Business Law 12 September

D.I. & REASONING AFTERSCHO☺OL – DEVELOPING CHANGE MAKERS CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME – World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship OPEN FOR ALL FREE FOR ALL

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

D.I. & REASONING Dr. T.K. Jain.

AFTERSCHO☺OL Centre for social entrepreneurship Bikaner M: 9414430763 [email protected] www.afterschool.tk, www.afterschoool.tk www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Some persons were taking free throws at the basketball court in school during lunch break. Below are some facts about how many baskets these children shot. • i. Ganesh shot 8 baskets less than Ashish. ii. Jitu and Goti together shot 37 baskets. iii. Jugraj shot 8 baskets more than Jitu. iv. Ashish shot 5 baskets more than Jitu. v. Ashish and Ganesh together shot 40 baskets. 86. Which of the following statements is true? [1] Goti shot 18 baskets and Jitu shot 19 baskets. 2] Ganesh shot 24 baskets and Ashish shot 16 baskets. [3] Jugraj shot 19 baskets and Jitu shot 27 baskets. [4] Jitu shot 11 baskets and Ashish shot 16 baskets. www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Solution . . . . • First option is right. Try other options, and you find that conditions are not fulfilled.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Data Sufficiency F and M are father and mother of S, respectively. S has four uncles and three aunts. F has two siblings. The siblings of F and M are unmarried. How many brothers does M have? • A. F has two brothers. • B. M has five siblings. Solution: A is sufficient to answer (2brother) www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

DATA SUFFICIENCY A game consists of tossing a coin successively. There is an entry fee of Rs. 10 and an additional fee of Re. 1 for each toss of the coin. The game is considered to have ended normally when the coin turns heads on two consecutive throws. In this case the player is paid Rs. 100. Alternatively, the player can choose to terminate the game prematurely after any of the tosses. Ram has incurred a loss of Rs 50 by playing this game. How many times did he toss the coin? • A. The game ended normally. • B. The total number of tails obtained in the game was 138. www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

SOLUTION • THERE ARE MANY OPTIONS, SO WE CANNOT FIND ANSWER FROM THESE TWO OPTIONS.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Puzzle • A, B, C, D, E, and F are a group of friends. There are two housewives, one professor, one engineer, one • accountant and one lawyer in the group. There are only two married couples in the group. The lawyer is married to D, who is a housewife. No woman in the group is either an engineer or an accountant. C, the accountant, is married to F, who is a professor. A is married to a housewife. E is not a housewife. Which of the following is one of the married couples? • [1] A &B [2] B&E [3] D&E [4] A & D

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Solution • One couple is C and F, here C is male and F is female. • Now there can be only one more couple. A is married to a housewife, and D is housewife. So the other couple is A (lawyer) & D.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Solution . . .

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

When does the court order of dissolution of the firm ? • In case of insanity of the partner (sec. 44) • In case of misconduct by a partner • In case of permanent incapacity of the partner • Persistent breach of agreement • Just and equitable.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

When will the firm be compulsorily dissolved? 1. unlawful business 2. Insolvancy of all but one partners 3. If the partnership is for a fixed period, and the period is over 4. Death of a partner (in case of 2 partners) 5. Dissolution on happening of contingency.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Gourav and Pawan are partners for construction of a Bridge. The bridge was constructed on 23 September, but the bill was prepared and submitted on 1 December. When will the partnership be dissolved? • 1 December

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

A and B are partners, they made an agreement that in case any of them dies, the firm will not dissolve. The firm will continue to work. Instead of the deceased partner, his legal representative will join the business. A dies on 1 Jan. His legal representative will join the business. Is the firm still intact? • No – the firm stands dissolved. www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

A, B, C are partners selling liquar in Rajasthan. Rajasthan government decides to impose prohibition on liquar and liquar business. A,B,C are planning to introduce new products. Is the firm intact? • No

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Sandeep and Rishabh start a chartered accountancy firm in partnership. Rishabh places an order on Pawan to supply 100 bales of wheat. The order is placed on firm’s letterhead. Is the firm liable to make the payment to Pawan? • No. (Rishabh is liable to make the payment). www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

A & B are partners. They undertake some business, which causes heavy losses. A dies. Can the property of A be used to meet liability? • Yes

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

A & B are partners. They place an order, which causes heavy losses. The goods as per the order were delivered after the death of A. Can the property of A be used to meet liability? • No. when A was alive, there was no liability. The transaction was completed after the death of A. www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Bank of Rajasthan has given a gurarantee for Jayati and Nidhi & Co. However, Nidhi transfers her share to Sapna. Is the bank still liable for its guarantee (with Jayati’s consent)? • No.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Sapna and Jayati start cloth trading firm. Jayati starts her powerloom. Sapna sues her and asks her to give a share of her profit to the firm. Is she right? • No – powerloom is neither competing nor similar business to cloth trading.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Nidhi and Jayati are partners in a firm. They share profits equally. But losses are to be borne by Nidhi only. Is it partnership? • Yes

