)	Capital (K)	Total Output (Q)
1	1	10
2	2	25
3	3	45
4	4	60
5	5	70

Q7. Explain how a rational producer attains equilibrium through the use of Isoquants and the Iso-cost line. What are the necessary conditions for producer's equilibrium (least-cost combination of factors)? [15]

Q8. State the Law of Supply. Discuss its assumptions and the important exceptions to this law. Also explain the concept and the important methods of measuring Elasticity of Supply. [15]

Q9. Discuss the Modern Theory of Rent based on the concept of transfer earnings and economic rent. How does it differ from the Ricardian theory of rent? [15]

Q10. What is Quasi Rent? Distinguish clearly between Rent and Quasi Rent, explaining the circumstances under which quasi rent arises, with suitable examples. [15]

Set C

Q1. Explain the Inductive and Deductive methods used in economic analysis. Which of the two methods do you consider more suitable for the study of Economics, and why? [15]

Q2. Critically examine Alfred Marshall's Welfare definition of Economics. What are its merits, and what criticisms were levelled against it by Lionel Robbins? [15]

Q3. The price of a commodity falls from Rs. 20 per unit to Rs. 16 per unit, as a result of which the quantity demanded of the commodity increases from 100 units to 140 units. Calculate the Price Elasticity of Demand by the Percentage (Proportionate) Method and state, giving reasons, the nature of demand for this commodity. [15]

Q4. Explain the Ordinal approach to consumer behaviour through Indifference Curve Analysis. Discuss the meaning and important properties of indifference curves. [15]

Q5. Explain the concept of Revenue Analysis - Total Revenue (TR), Average Revenue (AR) and Marginal Revenue (MR). Discuss the relationship between AR and MR under perfect competition and under imperfect (monopolistic) competition. [15]

Q6. What is meant by a market in economics? Discuss the classification of markets on the basis of the degree of competition, distinguishing between Perfect Competition, Monopoly, Monopolistic Competition and Oligopoly. [15]

Q7. Explain the determination of equilibrium price and output of a firm and of the industry under Perfect Competition, distinguishing between short-run and long-run equilibrium. [15]

Q8. Explain the Subsistence Theory of Wages propounded by David Ricardo. What are the important limitations of this theory? [15]

Q9. Explain the Wage Fund Theory of wages associated with J. S. Mill. Why was this theory eventually criticized and abandoned by later economists? [15]

Q10. Discuss the Residual Claimant Theory of Wages. How, according to this theory, is the wage of labour determined as a residual share of the total produce? [15]

Set D

Q1. Examine Robbins' Scarcity definition of Economics. Discuss the criticisms levelled against this definition and explain how the Growth-oriented definitions attempt to overcome its limitations. [15]

Q2. What is meant by optimum utilization of resources? Explain how the problem of scarcity and choice forms the central theme of economic analysis. [15]

Q3. Trace the evolution of the subject-matter of Economics from Adam Smith's Wealth-centred definition to the modern Growth-oriented definitions given by economists such as Samuelson. [15]

Q4. The following table shows five combinations of two goods, X and Y, that yield equal satisfaction to a consumer, i.e. they lie on the same indifference curve. Calculate the Marginal Rate of Substitution of X for Y (MRSxy) between successive combinations, and explain, with reference to your calculations, why the Marginal Rate of Substitution diminishes as the consumer substitutes X for Y. [15]

Combination	Units of X	Units of Y
A	1	15
B	2	10
C	3	6
D	4	3
E	5	1

Q5. Using Indifference Curve Analysis, explain the Price Effect, the Income Effect and the Substitution Effect of a fall in the price of a commodity. How does the Hicks-Slutsky method decompose the price effect into its income and substitution components? [15]

Q6. Discuss the determination of price and output under Monopoly. How does equilibrium of a monopoly firm differ from that of a firm operating under Perfect Competition? [15]

Q7. What is Monopolistic Competition? Explain, with the help of diagrams, the short-run and long-run equilibrium of a firm operating under monopolistic competition. [15]

Q8. Explain the Marginal Productivity Theory of Wages. What are its underlying assumptions, and what are the important criticisms levelled against it? [15]

Q9. Distinguish between Gross Interest and Net Interest. What are the various components that together constitute gross interest? [15]

