(i) Science, Not Rule of Thumb: Taylor emphasized using scientific methods to determine the most efficient way of doing work rather than relying on traditional or hit-and-trial methods. For instance, standardizing tools, work methods, and work environment after careful study increases productivity.
(ii) Cooperation, Not Individualism: Taylor advocated for a harmonious relationship between workers and management. Workers should be treated as partners in progress, not as adversaries. There must be mutual understanding and open communication.
(iii) Development of Each Person to Their Efficiency: Taylor believed in the systematic training and development of workers so that they could perform to the best of their abilities. This leads to both personal growth and increased prosperity for the organization.
Final Answer: These principles aim to increase productivity, foster cooperation, and improve individual potential.
Simar, Tanvi, and Umara were partners in a firm sharing profits and losses in the ratio of 5 : 6 : 9. On 31st March, 2024, their Balance Sheet was as follows:
Liabilities | Amount (₹) | Assets | Amount (₹) |
Capitals: | Fixed Assets | 25,00,000 | |
Simar | 13,00,000 | Stock | 10,00,000 |
Tanvi | 12,00,000 | Debtors | 8,00,000 |
Umara | 14,00,000 | Cash | 7,00,000 |
General Reserve | 7,00,000 | Profit and Loss A/c | 2,00,000 |
Trade Payables | 6,00,000 | ||
Total | 52,00,000 | Total | 52,00,000 |
Umara died on 30th June, 2024. The partnership deed provided for the following on the death of a partner: