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Answered on 02 Feb CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

What is Value Added Tax (VAT)?

Sujoy D.

Tutor

Value Added Tax (VAT) is indirect tax. VAT is called as a destination based tax (Consumption Based Tax). VAT is levied on value addition at each stage of production of goods and services which involves sale or purchase. The term 'value addition' implies the increase in value of goods and services at... read more

Value Added Tax (VAT) is indirect tax. VAT is called as a destination based tax (Consumption Based Tax). VAT is levied on value addition at each stage of production of goods and services which involves sale or purchase. The term 'value addition' implies the increase in value of goods and services at each stage of production or transfer of goods and services. VAT is a tax ultimately borne by the consumer or end user who purchases the goods / services.

For example: A farmer grows a wheat and sell it to a flour manufacturer at Rs.50, who convert the wheat into wheat flour and sell it the consumer or end user at Rs.120. Here the value added is Rs.70 (Sales price (Rs.120) Minus Purchase Price (Rs.50). In this case, the tax will be levied on Value addition i.e. Rs.70.

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Answered on 11 Mar CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

Mohan and Radha want to start a shop to sell Rajasthani Sweets. They did not know how to enter into the... read more
Mohan and Radha want to start a shop to sell Rajasthani Sweets. They did not know how to enter into the agreement. Therefore, they approached a Chartered Accountant who advised them to prepare a document which may stipulate the terms and consolidation of the agreement. Name the document about which the chartered accountant advised Mohan and Radha. Also state any four important items they should include in the agreement besides the name, nature and place of business. read less

Apex Academy

The chartered accountant would have advised them to prepare a partnership agreement. The partnership agreement may have following four inportant items besides name, nature and place of business. 1) Contribution made by each partner as a part of initial capital. 2) Profit / loss sharing details for each... read more

The chartered accountant would have advised them to prepare a partnership agreement. The partnership agreement may have following four inportant items besides name, nature and place of business.

1) Contribution made by each partner as a part of initial capital.

2) Profit / loss sharing details for each partner.

3) Partner's authority.

4) Decision making process with reference to partnership firm.

5) Process to be following in case of withdrawal / death of the partner.

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Answered on 11 Mar CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

Following are the balances of current assets and current liabilities of X ltd., Cash Rs.20,000; Outstanding... read more
Following are the balances of current assets and current liabilities of X ltd., Cash Rs.20,000; Outstanding Expenses Rs.5000; Creditors Rs.15,000; Debtors Rs.50,000; Short Term Loans Rs.4000; Short Term Investments Rs.30,000; Long term loans Rs.1,00,000; Stock Rs.70,000. Calculate the gross and net working capital of X Ltd. read less

Apex Academy

Gross working capital is sum of all current assets of the firm so we need to add all current assets to calculate gross working capital as follows. Gross working capital = Cash + Debtors + Short Term Inv + Stocks = Rs (20000+50000+30000+70000) = Rs 170000. Net working capital = Current Assets - Current... read more

Gross working capital is sum of all current assets of the firm so we need to add all current assets to calculate gross working capital as follows.

Gross working capital

= Cash + Debtors + Short Term Inv + Stocks

= Rs (20000+50000+30000+70000)

= Rs 170000.

Net working capital

= Current Assets - Current Liabilities

= Rs 170000 - (5000 + 15000 + 4000)

= Rs 146000.

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Answered on 05 Mar CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

Explain creative efforts as an idea field and also list the ways in which these ideas can be generated.

Ramya

Primary Teacher

Idea fields are useful in the generation of ideas in the following ways They increase the awareness of the entrepreneur about various fields They streamline the process of idea generation They broaden the scope of thinking They form convenient frames of reference to simplify the process of idea... read more

Idea fields are useful in the generation of ideas in the following ways

  1. They increase the awareness of the entrepreneur about various fields
  2. They streamline the process of idea generation
  3. They broaden the scope of thinking
  4. They form convenient frames of reference to simplify the process of idea generation.
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Answered on 11 Mar CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

Some important factors are involved in the process of sensing entrepreneurial opportunity. State these factors.

Apex Academy

Three inportant factors involved in the process are as follows 1) Ability to percieve and preserve the basic ideas. 2) Ability to collette the different sources of information. 3) Vision and creativity.
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Answered on 11 Mar CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

Explain the first two elements in the innovation process.