Q10. Explain the Classical Theory of Interest based on the demand for and supply of savings. What are the main criticisms levelled against this theory? [15]

Set E

Q1. Explain the concepts of general equilibrium and partial equilibrium analysis. How is equilibrium analysis useful in understanding the behaviour of economic agents? [15]

Q2. Discuss the interrelationship between Microeconomics and Macroeconomics. Can the two branches of economic analysis be studied in complete isolation from each other? Give reasons. [15]

Q3. Distinguish between the Cardinal (Marshallian) and Ordinal (Hicksian) approaches to the analysis of consumer behaviour. Which approach do you consider theoretically superior, and why? [15]

Q4. Explain the concept of Consumer's Equilibrium under the Indifference Curve approach. What are the necessary conditions for a consumer to be in equilibrium? [15]

Q5. Critically examine the assumptions underlying the theory of consumer behaviour under both the Cardinal and Ordinal approaches. To what extent are these assumptions realistic? [15]

Q6. From the following short-run cost schedule of a firm, calculate the Average Fixed Cost (AFC), Average Variable Cost (AVC), Average Total Cost (ATC) and Marginal Cost (MC) for each level of output, and draw the short-run cost curves. Comment on the behaviour of AVC, ATC and MC as shown by your calculations. [15]

Output (Q)	Total Fixed Cost (TFC) (Rs.)	Total Variable Cost (TVC) (Rs.)
1	60	40
2	60	70
3	60	90
4	60	100
5	60	120
6	60	150

Q7. Explain the concept of Price Discrimination under Monopoly. What conditions must be satisfied for a monopolist to successfully practise price discrimination? Discuss its degrees. [15]

Q8. Explain the Loanable Funds Theory of Interest. In what respects does it differ from the Classical Theory of Interest? [15]

Q9. Explain Keynes' Liquidity Preference Theory of Interest. What are the three motives for holding liquid cash according to Keynes, and how is the rate of interest determined under this theory? [15]

Q10. Distinguish between Accounting Profit and Economic Profit. Explain the Dynamic Theories of Profit, namely the Risk-bearing Theory, the Uncertainty-bearing Theory, and the Innovation Theory. [15]

Business Organisation (Major B - Paper P-1)

Business Organisation (Major B, Paper P-1, 4 Credits) covers the Nature and Scope of Business and Social Responsibility, Forms of Business Organisation (Sole Proprietorship, Partnership, Joint Stock Company, Co-operative, LLP, OPC, E-Commerce), Business Combinations and Markets, and Organisation Structure and Delegation. Time: 3 Hours, Maximum Marks: 75. Answer any five of the ten questions given below; all questions carry equal marks (15 each). This is a purely theory-based paper, so practising all five sets will help you master the exact phrasing and depth examiners expect.

Set A

Q1. Explain the nature and scope of business. How does modern business differ from traditional business in terms of objectives and scope of operations? [15]

Q2. Compare Sole Proprietorship and Partnership as forms of business organisation. Which form would you recommend for a small trading business, and why? [15]

Q3. Explain the meaning and objectives of business combination. Discuss the various types of business combinations with suitable examples. [15]

Q4. Explain the meaning and importance of organisation as a function of management. Discuss the process involved in designing an organisation structure. [15]

Q5. "Business cannot survive by ignoring the interests of society." Discuss the concept of social responsibility of business and examine the responsibilities of business towards its various stakeholders. [15]

Q6. Discuss the characteristics, advantages and disadvantages of a Joint Stock Company as a form of business organisation. [15]

Q7. What is a merger? Distinguish between horizontal, vertical and conglomerate combinations with real business examples. [15]

Q8. Discuss the principles of sound organisation. How do these principles help in achieving organisational efficiency? [15]

Q9. What do you mean by 'size of a business unit'? Discuss the factors that determine the optimum size of a business unit. [15]

Q10. Discuss the concept of rationalisation. What are its objectives, and what problems does it create for labour and management? [15]

Set B

Q1. Explain the concept of business environment. Discuss, with examples, how changes in the economic and political environment affect the functioning of a business enterprise. [15]

Q2. Explain the concept of Limited Liability Partnership (LLP). How does it differ from a traditional partnership firm and a company? [15]

