Lucknow University B.Com. (NEP) 5th Semester Question Papers 2026

This page contains complete, previous-year-style model question papers for all 4 core B.Com Semester V papers under the Lucknow University NEP syllabus: Cost Accounting, Foreign Trade of India, Company Law and Practice, and Export Import Procedure and Documentation. 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 V 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 for the BCom NEP Semester V question paper.

Cost Accounting (Major A - Paper P-9)

Cost Accounting (Major A, Paper P-9, 4 Credits) covers Meaning, Nature, Scope, Significance and Functions of Cost Accounting, Cost Centre, Elements of Cost, Systems of Cost Ascertainment, and Control of Materials, Labour and Overhead including Allocation, Apportionment and Absorption of Overheads; Unit Output Costing (Cost Sheet and Tender Price), Contract Costing (Notional Profit), Job Costing, and Process Cost Accounting (Normal Loss, Abnormal Loss and Abnormal Gain); Reconciliation of Cost and Financial Accounts, Service (Operating) Costing (Transport, Canteen, Power House), and Budgetary Control (Flexible Budget, Cash Budget, Zero-Base Budgeting); and Marginal Costing (Break-Even Point, P/V Ratio, Key Factor Analysis) and Standard Costing (Material, Labour, Overhead and Sales Variances). 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, nature and scope of Cost Accounting, and discuss its significance to a manufacturing organisation, distinguishing it from Financial Accounting and Management Accounting. [15]

Q2. Discuss the objectives and functions of Cost Accounting in a modern business enterprise, and briefly outline the essential steps involved in installing a costing system. [15]

Q3. Explain the concept and need for Unit Output Costing, and discuss the types of industries in which this method of costing is generally applied. [15]

Q4. From the following particulars relating to XYZ Manufacturing Co. for the year ended 31st March: Opening stock of raw materials Rs. 15,000; Purchases of raw materials Rs. 1,85,000; Closing stock of raw materials Rs. 20,000; Direct wages Rs. 80,000; Direct expenses Rs. 5,000; Factory overhead 50 percent of direct wages; Opening work-in-progress Rs. 8,000; Closing work-in-progress Rs. 6,000; Office and administration overhead 10 percent of works cost; Opening stock of finished goods Rs. 25,000; Closing stock of finished goods Rs. 30,000; Selling and distribution overhead Rs. 18,000; Units produced during the year 10,000; Sales for the year Rs. 4,00,000. Prepare a cost sheet showing the Prime Cost, Works Cost, Cost of Production, Cost of Sales, cost of production per unit and the profit earned for the year. [15]

Q5. A firm produced 1,000 units of a product during the last year, incurring the following costs: Direct materials Rs. 50,000; Direct wages Rs. 30,000; Factory overhead 80 percent of direct wages; Office and administrative overhead 20 percent of works cost. The firm has now received an enquiry for the supply of 400 units of the same product, to be manufactured under identical cost conditions. Prepare a cost sheet for the 1,000 units already produced, and hence estimate the tender price to be quoted for the new order of 400 units so as to yield a profit of 20 percent on the tender price (selling price). [15]

Q6. Explain the need for reconciliation of Cost and Financial Accounts, and discuss the various reasons responsible for a difference between the profit shown by the Cost Accounts and the profit shown by the Financial Accounts of a concern. [15]

Q7. The profit as per the Cost Accounts of a company for the year was Rs. 1,50,000. On comparison with the Financial Accounts, the following differences were noticed: Overheads over-absorbed in the Cost Accounts Rs. 8,000; Interest on investments received but not recorded in the Cost Accounts Rs. 6,000; Opening stock of finished goods overvalued in the Cost Accounts by Rs. 2,000; Income-tax provided only in the Financial Accounts Rs. 13,000; Loss on sale of a fixed asset recorded only in the Financial Accounts Rs. 5,000; Closing stock of finished goods overvalued in the Financial Accounts by Rs. 2,000. Prepare a statement reconciling the profit as per the Cost Accounts with the profit as per the Financial Accounts. [15]

Q8. Explain the meaning and purpose of preparing a Memorandum Reconciliation Account, and distinguish it from a Reconciliation Statement prepared to reconcile the profits shown by the Cost and Financial Accounts. [15]

Q9. Explain the meaning, features and underlying assumptions of Marginal Costing, and distinguish it from Absorption Costing, bringing out how each method treats fixed overheads in the valuation of stock and in the determination of profit. [15]

Q10. The selling price of a product is Rs. 100 per unit, the variable cost is Rs. 60 per unit, and the annual fixed costs of the firm amount to Rs. 2,00,000. Calculate the P/V ratio, the break-even point in units and in rupees, the sales required to earn a desired profit of Rs. 80,000, and the margin of safety if the actual sales during the year are 8,000 units. [15] COST ACCOUNTING [15]

Set B

Q1. Explain the concept of a Cost Centre and discuss its various types, such as personal and impersonal cost centres and production and service cost centres, bringing out the importance of cost centres in the ascertainment and control of cost. [15]

Q2. Explain the meaning of cost, and classify the elements of cost into material, labour and expenses, distinguishing at each stage between direct and indirect costs and explaining how they combine to form prime cost, works cost and total cost. [15]