Apex Academy

First two elements of innovation process are: (1) Collaboration and (2) Ideation. Besides that the another two steps are: (3) Implimentation and (4) Value creation.
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Answered on 11 Mar CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

Bhushan and Vinay were pursuing Electrical Engineering from a prestigious engineering college. During... read more
Bhushan and Vinay were pursuing Electrical Engineering from a prestigious engineering college. During their third year, they developed a solar LED bulb which can be used indoors. The bulb had a small panel which had to be charged at a stretch for 10 hours in the sun and it would last for 200 hours of usage. The idea was risky as there was a possibility that the market might not accept such a product, but if they do so,then, there would be a revolution in the power industry as it would lead to saving of power in every household. The prototype was made but to manufacture and distribute the same, they required around Rs 5 crores. Both Bhushan and Vinay approached some affluent individuals who were ready to invest in their business in exchange for a convertible debt. Identify the type of investors and state the features of the same. read less

Apex Academy

The idea here is innovative and it requires considerably huge amount of investment as well inherent risk is also prevailing. The kind of investors which invest in such kind of ideas / industry are known as venture capitalist / angel investors. Further the kind of finance which Bhusan and Vinay are getting... read more

The idea here is innovative and it requires considerably huge amount of investment as well inherent risk is also prevailing. The kind of investors which invest in such kind of ideas / industry are known as venture capitalist / angel investors. Further the kind of finance which Bhusan and Vinay are getting is a convertible debt. The features of this kind of debt are as follows:

1) They bear fix amount of interest on debt and have typical debtor creditor relationship.

2) They can be converted into equity at the mutually agreed terms and conditions initially, so in case the business picks up and start generating huge profit the debtors convert the debt into equity and start enjoying the profit sharing. 

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Answered on 11 Mar CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

What are the C\consequences of non-registration of a partnership firm?

Apex Academy

Un registered partnership firm cant sue the debtors for the recovery of its dues in court of law. However, the registration of partnership firm is completely optional on the part of partners as per the Partnership Act.
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Answered on 07 Mar CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

Explain the characteristics of a company.

Ramya

Primary Teacher

Characteristics of Company: On the basis of definitions studied above, the following are the characteristics of a company: 1. An Artificial Person Created by Law: A company is a creation of law, and is, sometimes called an artificial person. It does not take birth like natural person but comes into existence... read more

Characteristics of Company:

On the basis of definitions studied above, the following are the characteristics of a company:

1. An Artificial Person Created by Law:

A company is a creation of law, and is, sometimes called an artificial person. It does not take birth like natural person but comes into existence through law. But a company enjoys all the rights of a natural person. It has right to enter into contracts and own property. It can sue other and can be sued. But it is an artificial person, so it cannot take oath, cannot be presented in court and it cannot be divorced or married.

2. Separate Legal Entity:

A company is an artificial person and has a legal entity quite distinct from its members. Being separate legal entity, it bears its own name and acts under a corporate name; it has a seal of its own; its assets are separate and distinct from those of its members.

Its members are its owners but they can be its creditors simultaneously as it has separate legal entity. A shareholder cannot be held liable for the acts of the company even if he holds virtually the entire share capital. The shareholders are not agents of the company and so they cannot bind it by their acts.

3. Perpetual Succession:

The life of company is not related with the life of members. Law creates the company and dissolve it. The death, insolvency or transfer of shares of members does not, in any way, affect the existence of a company.

According to Tennyson-

“For men may come, men may go,

But I go on forever.”

In the case of company it may be said that members may come and members may go but the company goes on. It is a legal person having come into being by law and only law can bring its end and none else.

4. Common Seal:

On incorporation a company becomes legal entity with perpetual succession and a common seal. The common seal of the company is of great importance. It acts as the official signature of the company. As the company has no physical form, it cannot sign its name on a contract. The name of the company must be engraved on the common seal. A document not bearing the common seal of the company is not authentic and has no legal importance.

5. Limited Liability:

The limited liability is another important feature of the company. If anything goes wrong with the company his risk is only to the extent of the amount of his shares and nothing more. If some amount is uncalled upon a share, he is liable to pay it and not beyond that.

The creditors of a company cannot get their claims satisfied beyond the assets of the company. The liability of members of a company ‘limited by guarantee’ is limited to the amount of guarantee.

6. Transferability of Shares:

A shareholder can transfer his shares to any person without the consent of other members. Under Articles of Association, a company can put certain restriction on the transfer of shares but it cannot altogether stop it. Private company can put more restrictions on the transferability of shares.

7. Limitation of Work:

The field of work of a company is fixed by its charter. The Memorandum of Association. A company cannot do anything beyond the powers defined in it. Its action is, therefore, limited. In order to do the work beyond the memorandum of association, there is a need for its alteration.

8. Voluntary Association for Profits:

A company is a voluntary association of persons to earn profits. It is formed for the accomplishment of some public good and whatsoever profit is divided among its shareholders. A company cannot be formed to carry on an activity against the public policy and having no profit motive.

9. Representative Management:

The shareholders of company are widely scattered. It is not possible for all the shareholders to take part in the management. They leave their task to the representatives the Board of Directors and the company is managed by Board of Directors.

10. Termination of Existence:

A company is created by law, carries on its affairs according to law and ultimately is affected by law. Generally, the existence of a company is terminated by means of winding up.

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Answered on 11 Mar CBSE/Class 12/Commerce/Entrepreneurship Tuition/Class XI-XII Tuition (PUC)

What are the factors included in ‚??micro environment‚???

Apex Academy

Factors included in micro environment are as follows: 1) Company itself. 2) Suppliers. 3) Marketing intermediatories. 4) Customers market. 5) Public.
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