Q3. Explain the meaning and significance of automation in modern business. Discuss its advantages and limitations for Indian industry. [15]

Q4. Distinguish between line organisation, functional organisation and line-and-staff organisation as types of organisation structure, with examples. [15]

Q5. Discuss the changing role of Government in business in India, with special reference to liberalisation, privatisation and globalisation. [15]

Q6. What is a One Person Company (OPC)? Discuss its features and its suitability for a single entrepreneur who wishes to enjoy the benefit of limited liability. [15]

Q7. Discuss the various methods of remunerating labour. Which method would you recommend for a manufacturing unit, and why? [15]

Q8. "Centralisation and decentralisation are matters of degree rather than absolute concepts." Discuss this statement with reference to the distribution of authority in an organisation. [15]

Q9. Explain the nature and scope of Co-operative Organisation as a form of business. Discuss its guiding principles and its role in the Indian economy. [15]

Q10. Explain the concept and role of committees in an organisation. Discuss their advantages and limitations as a device of organisation. [15]

Set C

Q1. "Profit maximisation is no longer the sole objective of modern business." Critically examine this statement with reference to the multiple objectives of business. [15]

Q2. "E-Commerce has revolutionised the way business is conducted." Discuss the meaning, forms and advantages of e-commerce with suitable examples. [15]

Q3. Explain the meaning, functions and importance of a stock market in the economic development of a country. [15]

Q4. What is departmentation? Discuss the various bases of departmentation adopted by business enterprises with suitable examples. [15]

Q5. Explain the various internal and external factors constituting the business environment of a firm. Illustrate with suitable examples from Indian industry. [15]

Q6. Give a comparative account of Sole Proprietorship, Partnership and Joint Stock Company on the basis of formation, liability, capital and control. [15]

Q7. What is a commodity market? Discuss its types, functions and role in price discovery and risk management for producers and traders. [15]

Q8. Explain the concept of delegation of authority. Discuss its essential elements and the barriers that hinder effective delegation. [15]

Q9. Discuss the arguments for and against social responsibility of business. Do you think socially responsible behaviour also benefits business in the long run? Give reasons for your answer. [15]

Q10. Discuss the various types of partners found in a partnership firm and the rights, duties and liabilities of partners under Indian law. [15]

Set D

Q1. What are the problems faced by small-scale business units in India? Suggest suitable measures for their growth and survival in a competitive economy. [15]

Q2. Examine the process of formation and registration of a Joint Stock Company. What documents are required to be filed with the Registrar of Companies? [15]

Q3. Distinguish between a cartel, trust, holding company and merger as forms of business combination. [15]

Q4. "An organisation structure is the skeleton of an enterprise." Discuss the factors that a manager should consider while designing an appropriate organisation structure. [15]

Q5. Explain the relationship between Government and business. Discuss the various forms of Government control and regulation over private business in India. [15]

Q6. "A Co-operative Society is formed to serve its members rather than to earn profit." Discuss this statement, highlighting the merits and limitations of the co-operative form of organisation. [15]

Q7. "Wage payment systems significantly influence worker productivity and morale." Discuss the time wage and piece wage systems, bringing out their merits and demerits. [15]

Q8. Distinguish between delegation of authority and decentralisation of authority. Why is decentralisation considered essential for the growth of large business enterprises? [15]

Q9. Explain the causes and consequences of business combinations in India. Discuss with reference to a real merger or acquisition in Indian industry. [15]

Q10. Discuss the matrix and project types of organisation structure. In what circumstances is a matrix structure most suitable? [15]

Set E

Q1. "Business is an economic activity undertaken for the satisfaction of human wants." Explain this statement, bringing out the essential characteristics of business. [15]

Q2. Discuss the challenges and opportunities of e-commerce for small and medium enterprises in India, with reference to at least one real business example. [15]

Q3. Discuss the organisation and working of a stock exchange in India. What role do SEBI and depositories play in regulating the stock market? [15]

Q4. Explain the concept of span of control. How does it affect the number of levels of management and the shape of the organisation structure? [15]

Q5. Discuss the impact of technological environment on business decisions, with reference to a real-life example of a company that transformed itself through technology. [15]

Q6. Compare a Private Limited Company with a Limited Liability Partnership (LLP) as suitable vehicles for a start-up business venture. [15]

