PUNJAB PUBLIC SERVICE COMMISSION
COMBINED COMPETITIVE EXAMINATION FOR RECRUITMENT TO THE
POSTS OF PROVINCIAL MANAGEMENT SERVICE, ETC. – 2014
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. Discuss the significance of Exports. What steps do you think the Govt. should undertake to improve Exports of Pakistan?
(Exports & Imports)
Q.2. Cottage Industry is of imperative importance to an economy, Discuss. Also discuss problems of Cottage Industry.
(Problems & Development of Industrial Sector)
SECTION-B
Q.3. Define an Unqualified Audit Report. Give a specimen of an Unqualified Audit Report.
(Submission of Audit Reports)
Q.4. Define Joint Stock Company. Differentiate between Joint Stock Company and Partnership.
(Various forms of Business organization)
SECTION-C
Q.5. What are the different types of perquisites enjoyed by the salaried individuals? Discuss.
(Income tax payable under the head salary)
Q.6. The following data related to the Iftikhar Corporation:
(Calculation of total income and tax payable)
Mr. Ali Ahmad has been working as Assistant Director – Sales for last 20 years in M/s Zaheer Textile a public limited company. Mr. Ali Ahmad is 62 years and has been retired from the company services on June 30, 2014. You are his Tax Consultant. He has submitted the following information for the tax year ended June 30, 2014 in order to seek your advice in respect of the calculation of his taxable income and tax liability.
| Particulars | Rupees |
|---|---|
| Basic salary per annum | 600,000 |
| Dearness allowance | 20,000 |
| Free furnished accommodation provided by the company (annual value) | 225,000 |
| Entertainment allowance | 5,000 |
| Encashment of leave preparatory to retirement | 120,000 |
| Pick and drop facility provided by the company for business use | 100,000 |
| Medical allowance | 80,000 |
| Utility expense | 20,000 |
| Zakat deducted | 3,500 |
| Share from association of person | 7,500 |
| Property income | 350,000 |
| Dividend income | 4,000 |
| Special allowance | 3,000 |
| Tax deducted at source from salary | 1,800 |
EXTRACT OF INCOME TAX RATES
| Sr.#. | Taxable Income (Rupees) | Rate of Tax |
|---|---|---|
| 1. | Upto Rs. 400,000 | – |
| 2. | Rs. 400,000 to Rs. 750,000 | 5% of the exceeding Rs. 400,000 |
| 3. | Rs. 750,000 to Rs. 1,500,000 | Rs. 17,500+10% of the amount exceeding Rs. 750,000 |
SECTION D
Q.7. Describe in detail Functions of the State Bank of Pakistan.
(Functions of Central Bank)
Q.8. Discuss the following Functions of Management:
- Planning
- Organizing
- Staffing
- Leading