Match List-I with List-II
| List-I (Principle of Management) | List-II (Explanation) |
|---|---|
| (A) Unity of Command | (I) Employees should receive orders from one superior only |
| (B) Unity of Direction | (III) Each group of activities with the same objective must have one head and one plan |
| (C) Scalar Chain | (II) The line of authority from the highest to the lowest ranks in the organization |
| (D) Division of Work | (IV) The work assigned to each worker should be clearly defined and clarified |
Aryan and Adya were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet on 31st March, 2024 was as follows :
Balance Sheet (Before Dev's Admission)
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Capital: Aryan | 3,20,000 | Machinery | 3,90,000 |
| Capital: Adya | 2,40,000 | Furniture | 80,000 |
| Workmen’s Compensation Reserve | 20,000 | Debtors | 90,000 |
| Bank Loan | 60,000 | Less: Provision for Doubtful Debts | (1,000) |
| Creditors | 48,000 | Net Debtors | 89,000 |
| Stock | 77,000 | ||
| Cash | 32,000 | ||
| Profit and Loss A/c | 20,000 | ||
| Total | ₹6,88,000 | Total | ₹6,88,000 |
(a) (i) Import substitution policy, if not applied carefully, can be a double-edged sword for any economy. Do you agree with the given statement? Justify your answer with valid arguments.
(ii) State how multilateral trade is different from bilateral trade.
OR
(b)
(i) Discuss briefly, causes and consequences of the tax reforms initiated during economic reforms in India.
(ii) Give one example each of a Navratna and a Maharatna company in the public sector in India.