Q7. Explain the concept of automation and its impact on employment and skill requirements of the workforce in the Indian manufacturing sector. [15]

Q8. Discuss the significance of formal and informal organisation. How do the two interact to influence the functioning of an enterprise? [15]

Q9. Examine the concept of 'social audit' as a tool for assessing the social responsibility performance of business enterprises. [15]

Q10. Examine the process of organising as a management function. Discuss the problems commonly faced by managers while designing an effective organisation structure. [15]

Essentials of Management (Major B - Paper P-2)

Essentials of Management (Major B, Paper P-2, 4 Credits) covers the Nature and Evolution of Management Thought, Planning and Organizing (objectives, policy, strategy, structure, delegation, centralization), Staffing and Directing (recruitment, training, motivation, leadership, communication), and Controlling (types of control, MBE, traditional and modern control techniques). Time: 3 Hours, Maximum Marks: 75. Answer any five of the ten questions given below; all questions carry equal marks (15 each). The sets below include theory questions as well as short case/application-based questions, matching the actual exam pattern.

Set A

Q1. Define management and discuss its nature, characteristics and significance in the present business scenario, bringing out the arguments for and against management being regarded as an art, a science, and a profession. [15]

Q2. Trace the evolution of management thought through the classical, neo-classical (behavioural) and modern schools of thought, highlighting the key contributions and limitations of each phase. [15]

Q3. Define planning and discuss its nature, importance and the significant limitations that a manager must guard against while planning. [15]

Q4. Explain the various steps involved in the process of planning, and discuss the different types of plans that an organization formulates. [15]

Q5. Discuss the meaning and types of objectives, and explain the process of setting objectives under the Management by Objectives (MBO) approach. [15]

Q6. Define staffing and discuss its nature, importance and the steps involved in the staffing process as a managerial function. [15]

Q7. Explain the concept of recruitment, and discuss the various internal and external sources and methods of recruitment used by organizations. [15]

Q8. Describe the steps involved in the employee selection process, and discuss the importance of following a scientific selection procedure. [15]

Q9. Define control and discuss its nature and scope as a managerial function, bringing out its relationship with planning. [15]

Q10. Explain the various steps involved in the process of control, illustrating each step with a suitable example. [15]

Set B

Q1. Explain the principles of Scientific Management propounded by F.W. Taylor and critically evaluate their relevance and applicability to present-day organizations. [15]

Q2. Discuss Henri Fayol's fourteen principles of management, illustrating each principle with a suitable example drawn from a business organization. [15]

Q3. Distinguish between policy and strategy, and explain the role each plays in translating organizational objectives into concrete action. [15]

Q4. Explain the concept, importance and techniques of forecasting as a tool of managerial planning. [15]

Q5. Discuss the process of decision-making in an organization, and describe the various types of decisions that managers are required to take. [15]

Q6. Discuss the need and importance of training and development, and explain the various on-the-job and off-the-job methods used for employee development. [15]

Q7. Explain the concept and importance of performance appraisal, and discuss the traditional and modern methods used to appraise employee performance. [15]

Q8. Define directing and discuss its nature, importance and the fundamental principles that guide the effective direction of subordinates. [15]

Q9. Discuss the different types of control - feedforward, concurrent and feedback control - bringing out their relative significance in an organization. [15]

Q10. Meera, a production manager, has noticed a rising trend of quality deviations on the shop floor despite the existing inspection routines. Explain how Meera can design an effective control system based on the principle of Management by Exception (MBE) to address this situation. [15]

Set C

Q1. Explain the process of management, briefly describing each managerial function, and discuss why coordination is regarded as the essence of the managerial process. [15]

Q2. "Coordination is not a separate function of management but the essence of managership." Discuss this statement and explain the techniques a manager may use to achieve effective coordination among departments. [15]

Q3. Explain the techniques available to a manager for making decisions under conditions of certainty, risk and uncertainty. [15]

Q4. Define organizing and discuss the classical, neo-classical and modern (systems/contingency) theories of organization. [15]

Q5. Explain the steps involved in designing an organization structure, and discuss the internal and external factors that influence the choice of structure. [15]

Q6. Explain Maslow's Need Hierarchy Theory of motivation and discuss its relevance and limitations in a modern organizational context. [15]