Q3. Distinguish between a Cost Sheet and a Tender (Quotation), and discuss the various factors that a firm should take into account while fixing the price to be quoted in a tender. [15]

Q4. Explain the meaning and procedure of Job Costing, and distinguish it from Process Costing, bringing out the situations in which each method is appropriately used. [15]

Q5. Explain the meaning and essential features of Contract Costing, and discuss the accounting treatment of items such as retention money, work certified, work uncertified and materials lying at site in the preparation of a Contract Account. [15]

Q6. Explain the meaning, features and objects of Service (Operating) Costing, and distinguish it from Product Costing, bringing out the types of undertakings in which service costing is generally applied. [15]

Q7. A transport company operates a single truck and provides the following information for a month: Diesel and fuel cost Rs. 30,000; Driver's wages Rs. 8,000; Repairs and maintenance Rs. 4,000; Insurance and taxes Rs. 2,000; Depreciation of the truck Rs. 6,000. During the month, the truck covered a total distance of 5,000 kilometres. Calculate the operating cost per kilometre, and determine the freight to be charged for a single trip of 250 kilometres if the company wishes to earn a profit of 20 percent on the cost of the trip. [15]

Q8. Discuss, with reference to Canteen and Hospital costing in an industrial undertaking, the determination of a suitable cost unit and the method of computing the cost per unit of service rendered. [15]

Q9. Explain the meaning and importance of Cost-Volume-Profit (CVP) Analysis, and discuss the various factors that affect the break-even point and the margin of safety of a business. [15]

Q10. A company manufactures two products, A and B, both of which are processed on the same machine, the capacity of which is limited to 1,000 machine hours per month. Product A yields a contribution of Rs. 30 per unit and requires 2 machine hours per unit, while Product B yields a contribution of Rs. 40 per unit and requires 5 machine hours per unit. The maximum monthly demand for Product A is 300 units and for Product B is 100 units. Treating machine hours as the key (limiting) factor, determine the most profitable product mix and the total contribution that can be earned by the company. [15] COST ACCOUNTING [15]

Set C

Q1. Discuss the various methods of costing, such as job costing, contract costing, process costing and unit (output) costing, and the various techniques of costing, such as historical, standard, marginal and absorption costing, used for the systematic ascertainment of cost. [15]

Q2. A manufacturing company uses a particular raw material at the rate of 10,000 units per annum. The cost of placing one order is Rs. 50 and the annual carrying cost of holding one unit in stock is Rs. 1. Calculate the Economic Order Quantity (EOQ) and the number of orders that should be placed during the year, and explain the assumptions underlying the EOQ model along with its limitations in practice. [15]

Q3. A contractor undertook a contract for Rs. 5,00,000. During the first year, the following expenses were incurred: Materials issued to the contract Rs. 1,20,000; Wages paid Rs. 1,00,000; Plant installed at site Rs. 40,000 (to be depreciated at 10 percent per annum); Other site expenses Rs. 20,000. At the end of the year, materials lying unused at site were valued at Rs. 10,000. The value of work certified by the contractee's architect was Rs. 3,00,000, and the cost of work done but not yet certified was Rs. 20,000. The contractor received 90 percent of the work certified in cash from the contractee. Prepare the Contract Account for the first year and compute the Notional Profit for the year and the amount of profit, if any, to be transferred to the Profit and Loss Account. [15]

Q4. Explain the meaning and purpose of an Escalation Clause in a building or engineering contract, and discuss the circumstances under which a Cost-Plus Contract is preferred over a fixed-price contract. [15]

Q5. Explain the meaning and essential features of Process Costing, and distinguish it from Job Costing, bringing out the types of industries in which process costing is generally applied. [15]

Q6. Discuss, with reference to Power House (Boiler House) costing, the determination of a suitable cost unit and the method of computing the cost per unit of power or steam generated and supplied to different departments. [15]

Q7. Explain the meaning and objectives of Budget and Budgetary Control, and discuss the essential requisites for the successful operation of a budgetary control system in an organisation. [15]

Q8. Discuss the various types of budgets prepared by a business enterprise, such as Fixed Budget, Flexible Budget, Sales Budget, Production Budget, Purchase Budget and Cash Budget, explaining the purpose served by each. [15]

Q9. Explain the meaning and objectives of Standard Costing, and discuss the essential steps involved in installing a standard costing system in a manufacturing organisation. [15]

Q10. The standard material requirement for producing one unit of a product is 1 kg of material at a standard price of Rs. 10 per kg. During a period, the actual output was 120 units, for which 130 kg of material were actually consumed at an actual price of Rs. 11 per kg. Calculate the Material Cost Variance, the Material Price Variance and the Material Usage Variance, and verify that the price and usage variances reconcile with the total cost variance. [15] COST ACCOUNTING [15]

Set D

Q1. Discuss the meaning and objectives of material control, and explain the various techniques used for the effective control of materials, such as fixing of maximum, minimum and re-order stock levels, ABC analysis and the perpetual inventory system. [15]

Q2. The average number of workers on the roll of a factory during a year was 1,000. During the year, 100 workers left the organisation (separations) and 150 new workers were recruited, of whom 80 were engaged to replace those who had left and the remaining 70 were engaged for expansion of activities. Calculate the labour turnover rate under the Separation Method, the Replacement Method and the Flux Method, and discuss the causes of labour turnover and the steps management may take to reduce it. [15]

Q3. In a manufacturing process, 1,000 units of input were introduced during a month at a cost of Rs. 20,000 for materials, Rs. 10,500 for labour and Rs. 6,000 for overheads. Normal loss is estimated at 10 percent of input, and the units representing normal loss can be sold as scrap at Rs. 5 per unit. The actual output during the month was 850 units. Prepare the Process Account for the month, showing clearly the treatment of normal loss and abnormal loss, and compute the cost per unit of good output. [15]

Q4. 500 units of a semi-finished product were transferred from Process A to Process B at a cost of Rs. 80 per unit. In Process B, further costs were incurred as follows: Materials Rs. 3,000; Labour Rs. 1,500; Overheads Rs. 600. Normal loss in Process B is estimated at 10 percent of the units introduced, and units representing normal loss can be sold as scrap at Rs. 2 per unit. The actual output of Process B during the period was 470 units. Prepare the Process B Account, computing the normal output, the cost per unit and the value of abnormal gain, if any. [15]

Q5. Explain the meaning of Equivalent Production, and discuss the method of valuing work-in-progress in Process Costing when units are in different stages of completion at the end of an accounting period. [15]

Q6. A factory operating at 60 percent capacity produces 6,000 units and incurs the following costs: Variable cost Rs. 20 per unit; Fixed cost Rs. 60,000; Semi-variable cost Rs. 30,000, of which 40 percent is fixed and the remaining 60 percent varies in direct proportion to output. Prepare a Flexible Budget showing the total cost at 60 percent, 80 percent and 100 percent levels of capacity, 100 percent capacity representing an output of 10,000 units. [15]

Q7. The following information relates to a firm for the months of April, May and June: Opening cash balance on 1st April Rs. 20,000; Estimated cash receipts: April Rs. 50,000, May Rs. 60,000, June Rs. 55,000; Estimated cash payments: April Rs. 45,000, May Rs. 65,000, June Rs. 50,000. Prepare a Cash Budget for the three months showing the opening balance, receipts, payments and closing cash balance for each month. [15]

Q8. Explain the meaning and process of Zero-Base Budgeting, and discuss its advantages over the traditional (incremental) approach to budgeting. [15]

Q9. The standard time allowed for producing one unit of a product is 10 hours at a standard wage rate of Rs. 20 per hour. During a period, the actual output was 200 units, for which the workers actually worked 2,100 hours and were paid at an actual rate of Rs. 19 per hour. Calculate the Labour Cost Variance, the Labour Rate Variance and the Labour Efficiency Variance, and verify that the rate and efficiency variances reconcile with the total cost variance. [15]

Q10. Discuss the meaning and computation of Overhead Cost Variances under standard costing, explaining the fixed overhead variance and the variable overhead variance and their principal sub-variances. [15] COST ACCOUNTING [15]

Set E

Q1. Discuss the meaning of overhead cost and its classification, and distinguish between allocation, apportionment and absorption of overheads, explaining the bases commonly used for the primary and secondary distribution of overheads among production and service departments. [15]

Q2. The total overhead expenses of a machine shop for a month amount to Rs. 54,000, and the machine was operated for 4,500 hours during the month. Calculate the machine hour rate for the month and determine the amount of overhead to be absorbed by a job that used the machine for 25 hours. Also explain the meaning of under-absorption and over-absorption of overheads and the reasons responsible for them. [15]

Q3. Explain the concept of Inter-Process Profit in Process Costing, and discuss why it is transferred and how it is treated while valuing closing stock of work-in-progress and finished goods. [15]

Q4. Distinguish between Joint Products and By-Products, and discuss the various methods commonly used for apportioning joint costs among joint products up to the point of separation. [15]

Q5. Discuss the factors that should be considered by a firm before quoting a price for a tender or work order, and explain how the cost records of past output help in preparing an estimated cost sheet for a fresh order. [15]

Q6. Discuss the advantages and limitations of Budgetary Control as a technique of planning and controlling business operations. [15]

Q7. Explain the meaning and significance of Capacity Ratio, Activity Ratio and Efficiency Ratio used in budgetary control, and discuss how these ratios help management in evaluating performance against the budget. [15]

Q8. Explain the meaning of a Master Budget, discuss its principal components, and describe the procedure generally followed by an organisation for its preparation. [15]

Q9. Discuss the meaning and computation of Sales Variances under standard costing, explaining the Sales Value Variance and the Sales Volume Variance and their significance to management. [15]

Q10. Distinguish between Standard Costing and Budgetary Control, bringing out the similarities and differences between the two techniques of cost control. [15]

Foreign Trade of India (Major A - Paper P-10)

