PUNJAB PUBLIC SERVICE COMMISSION
COMBINED COMPETITIVE EXAMINATION FOR RECRUITMENT TO THE
POSTS OF PROVINCIAL MANAGEMENT SERVICE, ETC. – 2015
SUBJECT: COMMERCE (OPTIONAL) PAPER-II
TIME ALLOWED: THREE HOURS MAXIMUM MARKS: 100
Note:
- Attempt only FIVE questions. Attempt at least one question each from SECTION (A to D). All questions carry equal marks.
- Extra attempt of any question or any part of the attempted question will not be considered.
- Use of simple calculator is allowed.
- Candidate must draw two straight lines (——) at the end to separate each question attempted in Answer Books.
SECTION A
Q.1. How will you explore Economic, Political, Strategic, Cultural and Social dimensions of “China-Pakistan Economic Corridor (CPEC)”?
Q.2. Discuss critical Importance of Exports in economic development of Pakistan. Submit your views as to why our exports are hampered and are not flourishing up to the desired level. Also suggest remedial measures.
SECTION B
Q.3. What is Scientific Management? Discuss how it improves overall working of an organization.
Q.4. What is letter of credit and explain various types of Letter of Credit. Which parties are involved in it?
SECTION C
Q.5. Define Business Finance. Discuss its importance to the enterprise. Explain short term and long terms sources of business finance.
Q.6. The following information in respect of Mr. Ibrahim is available for the tax year ended June 30th 2015. You are required to calculate his taxable income and tax payable for the tax year June 30, 2015.
| Particulars | Rupees |
|---|---|
| Basic salary (25,000+4,000-40,000) | 35,000 pm |
| Cost of living allowance | 10,000 |
| Accommodation facility provided by the company | 150,000 |
| Special Pay | 2,000 |
| Medical Allowance | 40,000 |
| Medical facility under the terms of employment | 10,000 |
| Income from Property | 120,000 |
| Speculation business income | 60,000 |
| Speculation loss | 10,000 |
| Gain on sale of Private company shares (disposed after 12 months) | 15,000 |
| Workers welfare fund | 5,000 |
| Share from association of person | 10,000 |
| Tax paid with telephone bill | 1,000 |
| Hotels bills paid by the company for official purpose | 25,000 |
| Electricity bill paid by the company | 7,500 |
| Special allowance for official purpose | 2,000 |
INCOME TAX RATES
| Sr.No | Taxable Income (Rupees) | Rate of Tax |
|---|---|---|
| 1. | Exceeds Rs. 400,000 but does not exceeds Rs. 750,000 | 5% of the amount exceeding Rs. 400,000 |
| 2. | Exceeds Rs. 750,000 but does not exceed Rs. 14,00,000 | Rs. 17,500+10% of the exceeding Rs. 750,000 |
| 3. | Exceeds Rs. 14,00,000 but does not exceed Rs.1,500,000 | Rs. 82,500+12.5% of the amount exceeding Rs. 14,00,000 |
SECTION D
Q.7. Define layout. Discuss the types of a plant layout.
Q.8. Discuss the following Islamic modes of Financing in detail:
- Musharaka
- Mudaraba
- Murabaha
- Equity Participation
- Ijarah