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Class Xi BST Chapter 2.forms of Business Organisation (Competency - Based Test Items) Marks Wise
Class Xi BST Chapter 2.forms of Business Organisation (Competency - Based Test Items) Marks Wise
CLASS: XI COMMERCE
SUBJECT: BUSINESS STUDIES
NAME OF CHAPTER: FORMS OF BUSINESS ORGANISATION
ANSWERS:
Q. NO ANSWER
1 (d) Separate legal entity
2 (b) Cooperative societies and Joint stock company
3 (c) Rs. 10000
4 (a) Public company
5 (c) 27th February 2017
6 (c) Assertion (A) is true, but Reason (R) is false
7 (b) Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation
of Assertion (A)
8 (a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of
Assertion (A)
9 (c) Assertion (A) is true, but Reason (R) is false
10 (a) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of
Assertion (A)
11 (a) Particular Partnership
(b) On the basis of duration
(c) Partnership at will
12 (a) There should be at least two members in the family and ancestral property to be inherited
by them.
(b) Mr. Sunil Sharma because he is holding the position of Karta and in the Hindu Undivided
Family business, karta has unlimited.
(c) Membership is acquired by Birth a Particular family.
13 (a) Limited liability, they are liable only upto the unpaid amount on shares held by them.
(b) Separate entity concept.
(c) Perpetual existence
14 (a) Feature of Sole proprietorship No separate entity/Lack of business continuity;
Liability: The liability of a sole proprietor is unlimited
(b) Other merits Quick decision making, Confidentiality of information, Sense of
accomplishment, Ease of formation and closure.
15 (a) Sole Proprietorship.
(b) He has unlimited liability.
(c) Because Reyansh was doing the business of sole proprietorship and this type of business
has unlimited liability.
(d) Control
16 (a) Viru - Active partner; Jai - Nominal partner
(b)
Features Viru-Active partner Jai - Nominal partner
Liability Unlimited liability Unlimited liability
Capital Contributes capital Does not contribute capital
Shares profits/losses Shares profits/losses Generally does not share
profits/losses
17 (a) The contract will be valid. The company was existing on 10th March on the Certificate of
Incorporation; the date of incorporation of company is 8th March, 2011. The certificate of
Incorporation is the conclusive evidence for legal existence of the company.
(b) It wanted to take advantage of rising prices.
(c) 8th March, 2011.
(d) Capital subscription.
18 (a) Five
(b) Mr. Ram. Unlimited liability.
(c) Mr. Rahim. Unlimited liability.
(d) Mr. Rohan. Unlimited liability.
(e) Mr. Sohan. No, since he neither takes part in management nor does he share the profits and
losses of the firm. Unlimited liability.
(f) Yes, he is a legal partner. No, he cannot be held liable for the losses of the business. His
liability is limited to the extent of capital contributed by him.
19 (a) In order to invite public subscription
(b) Privileges or Benefits of Private Company over Public Company (any five)
1. A private company can be formed with only two members whereas at least seven members
are needed to form a public company.
2. A private company must have at least two directors, whereas a public company must have
minimum three directors.
3. It is not compulsory for a private company to maintain index of its members, whereas it is
mandatory for public company to maintain the index.
4. A private company can issue loan to its directors without prior permission of government,
whereas public company must take permission of government before giving loans to its
directors. 5. It is not compulsory for a private company to hold a statutory meeting and file a
statutory report with the registrar, whereas it is essential for a public company.
6. There are no restrictions on the numbers, appointment and remuneration of directors of a
private company, whereas there are many restrictions on the appointment, number and
remuneration of directors of public company.
7. It is not necessary for a private company to issue a prospectus, whereas it is essential for a
public company.
8. Private company can commence its business after getting certificate of registration whereas
public company can start business only after receiving the certificate for the commencement of
business.
20 c-f-b-e-a-d
As Per Revised
CBSE Curriculum
2023-24
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