Foreign Trade of India (Major A, Paper P-10, 4 Credits) covers Trade - Meaning and Types, Internal vs. International Trade, Concept, Assumptions and Criticism of International Trade Theories, India's Internal Trade (Characteristics and Problems), Coastal Trade, and Terms of Trade; Foreign Trade of India before Independence, during the Planning Period and Recent Trends, and Major Items of Exports and Imports (Composition, Direction and Future Prospects); Free Trade and Protective Trade Policies, India's Major Trading Partners (USA, UK, China, Japan), National Level Financing Institutions (EXIM Bank, ECGC, STC, MMTC, SEZ, EPZ), and Export Promotion; and the Recent World Trade Scenario, Recent Changes in Foreign Trade Policy, Bilateral and Multilateral Trade Agreements, GATT and UNCTAD/WTO, and India's Balance of Trade and Balance of Payments (Concept, Problems, Reasons for Disequilibrium and Corrective Measures). 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 and importance of trade in an economy, and discuss the various types of trade – internal, external, entrepot and coastal – with suitable examples of each. [15]

Q2. Distinguish between internal (domestic) trade and international (foreign) trade, bringing out the major points of difference between the two in terms of factor mobility, currency, government regulation and market conditions. [15]

Q3. Trace the growth and pattern of India's foreign trade during the pre-independence (British colonial) period, and examine the main characteristics of the drain of wealth associated with it. [15]

Q4. Discuss the composition and direction of India's foreign trade during the colonial period, bringing out how British commercial policy shaped India's role as an exporter of raw materials and importer of manufactured goods. [15]

Q5. Examine the trends in India's foreign trade during the planning period (1951 to 1990), with particular reference to the import-substitution strategy followed and its impact on the growth of exports. [15]

Q6. Distinguish between free trade and protective trade policies, and examine the arguments advanced in favour of free trade as an instrument of promoting economic welfare. [15]

Q7. Discuss the case for protection, examining the important arguments – such as the infant industry argument, employment argument and revenue argument – put forward in favour of protective trade policy. [15]

Q8. Critically examine the various instruments of protective trade policy, such as tariffs, import quotas, subsidies and non-tariff barriers, bringing out their relative merits and demerits. [15]

Q9. Discuss the recent trends and changes in the world trade scenario, examining the impact of globalisation, regional trading blocs and protectionist tendencies on the pattern of world trade. [15]

Q10. Discuss the salient features of India's recent Foreign Trade Policy, examining the major changes introduced to boost exports and improve the ease of doing business. [15] FOREIGN TRADE OF INDIA [15]

Set B

Q1. Explain the concept and basic assumptions underlying the classical theory of comparative cost advantage as propounded by David Ricardo, and discuss its relevance in explaining the pattern of international trade. [15]

Q2. Critically examine the theory of comparative advantage, bringing out the major criticisms levelled against its assumptions by later economists. [15]

Q3. Discuss the changes in India's foreign trade policy and performance following the economic reforms of 1991, and examine the recent trends in the volume, composition and direction of India's foreign trade. [15]

Q4. Examine the recent trends in India's foreign trade during the last decade, highlighting the changes in its growth rate, share in world trade and trade balance. [15]

Q5. Discuss the changing composition of India's export trade since independence, distinguishing between the shift from traditional primary product exports to manufactured goods and services. [15]

Q6. Discuss the trend and pattern of India's trade relations with the United States of America, examining the major items of exports and imports exchanged between the two countries. [15]

Q7. Discuss the trend and pattern of India's trade relations with the United Kingdom, examining the major items of exports and imports and the impact of Brexit on bilateral trade. [15]

Q8. Examine the trend and pattern of India's trade relations with China, discussing the reasons for the widening trade deficit that India faces with that country. [15]

Q9. Explain the meaning of bilateral and multilateral trade agreements, and discuss their significance for a developing country like India with suitable examples. [15]

Q10. Discuss the origin, objectives and principles of the General Agreement on Tariffs and Trade (GATT), and examine the major achievements and limitations of the GATT system. [15] FOREIGN TRADE OF INDIA [15]

Set C

Q1. Explain the meaning and basic postulates of the Heckscher-Ohlin (factor proportions) theory of international trade, and discuss the criticisms levelled against it. [15]

Q2. Discuss the characteristics of India's internal trade, distinguishing between wholesale and retail trade, and examine the role played by internal trade in the Indian economy. [15]

Q3. Examine the changing direction of India's export trade, bringing out the growing importance of Asian, African and West Asian markets relative to traditional Western markets. [15]

Q4. Discuss the future prospects of India's export trade, examining the opportunities and challenges facing sectors such as engineering goods, gems and jewellery, textiles, pharmaceuticals and information technology enabled services. [15]

Q5. Discuss the changing composition of India's import trade since independence, examining the growing share of petroleum, capital goods and electronic goods in total imports. [15]

Q6. Discuss the trend and pattern of India's trade relations with Japan, examining the major areas of trade and investment cooperation between the two countries. [15]

Q7. Explain the objectives and functions of the Export-Import Bank of India (EXIM Bank), and discuss the role it plays in financing and promoting India's foreign trade. [15]

Q8. Explain the objectives and functions of the Export Credit Guarantee Corporation of India (ECGC), and discuss the various types of insurance covers provided by it to Indian exporters. [15]

Q9. Discuss the establishment, objectives and functions of the World Trade Organisation (WTO), and examine how it differs from GATT in its structure and dispute settlement mechanism. [15]

Q10. Examine the objectives and functions of the United Nations Conference on Trade and Development (UNCTAD), and discuss its role in promoting the trade interests of developing countries. [15] FOREIGN TRADE OF INDIA [15]