Q7. Discuss Herzberg's Two-Factor (Motivation-Hygiene) Theory of motivation, bringing out its managerial implications. [15]

Q8. Explain McGregor's Theory X and Theory Y of motivation and discuss how a manager's assumptions about employees influence the leadership style adopted. [15]

Q9. Explain the concept of Management by Exception (MBE), and discuss its advantages and limitations as a technique of control. [15]

Q10. Discuss the essential requirements of an effective control system that a manager should keep in mind while designing one. [15]

Set D

Q1. Discuss the various components of the internal environment of an organization and explain why a manager must understand and continuously monitor them for effective decision-making. [15]

Q2. Explain the concept of the external business environment, distinguishing between its micro and macro components, and discuss its impact on managerial planning and decision-making. [15]

Q3. Distinguish between authority and responsibility, and explain the principle of parity of authority and responsibility along with its practical implications. [15]

Q4. Explain the concept of line and staff relationships in an organization, and discuss the nature of conflicts that arise between line and staff executives along with the ways of resolving them. [15]

Q5. Discuss the meaning and bases (types) of departmentation, bringing out the merits and demerits of each basis. [15]

Q6. Discuss the trait, behavioural and contingency (situational) approaches to leadership, bringing out the strengths and limitations of each. [15]

Q7. Explain the process of communication and the various barriers to effective communication in an organization, along with the measures to overcome them. [15]

Q8. Ravi, a newly appointed departmental manager, finds that his team's morale and productivity have declined sharply despite adequate pay levels. As a management consultant, analyse the possible causes of this problem using relevant theories of motivation and recommend a set of measures Ravi should adopt to restore motivation and morale in his team. [15]

Q9. Explain the traditional techniques of managerial control such as budgetary control and standard costing, bringing out their significance. [15]

Q10. Explain the modern techniques of managerial control such as PERT/CPM, Management Information Systems (MIS) and Zero-Base Budgeting (ZBB). [15]

Set E

Q1. Compare and contrast the classical, behavioural and modern (systems and contingency) approaches to the study of management, bringing out their respective strengths and weaknesses. [15]

Q2. Distinguish between management and administration, and discuss the changing perspective on the debate over whether management is developing into a distinct profession. [15]

Q3. Explain the concept, elements and principles of effective delegation of authority, and discuss the common barriers that hinder delegation in practice. [15]

Q4. Discuss the concepts of centralization and decentralization of authority, and explain the factors that determine the degree of decentralization suitable for an organization. [15]

Q5. Discuss the concept of organizational design in a dynamic business environment, comparing mechanistic and organic structures and the factors that influence a manager's choice between them. [15]

Q6. Discuss the various financial and non-financial techniques of motivation available to a manager for improving employee performance. [15]

Q7. Explain Rensis Likert's Systems of Management and the Blake and Mouton Managerial Grid as approaches to understanding leadership styles. [15]

Q8. Discuss the importance of effective leadership and communication in achieving organizational goals, and explain the qualities that make a leader successful. [15]

Q9. Discuss the close relationship between planning and controlling, explaining why control is often regarded as the other side of the planning coin. [15]

Q10. Discuss the various limitations and barriers to effective control in organizations and suggest measures to overcome them. [15]

Currency, Banking and Exchange (Minor - Paper Q-1)

Currency, Banking and Exchange (Minor, Paper Q-1, 2 Credits) covers the Functions, Significance and Forms of Money along with E-Money and Fisher's Quantity Theory of Money; Meaning and Significance of Credit, Credit Creation by Banks, Credit Control by RBI and Inflation; Types of Banks, the Central Bank and Commercial Banks, Regional Rural Banks, E-Banking and Postal Banking; and the Concept of Foreign Exchange and Exchange Rate along with Exchange Control. Time: 3 Hours, Maximum Marks: 75. Answer any five of the ten questions given below; all questions carry equal marks (15 each). The five sets below (Set A to Set E) give you full practice coverage across every unit of the syllabus.

