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Ram of Allahabad filed a petition in the court for adjudication as insolvent. At that time one month's salary due to five clerks amounted to Rs. 2,000, one month's wages due to ten workers amounted to Rs. 1,500, rent and rates due amounted to Rs. 500. Income tax due amounted to Rs. 1,200 and one month's rent due amounted to Rs. 1,000. The amount of preferential creditors would be:

Correct Answer: Rs. 6,200

Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer:

Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.

A factory employs skilled workers, unskilled workers and clerks in the proportion 8 : 5 : 1, and the wages of a skilled worker, an unskilled worker and a clerk are in the ratio 5 : 2 : 3. When 20 unskilled workers are employed, the total daily wages of all amount to Rs 318. Total wages paid to each category of workers are

A, a bank officer, got compulsorily retired in 2014. Since the bank authorities did not release the leave encashment in his favour, he filed writ petition WP 2001 (W) of 2017 in Ranchi High Court for the same and also for the interest on the unpaid amount. The writ petition was disposed of by a learned Single Judge in December 2018 directing the bank to release the privileged leave encashment benefits to the petitioner to the extent he was entitled to in accordance with law within a certain period. The prayer for interest was not specifically denied by the court. The bank filed an appeal against the order. The Division Bench of Ranchi High Court in February, 2019 declined to admit the appeal. The bank authorities released the leave encashment in favour of the petitioner. However, A files a writ petition again for a direction to the bank to disburse interest to A at the rate of 18% per annum on leave encashment released by the bank. This petition is covered under which of the following?

From the following statements related to insolvency account mark your answer according to the answer code given:
i. List A contains particulars relating to unsecured creditors.
ii. All taxes due are considered preferential creditors.
iii. Properties held by the insolvent in the fiduciary capacity can be distributed amongst his creditors.
iv. List D contains the particulars relating to assets and properties.

Ram's son's age is $$\frac{1}{3}$$ of Ram's wife's age. Ram's wife's age is $$\frac{4}{5}$$ of Ram's age and Ram's age is $$\frac{3}{5}$$ of Ram's father's age. Find the age of Ram's son, if Ram's father is 50 years old ?

What is the total monthly salary of Vasu ? I. Vasu's basic salary is Rs 100 more than Rajan's salary who also serves in Vasu's company. II. Other allowances drawn by Rajan besides his basic salary are Rs 2000 per month which is Rs 50 less than Vasu's salary. III. Rajan's basic salary is Rs 1550 per month.

Question : What is the total monthly salary of Vasu ?

Statements :
I. Vasu's basic salary is Rs 100 more than Rajan's salary who also serves in Vasu's company.
II. Other allowances drawn by Rajan besides his basic salary are Rs 2000 per month which is Rs 50 less than Vasu's salary.
III. Rajan's basic salary is Rs 1550 per month.

Which of the following statements are true/false?
1. Piece rate system is easy to calculate the wages under this method as it provides certainty of the amount of wage payment to the employee.
2. In time wage system, there is fixed wage because the wages are dependent on the units of pieces produced.
3. Time wage system is based on the fact that the workers are paid on the basis of amount of time they spend on the doing the particular job.
4. Piece rate system is based on the fact that workers are paid the wages on the basis of quantity and quality of work performed by them.

Read the following.
Unions demand high wages to counter inflationary pressures on the economic conditions of the working class. Higher wages enhance the purchasing power of the workers, there by raising inflation.
Which of the following inferences are wrong?
1. Unions have the sole purpose of improving the economic conditions of workers.
2. Enhanced wages increase the purchasing power of workers.
3. Inflation and purchasing power are negatively correlated.
4. Inflation drives unions to go for demanding higher wages.