Set D

Q1. Examine the major problems faced by internal trade in India, such as inadequate infrastructure, multiplicity of middlemen, taxation issues and lack of organised retailing, and suggest measures to overcome them. [15]

Q2. Explain the meaning and significance of coastal trade (coastal shipping) in India, and discuss the problems that have historically hindered its development along with the measures taken to promote it. [15]

Q3. Examine the changing direction of India's import trade, bringing out the major source countries from which India imports its principal commodities. [15]

Q4. Discuss the future prospects of India's import trade, with particular reference to the challenges posed by the rising import bill of crude petroleum, edible oils and electronic goods. [15]

Q5. Examine the role played by petroleum, oil and lubricants (POL) imports in shaping the overall composition and value of India's import bill, and discuss the measures taken by India to reduce its dependence on imported energy. [15]

Q6. Discuss the objectives and functions of the State Trading Corporation (STC) of India, and examine its role in the conduct of India's foreign trade. [15]

Q7. Explain the objectives and functions of the Metals and Minerals Trading Corporation (MMTC) of India, and discuss its contribution to the promotion of India's exports and imports. [15]

Q8. Discuss the concept and objectives of Special Economic Zones (SEZs) in India, and examine the incentives provided to units set up in such zones for promoting exports. [15]

Q9. Explain the concept of balance of trade and balance of payments, bringing out the difference between the two and the various components included in the balance of payments account. [15]

Q10. Discuss the meaning of disequilibrium in the balance of payments, and examine the major reasons responsible for such disequilibrium in the case of a developing economy like India. [15] FOREIGN TRADE OF INDIA [15]

Set E

Q1. Explain the concept of terms of trade and discuss its various forms, such as net barter terms of trade, gross barter terms of trade and income terms of trade, along with the factors that cause them to change. [15]

Q2. Discuss the significance of a favourable movement in the terms of trade for a developing country like India, and examine the factors responsible for the secular deterioration in the terms of trade of developing countries. [15]

Q3. Discuss the growth and importance of India's services exports, particularly software and information technology enabled services, in the composition of India's total exports in recent years. [15]

Q4. Examine the major factors responsible for the fluctuations in the growth rate of India's exports during the last two decades. [15]

Q5. Discuss the impact of trade liberalisation and globalisation on the composition and direction of India's foreign trade since 1991. [15]

Q6. Explain the concept of Export Processing Zones (EPZs) and distinguish between EPZs and SEZs in terms of their objectives, structure and the incentives offered to export-oriented units. [15]

Q7. Discuss the meaning and need for export promotion in a developing country like India, and examine the various fiscal and non-fiscal measures adopted by the government to promote exports. [15]

Q8. Examine the role played by export promotion councils, commodity boards and trade fairs organised by the government in promoting India's exports. [15]

Q9. Examine the problems created by a persistent deficit in the balance of payments for a developing country, and discuss the corrective measures – monetary, fiscal and trade – that may be adopted to restore equilibrium. [15]

Q10. Discuss the trends in India's balance of trade and balance of payments in recent years, and examine the policy measures adopted by the government to correct the disequilibrium in India's external accounts. [15]

Company Law and Practice (Major B - Paper P-9)

Company Law and Practice (Major B, Paper P-9, 4 Credits) covers Definition and Nature of Company, Types of Companies, Formation of Companies, Liability of Promoters, Incorporation of Companies, and Commencement of Business; Memorandum of Association (Contents, Doctrine of Ultra Vires), Articles of Association, and the Doctrine of Indoor Management and Exceptions to it; Prospectus (Mis-statement and Remedies), Share Capital, Allotment of Shares (Share, Share Warrant, Share Certificate, Share vs. Stock), Calls on Shares, Types of Shares, Voting Rights, and Rights Issue; and Management of Company, Appointment of Directors (Legal Position, Duties, Liabilities and Powers), Company Meetings (Statutory, AGM, EGM, Board), Managerial Remuneration, Quorum, Kinds of Resolutions, Borrowing, Debentures, Dividend, Bonus Shares, and Winding Up. 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 definition and essential characteristics of a company under the Companies Act, 2013, and discuss how a company is distinct from a partnership firm. [15]

Q2. Discuss the doctrine of separate legal entity of a company with reference to the decision in Salomon v. Salomon & Co. Ltd., and explain the circumstances in which courts may lift the corporate veil. [15]

Q3. Explain the meaning and importance of the Memorandum of Association of a company, and discuss its various clauses in detail. [15]

Q4. Discuss the object clause of the Memorandum of Association and examine the significance and purpose of the doctrine of ultra vires in relation to it. [15]

Q5. State and explain the doctrine of ultra vires with reference to decided case law, and discuss its effects on contracts entered into by a company beyond the objects stated in its Memorandum. [15]

Q6. Define a prospectus and explain its essential contents as required to be disclosed under the Companies Act, 2013. [15]

Q7. Discuss the legal requirements relating to the registration and issue of a prospectus by a public company. [15]

Q8. What is meant by a mis-statement in a prospectus? Discuss the civil and criminal liability of directors, promoters and experts for mis-statements contained in a prospectus. [15]

Q9. Explain the legal provisions of the Companies Act, 2013 relating to appointment of directors, including first directors, directors appointed by the company in general meeting, and directors appointed by rotation. [15]