Set A

Q1. Explain the meaning, functions and significance of money in a modern economy, and discuss the various forms that money has taken through the evolution of the monetary system, from commodity money to modern fiat and electronic money. [15]

Q2. Define E-Money and discuss its various forms such as debit and credit cards, mobile wallets, UPI and prepaid payment instruments, along with its advantages and limitations as compared to physical currency. [15]

Q3. Explain the meaning and significance of credit in a modern economy, bringing out its role in the process of production, distribution and economic development. [15]

Q4. A commercial bank receives an initial (primary) cash deposit of Rs. 10,000 from a customer. If the Cash Reserve Ratio (CRR) fixed by the Reserve Bank of India is 20 percent, calculate, with the help of the credit multiplier formula, the total amount of credit (deposits) that can ultimately be created by the banking system on the basis of this primary deposit. Also briefly explain the assumptions underlying this process of credit creation. [15]

Q5. Discuss the various factors that influence the volume of credit available in a country, distinguishing between factors relating to the central bank, commercial banks and the general public. [15]

Q6. Discuss the various types of banks found in a modern banking system, such as central banks, commercial banks, cooperative banks, regional rural banks and development banks, bringing out the distinguishing features of each. [15]

Q7. Explain the meaning of a central bank and discuss its main functions, such as the sole right of note issue, banker to the government, banker's bank, lender of last resort and custodian of foreign exchange reserves. [15]

Q8. Discuss the organisational structure of the Reserve Bank of India and examine the important functions performed by it as the central bank of the country. [15]

Q9. Explain the concept of foreign exchange and the foreign exchange rate, and discuss how the equilibrium exchange rate between two currencies is determined. [15]

Q10. Explain the direct and indirect methods of quoting a foreign exchange rate, illustrating each method with a suitable example. [15]

Set B

Q1. State and explain Fisher's Quantity Theory of Money with the help of the equation of exchange (MV = PT), and discuss the assumptions on which the theory is based. [15]

Q2. In a hypothetical economy, the total quantity of money in circulation is Rs. 500 crore and its velocity of circulation is 5. If the total volume of transactions carried out in the economy during the period is 1,000 crore units of goods and services, use Fisher's Equation of Exchange (MV = PT) to calculate the general price level (P) prevailing in the economy. Also state the major criticisms levelled against Fisher's Quantity Theory of Money. [15]

Q3. Explain the process of credit creation by commercial banks, and discuss the assumptions and practical limitations that restrict a bank's power to create credit. [15]

Q4. Explain the meaning and objectives of credit control, and discuss why the Reserve Bank of India considers it necessary to regulate the volume and direction of credit in the economy. [15]

Q5. Discuss the quantitative (general) methods of credit control used by the Reserve Bank of India, namely the bank rate, cash reserve ratio, statutory liquidity ratio, repo rate and open market operations. [15]

Q6. Explain the meaning of a commercial bank and discuss its primary and secondary functions, distinguishing between agency services and general utility services. [15]

Q7. Discuss the various types of deposit accounts offered by commercial banks, such as savings, current, fixed and recurring deposits, bringing out the main features of each. [15]

Q8. Discuss the various types of loans and advances granted by commercial banks, such as cash credit, overdraft, term loans and discounting of bills of exchange. [15]

Q9. Discuss the various factors that cause fluctuations in the exchange rate between two currencies, such as the balance of payments position, inflation differentials, interest rate differentials and speculation. [15]

Q10. Distinguish between a fixed exchange rate system and a flexible (floating) exchange rate system, bringing out the merits and demerits of each. [15]

Set C

Q1. Explain the meaning and characteristics of the Gold Standard as a monetary standard, and discuss its different forms along with its merits and demerits. [15]

Q2. Explain the meaning and working of Bimetallism as a monetary standard, and discuss the reasons, including Gresham's Law, for its eventual failure and abandonment by most countries. [15]

Q3. The banking system as a whole receives fresh primary deposits of Rs. 20,000. Assuming the Reserve Bank of India has fixed the Cash Reserve Ratio at 10 percent and that banks keep no excess reserves, calculate the total volume of credit (secondary deposits) that the banking system can create. Show the value of the credit multiplier used in your calculation. [15]

Q4. Discuss the qualitative (selective) methods of credit control, such as margin requirements, moral suasion, direct action and rationing of credit, and explain how they differ from quantitative methods. [15]

Q5. Discuss the meaning and types of inflation, distinguishing between creeping, walking, galloping and hyperinflation, and between demand-pull and cost-push inflation. [15]

