Question
Statement : No paper is a book. All
books are copies. Some copies are pages. No page is a letter. Conclusion: I. Some letters are copies. II. Some books are pages. III. No copy may be paper. IV. Some letters are not copies. In a question given four statements followed by four conclusions numbered I, II and III and IV. You have to take the given statements to be true even if they seem to be at variance with commonly known facts. Read all the conclusions and then decide which of given conclusions logically follows from the given statements disregarding commonly known facts.Solution
Some copies are pages (I) + No page is a letter (E) ⇒ S ome copies are not letters (O). Hence, conclusion II and IV will not follow but it will make a complementary pair. All books are copies (A) + Some copies are pages (I) ⇒ No conclusion. Hence, conclusion II will follow. No paper is a book (E) + All books are copies (A) ⇒ Some copies are not papers (O) ⇒ Probable conclusion ⇒ No copy may be paper (E). Hence, Conclusion III follow. 
A trader has current assets of ₹6,00,000, including ₹80,000 cash, ₹1,20,000 accounts receivable, ₹3,00,000 inventory, and ₹1,00,000 marketable...
Deduction in respect of royalty income of authors under Chapter VI is allowed under Section:
Ashutosh is a horse dealer. Tausif approaches Ashutosh for a horse. Ashutosh lends a horse which he knows to be vicious, to Tausif. Ashutosh doesn't dis...
ABC Ltd. reports two inventory items: Item A – Cost ₹10 lakh, NRV ₹12 lakh; Item B – Cost ₹8 lakh, NRV ₹6 lakh. How should inventory be valu...
What does ERP stand for?
Which of the following is an example of how departmentalisation allows for suitable costing methods?
Modigliani-Miller (MM) Approach is based on some assumptions. Which of the following is not an assumption of MM Approach?
Under which section of the Income Tax Act, 1961, can an individual claim a deduction for the payment of Medical/Health Insurance Premium?
Which of the following is NOT a component of an accounting system?
Which of the following is considered as ‘fraud’ under the Indian Contract Act, 1872?