Q10. Discuss the legal position of a director of a company, examining whether he is to be regarded as an agent, a trustee, or an employee of the company, with reference to relevant case law. [15] COMPANY LAW AND PRACTICE [15]

Set B

Q1. Distinguish between a private company and a public company, bringing out the privileges enjoyed by a private company under the Companies Act, 2013. [15]

Q2. Explain the meaning of a One Person Company and a Small Company, and discuss the special provisions applicable to them under the Companies Act, 2013. [15]

Q3. Discuss the procedure prescribed under the Companies Act, 2013 for alteration of the various clauses of the Memorandum of Association. [15]

Q4. Explain the meaning and effects of alteration of the object clause of the Memorandum of Association, and discuss the safeguards provided to members and creditors in this regard. [15]

Q5. Distinguish between the Memorandum of Association and the Articles of Association of a company, bringing out their relative importance and legal status. [15]

Q6. Discuss the remedies available to an allottee of shares who has been induced to subscribe for shares on the basis of a mis-statement in a prospectus. [15]

Q7. Explain the meaning of a Shelf Prospectus and a Red Herring Prospectus, and discuss the circumstances in which a company may issue each of them. [15]

Q8. Define a share and discuss its essential characteristics as a form of movable property under the Companies Act, 2013. [15]

Q9. Discuss the general duties of directors as codified under the Companies Act, 2013, and examine the extent and nature of their liability for breach of such duties. [15]

Q10. Discuss the powers of the Board of Directors under the Companies Act, 2013, distinguishing between powers that the Board may exercise on its own and those requiring the approval of shareholders by ordinary or special resolution. [15] COMPANY LAW AND PRACTICE [15]

Set C

Q1. Distinguish between a company limited by shares, a company limited by guarantee, and an unlimited company, with suitable examples of each. [15]

Q2. Who is a promoter of a company? Discuss the legal position, functions and fiduciary duties of a promoter, and examine the nature of his liability for pre-incorporation contracts. [15]

Q3. Explain the meaning and contents of the Articles of Association of a company, and discuss the procedure prescribed for their alteration. [15]

Q4. Discuss the doctrine of constructive notice in relation to the Memorandum and Articles of Association of a company, and explain its effect on persons dealing with the company. [15]

Q5. State and explain the doctrine of indoor management, and discuss its rationale as a counterpart to the doctrine of constructive notice. [15]

Q6. Explain the meaning and characteristics of a share warrant, and distinguish it from a share certificate. [15]

Q7. Discuss the legal effect and evidentiary value of a share certificate, and explain the doctrine of estoppel as applicable to a share certificate. [15]

Q8. Distinguish between a share and a stock, and discuss the procedure by which fully paid-up shares of a company may be converted into stock. [15]

Q9. Distinguish between a Statutory Meeting, an Annual General Meeting and an Extraordinary General Meeting of a company, discussing the purpose, notice and business transacted at each. [15]

Q10. Discuss the provisions of the Companies Act, 2013 relating to notice, quorum and procedure of meetings of the Board of Directors, and distinguish the quorum requirements for a Board meeting from those for a general meeting. [15] COMPANY LAW AND PRACTICE [15]

Set D

Q1. Discuss in detail the procedure for incorporation of a company under the Companies Act, 2013, from the reservation of name to the issue of the certificate of incorporation. [15]

Q2. Explain the documents required to be filed with the Registrar of Companies for incorporation of a company, and discuss the legal effect and conclusiveness of the certificate of incorporation. [15]

Q3. Discuss, with the help of decided cases, the important exceptions to the doctrine of indoor management under which an outsider dealing with a company cannot claim its protection. [15]

Q4. Explain knowledge of irregularity as an exception to the doctrine of indoor management, illustrating your answer with suitable examples. [15]

Q5. Discuss forgery as an exception to the doctrine of indoor management, and examine why a company is not bound by a forged document even though it may appear regular on its face. [15]

Q6. Discuss the provisions of the Companies Act, 2013 relating to allotment of shares, including the rules relating to minimum subscription and the consequences of an irregular allotment. [15]

Q7. Explain the meaning of a call on shares and discuss the legal rules governing calls on shares, including the consequences of default in payment of calls by a shareholder. [15]

Q8. Discuss the various types of shares that may be issued by a company, distinguishing between equity shares and preference shares and the rights attached to each. [15]

Q9. Explain the different kinds of resolutions that may be passed at a company meeting, distinguishing between an ordinary resolution and a special resolution, with examples of the business requiring each. [15]

Q10. Discuss the statutory guidelines governing managerial remuneration payable to directors and other managerial personnel of a company under the Companies Act, 2013. [15] COMPANY LAW AND PRACTICE [15]

Set E

Q1. Discuss the provisions of the Companies Act, 2013 relating to commencement of business by a company, and examine the consequences of default in complying with these provisions. [15]

Q2. X and Y wish to form a private limited company to run a manufacturing business. Discuss, step by step, the procedure they must follow from the choice and reservation of name to obtaining the certificate of incorporation, and advise them on the minimum number of members and directors required. [15]

