Read the following statements carefully:
Statement 1: Economic territory and political frontier of a nation are one and the same thing.
Statement 2: American Embassy in India is a part of the economic territory of India.
In the light of the given statements, choose the correct alternative from the following:
Read the following statements carefully:
Statement 1: Economic territory and political frontier of a nation are one and the same thing.
Statement 2: American Embassy in India is a part of the economic territory of India.
In the light of the given statements, choose the correct alternative from the following:
Show Hint
- Statement 1 is true and Statement 2 is false.
- Statement 1 is false and Statement 2 is true.
- Both statements 1 and 2 are true.
- Both statements 1 and 2 are false.
The Correct Option is D
Solution and Explanation
Statement 1: This is false because the economic territory of a country includes not only its political frontier but also excludes foreign diplomatic zones within its borders.
Statement 2: This is false because the American Embassy in India is considered part of the economic territory of the United States, not India.
Top Questions on Debts
- On the basis of the data given below, estimate the value of Gross National Product at Factor Cost (GNPFC): \[ \begin{array}{|c|l|r|} \hline \textbf{S.No.} & \textbf{Items} & \textbf{Amount (in ₹ crore)} \\ \hline (i) & \text{Wages and Salaries} & 2,000 \\ \hline (ii) & \text{Rent and Interest} & 800 \\ \hline (iii) & \text{Corporate Tax} & 500 \\ \hline (iv) & \text{Undistributed Profit} & 300 \\ \hline (v) & \text{Dividend} & 200 \\ \hline (vi) & \text{Depreciation} & 150 \\ \hline (vii) & \text{Net Factor Income from Abroad} & -50 \\ \hline \end{array} \]
For a hypothetical economy, assume the government increased infrastructural investment by ₹10,000 crore. 80% of additional income is consumed in the economy. Estimate the increase in income and the corresponding increase in consumption expenditure in the economy.
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Questions Asked in CBSE CLASS XII exam
- If \( \mathbf{a} \) and \( \mathbf{b} \) are position vectors of two points \( P \) and \( Q \) respectively, then find the position vector of a point \( R \) in \( QP \) produced such that \[ QR = \frac{3}{2} QP. \]
Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at $31^{\text {st }}$ March, 2024 along with Notes to accounts:
Vikalp Ltd.
Balance Sheet as at $31^{\text {st }}$ March, 2024
Particulars Note No. $31-03-2024$ (₹) $31-03-2023$ (₹) I. Equity and Liabilities (1) Shareholders Funds (a) Share capital 1 59,60,000 50,00,000 ‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:
Note Particulars $31-3-2023$ (₹) No. 1. Share Capital : Authorised capital 9,00,000 equity shares of ₹ 10 each 90,00,000 Issued capital : 5,00,000 equity shares of ₹ 10 each 50,00,000 Subscribed capital : Subscribed and fully paid up 5,00,000 equity shares of ₹ 10 each 50,00,000 Subscribed but not fully paid up Nil 50,00,000 ‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:
Note Particulars $31-3-2024$ (₹) No. 1. Share Capital : Authorised capital 9,00,000 equity shares of ₹ 10 each 90,00,000 Issued capital : 6,00,000 equity shares of ₹ 10 each 60,00,000 Subscribed capital : Subscribed and fully paid up 5,80,000 equity shares of ₹ 10 each 58,00,000 Subscribed but not fully paid up 20,000 equity shares of ₹ 10 each, fully called up 2,00,000 Less : calls in arrears 20,000 equity shares @ ₹ 2 per share 40,000 59,60,000 - The total face value of equity shares issued during the year 2023-2024 was :
- The number of shares on which the called up amount was not received were :
- On $1^{\text {st }}$ April, 2024 Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, ‘Share Capital Account’ will be debited by :
- On forfeiture, ‘Share Forfeiture Account’ will be credited with :
- If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
- If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :
- CBSE CLASS XII - 2025
- Balance sheet statement
- PL Ltd. offered 90,000 equity shares of ₹ 10 each. Applications received = 82,000 shares. All money received except final call ₹ 2 per share on 2,000 shares allotted to Atishay. His shares were forfeited.
- CBSE CLASS XII - 2025
- Accounting for Share Capital
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 Note:
- Dev was admitted on 1st April 2024 for 1/5th share in profits.
- Adjustments on admission included:
- Revaluation of Machinery
- Provision for Doubtful Debts created
- Goodwill brought in cash
- A liability of ₹3,500 was not likely to arise and to be written back
- CBSE CLASS XII - 2025
- Admission of a Partner
- ‘A’, ‘B’ and ‘C’ were partners in a firm. On 1st April, 2023, their capitals stood at 50,000, 25,000 and 25,000 respectively. As per the provisions of the partnership deed :
C was to be given a commission of ₹ 5,000 p.a.
Interest on capital was to be allowed @ 10% p.a.
A was to be given a salary of ₹ 1,000 p.m.
The net profit of the firm for the year ended 31st March, 2024 before providing for any of the above was ₹ 75,000. The net profit to be distributed among partners will be :- CBSE CLASS XII - 2025
- Partnership