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Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:
Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?
- a)Partner
- b)Employee
- c)Trustee
- d)Owner
Correct answer is option 'D'. Can you explain this answer?
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Direction: Manish is a student pursuing final year B.Tech. from IIT K...
Manish will be the owner. A business owner is the legal proprietor of a business. An individual or group that owns the assets of a firm and profits from them.
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Direction: Manish is a student pursuing final year B.Tech. from IIT K...
**Answer:**
**Introduction**
In the given case, Manish, a final year B.Tech student, has left his studies to take charge of his father's general store due to his father's illness. While going through the books of accounts, Manish discovers that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda, which needs to be repaid this year. However, the business is running into losses because of his father's condition. Manish's mother suggests closing the business and finding a job elsewhere.
The question asks about the status that Manish holds in his father's business.
**Explanation**
The status that Manish holds in his father's business can be determined by analyzing the given information.
1. **Partner:** A partner is someone who has invested capital and shares profits and losses of the business. However, there is no mention of Manish investing capital or sharing profits and losses with his father. Therefore, the option of Manish being a partner is not applicable.
2. **Employee:** An employee is someone who is hired by the owner to work for the business in exchange for a salary or wages. Manish has taken charge of the business, indicating that he is actively involved in its operations. Therefore, the option of Manish being an employee is not applicable.
3. **Trustee:** A trustee is someone who is entrusted with managing the affairs and assets of another person or entity. While Manish has taken charge of his father's business, there is no mention of him being appointed as a trustee. Therefore, the option of Manish being a trustee is not applicable.
4. **Owner:** An owner is someone who has legal rights and control over a business. In the given case, Manish has taken charge of his father's general store, indicating that he has assumed control and responsibility for its operations. Therefore, the appropriate status that Manish holds in his father's business is that of an owner.
Therefore, the correct answer is option D) Owner.
**Introduction**
In the given case, Manish, a final year B.Tech student, has left his studies to take charge of his father's general store due to his father's illness. While going through the books of accounts, Manish discovers that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda, which needs to be repaid this year. However, the business is running into losses because of his father's condition. Manish's mother suggests closing the business and finding a job elsewhere.
The question asks about the status that Manish holds in his father's business.
**Explanation**
The status that Manish holds in his father's business can be determined by analyzing the given information.
1. **Partner:** A partner is someone who has invested capital and shares profits and losses of the business. However, there is no mention of Manish investing capital or sharing profits and losses with his father. Therefore, the option of Manish being a partner is not applicable.
2. **Employee:** An employee is someone who is hired by the owner to work for the business in exchange for a salary or wages. Manish has taken charge of the business, indicating that he is actively involved in its operations. Therefore, the option of Manish being an employee is not applicable.
3. **Trustee:** A trustee is someone who is entrusted with managing the affairs and assets of another person or entity. While Manish has taken charge of his father's business, there is no mention of him being appointed as a trustee. Therefore, the option of Manish being a trustee is not applicable.
4. **Owner:** An owner is someone who has legal rights and control over a business. In the given case, Manish has taken charge of his father's general store, indicating that he has assumed control and responsibility for its operations. Therefore, the appropriate status that Manish holds in his father's business is that of an owner.
Therefore, the correct answer is option D) Owner.
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Direction: Manish is a student pursuing final year B.Tech. from IIT K...
Owner
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Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer?
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Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer?.
Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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Here you can find the meaning of Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Direction: Manish is a student pursuing final year B.Tech. from IIT Kharagpur. His father Mr. Sambal Singh who owned a small general store in Jaipur had a heart attack and became completely paralysed. There was no other source of income for the family, so, Manish left his studies and decided to take charge of his father’s general store. While checking the books of accounts, he found that his father had taken a loan of ₹ 2 lakhs from Bank of Baroda to be repaid this year only, but the business is running into losses due to his father’s illness. Hence, his mother advised him to close the business and to look for a job outside. On the basis of the given case, answer the following questions:Q. ” ....decided to take charge of his father ’s general store.” As per the stated line, what will be the status that Manish holds in the business of his father?a)Partnerb)Employeec)Trusteed)OwnerCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice Commerce tests.
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