Q3. A director of a company borrows money on behalf of the company from a bank in excess of the borrowing limit specified in the Articles of Association, but the bank had no knowledge of any such restriction. Discuss, with reference to the doctrine of indoor management, whether the company is bound by this transaction. [15]

Q4. Discuss the relationship between the Memorandum of Association and the Articles of Association of a company, and explain the position where there is a conflict between the provisions of the two documents. [15]

Q5. Examine critically whether the doctrine of indoor management adequately protects outsiders dealing with a company in good faith, discussing its scope and exceptions. [15]

Q6. Discuss the different kinds of preference shares, such as cumulative, non-cumulative, participating, non-participating, convertible and redeemable preference shares. [15]

Q7. Explain the voting rights attached to equity shares and preference shares under the Companies Act, 2013, and discuss the circumstances in which preference shareholders acquire voting rights on resolutions affecting equity shareholders. [15]

Q8. Discuss the provisions relating to a further (rights) issue of shares under the Companies Act, 2013, and examine the rights of existing shareholders in respect of such an issue. [15]

Q9. Discuss the provisions of the Companies Act, 2013 relating to the borrowing powers of a company and the issue of debentures, distinguishing between the various kinds of debentures that a company may issue. [15]

Q10. Discuss the statutory provisions relating to declaration and payment of dividend, issue of bonus shares, and winding up of a company under the Companies Act, 2013. [15]

Export Import Procedure and Documentation (Major B - Paper P-10)

Export Import Procedure and Documentation (Major B, Paper P-10, 4 Credits) covers Exports-Planning (Adaptation, Standardization and Packaging), Getting Ready for Exports, Procurement and Processing of an Export Order and Export Contract, Export Costing and Pricing, Export Documentation (Concept and Types), and Steps in Export Procedure; Methods/Terms of Payment for Exports, Export Financing (Pre-Shipment and Post-Shipment), Export Credit Guarantee Corporation of India (ECGC), Quality Control and Inspection, Types of Risks, Cargo Insurance (Contract/Procedures/Claims), and INCO Terms; Central Excise and Customs Clearance Regulations (Procedures and Documentation), Export/Trading/Star Trading/Super Star Trading Houses (Criteria, Benefits, Procedures and Documentation), and Policy for EOU/FTZ/EPZ Units; and Institutional Support for India's Foreign Trade, Export Incentives (Financial and Non-Financial), Schemes for Import of New/Second-Hand Capital Goods (Procedures and Documentation), and International Logistics. 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 concept of export planning and discuss the various stages involved in getting ready for exports for a first-time exporter in India. [15]

Q2. Distinguish between product adaptation and product standardization as export marketing strategies, and discuss the factors that determine the choice between the two. [15]

Q3. Discuss the role of packaging and labelling in export marketing, and examine the factors that must be considered while designing packaging for goods meant for export. [15]

Q4. Discuss the various methods/terms of payment available in export trade, such as advance payment, open account, documents against payment, documents against acceptance and letter of credit. [15]

Q5. Explain the meaning, types and mechanism of a letter of credit, and discuss why it is regarded as one of the safest methods of payment in international trade. [15]

Q6. Distinguish between a revocable and an irrevocable letter of credit, and between a confirmed and an unconfirmed letter of credit. [15]

Q7. Discuss the central excise procedures and documentation applicable to goods that are manufactured for export, and examine the relief/exemptions available to exporters under the central excise law. [15]

Q8. Explain the procedure for customs clearance of export goods, describing the role of the shipping bill and the various stages involved from presentation of documents to issue of the let export order. [15]

Q9. Discuss the institutional framework set up by the Government of India to promote and support the country's foreign trade, referring to bodies such as the Directorate General of Foreign Trade, Export Promotion Councils and Commodity Boards. [15]

Q10. Examine the role played by the Directorate General of Foreign Trade (DGFT) and Export Promotion Councils in assisting Indian exporters. [15] EXPORT IMPORT PROCEDURE AND DOCUMENTATION [15]

Set B

Q1. Explain the various registrations and formalities, such as IEC, RCMC, GST registration and opening a bank account, that an exporter must complete before commencing export business in India. [15]

Q2. Discuss the meaning and importance of selecting an appropriate export product and identifying a suitable overseas market, and explain the sources of information available to an exporter for market selection. [15]

Q3. Explain the procedure for procuring an export order, from receipt of enquiry to confirmation of the export contract. [15]

Q4. Explain the meaning and need for export financing, and distinguish between pre-shipment and post-shipment finance. [15]

Q5. Discuss the various forms of pre-shipment finance available to an exporter, such as packing credit, advance against incentives and advance against duty drawback. [15]

Q6. Discuss the various forms of post-shipment finance available to an exporter, such as negotiation/purchase/discounting of export bills, advance against bills sent on collection and advance against duty drawback receivable. [15]

Q7. Explain the procedure for customs clearance of imported goods, describing the role of the bill of entry and the various stages involved from filing of the bill of entry to issue of the out of charge order. [15]

Q8. Discuss the concept and objective criteria for recognition of an Export House, a Trading House, a Star Trading House and a Super Star Trading House under India's Foreign Trade Policy. [15]

Q9. Discuss the role of institutions such as the India Trade Promotion Organisation (ITPO), Indian Institute of Foreign Trade (IIFT) and Federation of Indian Export Organisations (FIEO) in promoting India's foreign trade. [15]

Q10. Discuss the various financial incentives offered by the Government of India to promote exports, such as duty drawback, remission of duties/taxes on exported products and interest equalisation on export credit. [15] EXPORT IMPORT PROCEDURE AND DOCUMENTATION [15]

Set C

Q1. Discuss the essential elements/clauses that should be incorporated in an export contract in order to safeguard the interests of both the exporter and the importer. [15]

Q2. Explain the meaning and objectives of export costing, and discuss the various elements of cost that are taken into account while preparing an export cost sheet. [15]

Q3. Discuss the factors that influence export pricing, and explain the various methods that an exporter may adopt for fixing the price of goods meant for export. [15]

Q4. Explain the objectives and functions of the Export Credit Guarantee Corporation of India (ECGC), and discuss the various types of policies issued by it to protect exporters against risks. [15]

Q5. Discuss the role played by the Export Credit Guarantee Corporation of India (ECGC) in promoting India's export trade by covering commercial and political risks and by extending guarantees to banks. [15]

Q6. Explain the meaning and importance of quality control and pre-shipment inspection in export trade, and discuss the machinery set up in India for this purpose. [15]

Q7. Discuss the benefits and privileges available to recognised Export/Trading/Star Trading/Super Star Trading Houses under India's Foreign Trade Policy. [15]

Q8. Explain the procedure and documentation involved in obtaining recognition as an Export House or a Trading House under India's Foreign Trade Policy. [15]

Q9. Discuss the various non-financial incentives offered by the Government of India to promote exports, such as advance authorisation, the Export Promotion Capital Goods scheme and duty-free import authorisation. [15]

Q10. Explain the meaning, objectives and salient features of the Export Promotion Capital Goods (EPCG) Scheme, and discuss the export obligation attached to it. [15] EXPORT IMPORT PROCEDURE AND DOCUMENTATION [15]

Set D

Q1. Explain the concept and significance of export documentation, and discuss the broad classification of export documents into commercial and regulatory documents. [15]

Q2. Discuss the principal commercial documents used in export trade, such as commercial invoice, packing list, certificate of origin and bill of lading/airway bill. [15]

Q3. Discuss the principal regulatory documents required in export trade, such as the GR/SDF form, shipping bill, ARE-1 form and inspection certificate. [15]

Q4. Discuss the procedure followed for compulsory quality control and pre-shipment inspection of export consignments under the Export (Quality Control and Inspection) Act. [15]

Q5. Explain the various types of risks involved in export trade, distinguishing between commercial risks, political risks, cargo/transit risks and exchange rate risks. [15]

Q6. Discuss the concept and importance of cargo/marine insurance in export trade, and explain the essential principles underlying a contract of cargo insurance. [15]

Q7. Explain the meaning, objectives and salient features of the Export Oriented Unit (EOU) scheme, and discuss the benefits available to units set up under this scheme. [15]

Q8. Discuss the meaning and objectives of Free Trade Zones (FTZs) and Export Processing Zones (EPZs), and examine the benefits extended to units operating within such zones. [15]

Q9. Discuss the procedure and documentation required for importing new capital goods into India under the various duty exemption/remission schemes available to exporters. [15]

Q10. Discuss the procedure and documentation required for the import of second-hand capital goods into India, and examine the conditions and restrictions applicable to such imports. [15] EXPORT IMPORT PROCEDURE AND DOCUMENTATION [15]

Set E

Q1. Explain, step by step, the procedure to be followed by an exporter from the receipt of an export order up to the shipment of goods. [15]

Q2. Discuss the role and importance of pre-shipment inspection and quality certification in the export documentation procedure. [15]

Q3. Examine the problems commonly faced by new exporters in India in export planning and documentation, and suggest measures to overcome them. [15]

Q4. Explain the procedure for taking out a cargo insurance policy and the documentation involved, and discuss the procedure to be followed by an exporter for lodging and settling a cargo loss claim. [15]

Q5. Explain the meaning and purpose of INCO Terms, and discuss the main INCO Terms such as EXW, FOB, CIF, CFR and DDP, bringing out the point at which risk and cost transfer from the seller to the buyer under each. [15]

Q6. An exporter quotes a price to an overseas buyer under different INCO Terms, such as FOB and CIF, for the same consignment. Explain, with the help of this illustration, how the allocation of freight, insurance and other costs between the exporter and the importer changes under different INCO Terms, and discuss the importance of clearly specifying the applicable INCO Term in an export contract. [15]

Q7. Distinguish between Export Oriented Units, Export Processing Zones and Special Economic Zones, bringing out the criteria for setting up units under each category. [15]

Q8. Discuss the procedure and documentation required for setting up an Export Oriented Unit or a unit in a Free Trade/Export Processing Zone, and examine the customs and excise formalities applicable to such units. [15]

Q9. Explain the meaning and importance of international logistics in export-import trade, and discuss the various modes of international transportation of goods, such as sea, air, road, rail and multimodal transport. [15]

Q10. Examine the role played by international logistics, including the choice of transport mode, containerisation, freight forwarders and Inland Container Depots/Container Freight Stations, in facilitating the smooth movement of India's export-import trade. [15]