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Lata & Khushboo start a firm, in which they buy material and process that and send goods to help flood affected persons all over India. Is it a partnership? • No.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Rishabh and Sandeep are coowners of Gangashahr Gurest House. They use it for their picnics and for amusement parties. Sometimes they give it to others on charges also. Are they partners? • Yes

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Jayati and Nidhi enter into a contract. Jayati will write books and Nidhi will publish them and market them.they will share the earnings (profits). Is it a partnership? • No.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Does a partnership has a separate legal existance (from partners)? • No

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Prateek and Dhawal are partners. Is Prateek bound by the business deals done by Dhawal in normal business (done without his knowledge) ? • Yes

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Dhawal & Rishabh are partners. However, they have not yet invested a single penny in the business. Can they be partners with such fancy ideas. They plan to sell dreams to people? • Yes (if it is possible to sell dreams)

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Nidhi wants to offer her expertise in interior designing to Nidhi & Jayati & Co (in which she is also a partner). She wants to enter into a contract with the firm. Will she succeed? • No

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

ABOUT AFTERSCHO☺OL Afterschoool conducts three year integrated PGPSE (after class 12th along with IAS / CA / CS) and 18 month PGPSE (Post Graduate Programme in Social Entrepreneurship) along with preparation for CS / CFP / CFA /CMA / FRM. This course is also available online also. It also conducts workshops on social entrepreneurship in schools and colleges all over India – start social entrepreneurship club in your institution today with the help from afterschoool and help us in developing society.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Why such a programme? • To promote people to take up entrepreneurship and help develop the society • To enable people to take up franchising and other such options to start a business / social development project • To enable people to take up social development as their mission • To enable people to promote spirituality and positive thinking in the world www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Who are our supporters? • Afterschoolians, our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us. • You can also support us – not necessarily by money – but by being promotor of our concept and our ideas.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

About AFTERSCHO☺OL PGPSE – the best programme for developing great entrepreneurs • • • • •

Most flexible, adaptive but rigorous programme Available in distance learning mode Case study focused- latest cases Industry oriented practical curriculum Designed to make you entrepreneurs – not just an employee • Option to take up part time job – so earn while you learn • The only absolutely free course on internet www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Workshops from AFTERSCHO☺OL • • • • • • • • •

IIF, Delhi CIPS, Jaipur ICSI Hyderabad Branch Gyan Vihar, Jaipur Apex Institute of Management, Jaipur Aravali Institute of Management, Jodhpur Xavier Institute of Management, Bhubaneshwar Pacific Institute, Udaipur Engineering College, Hyderabad

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Flexible Specialisations: • • • • • • • • • •

Spiritualising business and society Rural development and transformation HRD and Education, Social Development NGO and voluntary work Investment analysis,microfinance and inclusion Retail sector, BPO, KPO Accounting & Information system (with CA / CS /CMA) Hospital management and Health care Hospitality sector and culture and heritage Other sectors of high growth, high technology and social relevance

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Salient features: • The only programme of its kind (in the whole world) • No publicity and low profile course • For those who want to achieve success in life – not just a degree • Flexible – you may stay for a month and continue the rest of the education by distance mode. / you may attend weekend classes • Scholarships for those from poor economic background • Latest and constantly changing curriculum – keeping pace with the time • Placement for those who are interested • Admissions open throughout the year • Latest and most advanced technologies, books and study material www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Components • • • • • • • • • • • • • •

Pedagogy curriculum and approach based on IIM Ahmedabad and ISB Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad) Meditation, spiritualisation, and self development Essential softwares for business Business plan, Research projects Participation in conferences / seminars Workshops on leadership, team building etc. Written submissions of research projects/articles / papers Interview of entrepreneurs, writing biographies of entrepreneurs Editing of journals / newsletters Consultancy / research projects Assignments, communication skill workshops Participation in conferences and seminars Group discussions, mock interviews, self development diaryng Mind Power Training & writing workshop (by Dr. T.K.Jain)

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Pedagogy • • • • • • • • •

Case analysis, Articles from Harvard Business Review Quiz, seminars, workshops, games, Visits to entrepreneurs and industrial visits Presentations, Latest audio-visuals Group discussions and group projects Periodic self assessment Mentoring and counselling Study exchange programme (with institutions out of India) • Rural development / Social welfare projects www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Branches • AFTERSCHO☺OL will shortly open its branches in important cities in India including Delhi, Kota, Mumbai, Gurgaon and other important cities. Afterschooolians will be responsible for managing and developing these branches – and for promoting social entrepreneurs.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Case Studies • We want to write case studies on social entrepreneurs, first generation entrepreneurs, ethical entrepreneurs. Please help us in this process. Help us to be in touch with entrepreneurs, so that we may develop entrepreneurs.

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

Basic values at AFTERSCHO☺OL • • • • • •

Share to learn more Interact to develop yourself Fear is your worst enemy Make mistakes to learn Study & discuss in a group Criticism is the healthy route to mutual support and help • Ask fundamental questions : why, when, how & where? • Embrace change – and compete with yourself only www.afterschoool.tk

AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk social entrepreneurship for better society

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AFTERSCHO☺OL's MATERIAL FOR PGPSE PARTICIPANTS