Q6. Distinguish between a central bank and commercial banks, bringing out the differences in their objectives, functions and role in the economy. [15]

Q7. Explain the objectives behind the establishment of Regional Rural Banks in India and discuss the functions performed by them in extending credit to the rural sector. [15]

Q8. Examine the problems faced by Regional Rural Banks in India and evaluate their overall performance in promoting rural credit and development. [15]

Q9. Explain the meaning and objectives of exchange control, and discuss why countries resort to it as an instrument of economic policy. [15]

Q10. Discuss the various methods of exchange control, distinguishing between unilateral, bilateral and multilateral methods, with suitable examples of each. [15]

Set D

Q1. Explain the meaning and essential features of the Managed Currency Standard, and discuss why most countries, including India, have adopted this system in preference to the gold standard and bimetallism. [15]

Q2. Discuss the various principles and methods of note issue followed by central banks, such as the proportional reserve system, the minimum reserve system and the fixed fiduciary system, with special reference to the method followed by the Reserve Bank of India. [15]

Q3. Examine the principal causes responsible for inflation in a developing economy such as India. [15]

Q4. Discuss the effects of inflation on different sections of society, such as fixed-income groups, debtors and creditors, producers and the general pace of economic growth. [15]

Q5. Discuss the monetary, fiscal and other remedial measures that may be adopted by the government and the central bank to control inflation in an economy. [15]

Q6. Explain the meaning and various forms of E-Banking, such as ATM, internet banking, mobile banking and NEFT/RTGS/IMPS/UPI based transactions, and discuss its advantages and the challenges associated with it. [15]

Q7. Discuss the meaning and significance of Postal Banking in India, with special reference to the India Post Payments Bank, and examine its role in promoting financial inclusion. [15]

Q8. Examine the role played by the banking sector in promoting the economic development of a country. [15]

Q9. On 1 April, the exchange rate of the Indian Rupee against the US Dollar was Rs. 80 = 1 US Dollar. By 30 September of the same year, the rate had changed to Rs. 84 = 1 US Dollar. Calculate the percentage depreciation in the value of the Indian Rupee against the US Dollar during this period, and discuss the factors that may have caused such a movement in the exchange rate. [15]

Q10. Discuss the merits and demerits of exchange control, and examine India's policy of gradual liberalisation of exchange control from the Foreign Exchange Regulation Act (FERA) to the Foreign Exchange Management Act (FEMA). [15]

Set E

Q1. Discuss the meaning, structure and constituents of the Indian Money Market, distinguishing between its organised and unorganised segments, and examine the main defects from which it suffers. [15]

Q2. Trace the evolution of monetary standards from the Gold Standard and Bimetallism to the Managed Currency Standard, comparing their essential features and explaining the circumstances that led to the worldwide shift towards a managed currency system. [15]

Q3. Examine the relationship between the growth of money supply, expansion of bank credit and the rate of inflation in an economy, with reference to the quantity theory of money. [15]

Q4. Discuss the role played by the monetary policy of the Reserve Bank of India in controlling inflation, with reference to the policy instruments used in recent years. [15]

Q5. Distinguish between the factors affecting the demand for credit and those affecting the supply of credit in an economy, and examine how the interaction between commercial banks and the Reserve Bank of India determines the total volume of credit. [15]

Q6. Discuss the concept of financial inclusion and examine the respective roles of commercial banks, Regional Rural Banks and postal banking in achieving it in India. [15]

Q7. Discuss the recent trends and reforms in the Indian banking sector, such as nationalisation, entry of private and foreign banks, and the introduction of payment banks and digital banking. [15]

Q8. Compare traditional branch banking with E-Banking and Postal Banking channels in terms of accessibility, cost and reach, particularly with reference to rural India. [15]

Q9. In January, the exchange rate of the Euro against the Indian Rupee was Rs. 90 = 1 Euro. By June of the same year, the rate had changed to Rs. 85.50 = 1 Euro. Calculate the percentage appreciation in the value of the Indian Rupee against the Euro during this period, and discuss the possible effects of such an appreciation on India's exports and imports. [15]

Q10. Explain the concept of balance of payments and discuss how disequilibrium in the balance of payments leads to fluctuations in the exchange rate, and examine the role of exchange control in correcting such disequilibrium. [15]