Unit-07.pdf

g~jab e¨q
(Cost of Capital)
f‚wgKv
GKRb Avw_©K eë¯’vc‡Ki Ggbfv‡e Avw_©K wm×všÍmg~n ‡hgb-wewb‡qvM wm×všÍ, A_©vqb wm×všÍ, jf¨vsk wm×všÍ
Ggbfv‡e MÖnY Ki‡eb hv‡Z †Kv¤úvwbi m¤ú` e„w× cvq| `xN©‡gqvw` cÖK‡í wewb‡qv‡Mi Rb¨ `xN©‡gqvw` A_©vqb FY
ev FYcÎ, AMÖvwaKvi †kqvi, mvaviY †kqvi I msiwÿZ Avq GB PviwU Drm n‡Z msMÖn Kiv hvq| wewfbœ Drm
n‡Z msM„nxZ g~jab eënvi Kivi d‡j GKwU LiP n‡e Avi Gi b~¨bZg nvi‡K g~jab e¨q e‡j| GKwU wewb‡qvM
cÖKí ZLbB MÖnY‡hvM¨ nq hLb H cÖK‡íi m¤¢ve¨ Av‡qi nvi cÖK‡íi g~jab e¨q n‡Z †ewk nq| d‡j ‡Kv¤úvwbi
m¤ú` e„w× nq| Ab¨w`‡K gyjab e¨q Kg n‡j ‡Kv¤úvwbi g~j¨ †ewk nq| ‡m Rb¨ g~jab e¨q, ewb‡qvM wm×všÍ,
A_©vqb wm×všÍ Ges m¤ú` me©vwaKiY Nwbôfv‡e m¤úwK©Z| †mRb¨ g~jab e¨q wbY©q Kiv GKRb Avw_©K
eë¯’vc‡Ki GKwU ¸iæZ¡c~Y© KvR| GB BDwb‡U gyjab e¨q Kxfv‡e wbY©q Ki‡Z nq Zv wb‡q Av‡jvPbv Kiv n‡e|
BDwbU mgvwßi mgq BDwbU mgvwßi m‡e©v”P mgq 1 mßvn
GB BDwb‡Ui cvVmg~n
cvV-7.1 t g~jab e¨‡qi aviYv, BKzBwUi e¨q, `xN©‡gqvw` F‡Yi e¨q, AMÖvwaKvi ÷‡Ki e¨q, bZzb
mvaviY ÷‡Ki e¨q
cvV-7.2 t msiwÿZ gybvdvi e¨q, fvi Av‡ivwcZ g~ja‡bi Mo e¨q, g~jab e¨q wbY©‡qi mxgve×Zv
g~L¨ kã g~jab e¨q, BKzBwU, `xN©‡gqvw` FY, AMÖvwaKvi ÷K, mvaviY ÷K, msiwÿZ gybvdvi e¨q,
fvi Av‡ivwcZ g~ja‡bi Mo e¨q|
BDwbU
7

evsjv‡`k Dš§y³ wek¦we`¨vjq GBPGmwm †cÖvMÖvg
BDwbU mvZ c„ôv 137
g~jab e¨‡qi aviYv, BKzBwUi e¨q, `xN©‡gqvw` F‡Yi e¨q,
AMÖvwaKvi ÷‡Ki e¨q, bZzb mvaviY ÷‡Ki e¨q
D‡Ïk¨
G cvV †k‡l Avcwb-
 g~jab e¨‡qi aviYv e¨vL¨v Ki‡Z cvi‡eb|
 ÷‡Ki aviYv e¨vL¨v Ki‡Z cvi‡eb|
 `xN©‡gqvw` F‡Yi e¨q wbY©q Ki‡Z cvi‡eb|
 ÷K Bmy¨ Kivi e¨q wbY©q Ki‡Z cvi‡e|
 AMÖvwaKvi ÷‡Ki aviYv eY©bv Ki‡Z cvi‡eb|
 AMÖvwaKvi ÷‡Ki e¨q wbY©q Ki‡Z cvi‡eb|
 bZzb mvaviY ÷‡Ki e¨q wbY©q Ki‡Z cvi‡e|
g~jab e¨‡qi aviYv
`xN©‡gqvw` FY, eÛ, FYcÎ, mvaviY †kqvi, AMÖvwaKvi †kqvi BZ¨vw` `xN©‡gqvw` A_©vq‡bi wewfbœ
Drm| Giƒc cÖwZwU Drm †_‡K Znwej mieivnKvix cÖwZôv‡bi GKwU cÖZ¨vwkZ Avq _v‡K| KviY H cÖwZôvb
Znwej mieivn †_‡K Avq Ki‡Z bv cvi‡j Zv mieivn Ki‡e bv| Znwej mieivnKvixi Rb¨ †hwU cÖZ¨vwkZ Avq,
†mwU Znwej MÖnYKvix cÖwZôv‡bi Rb¨ gyjab LiP| G wel‡q GKwU D`vniY †Ìqv hvKÑ GwmAvB wjwg‡UW
hš¿cvwZ µq Kivi Rb¨ e¨vsK †_‡K 10% my‡` FY MÖnY Kij, Zvn‡j Zvi gyjab LiP n‡e 10%| AwaKvsk
eëmvq cÖwZôvb G ai‡bi wewb‡qv‡Mi Rb¨ GKvwaK Drm †_‡K Znwej msMÖn K‡i| ZLb me¸‡jv Dr‡mi Li‡Pi
Mo nvi gyjab LiP wn‡m‡e we‡ewPZ n‡e| aiæb, GwmAvB wjwg‡U‡Wi wewb‡qv‡Mi Rb¨ 20 jÿ UvKv cÖ‡qvRb| 10
jÿ †kqvi wewµi gva¨‡g Ges 10 jÿ UvKv e¨vsK †_‡K FY †bIqvi wm×všÍ nb| A_©vr †gvU gyja‡bi 50%
†kqvi g~jab Ges 50% FY gyjab| †kqvi gvwjK wewb‡qvM †_‡K 14% Avq cÖZ¨vkv K‡i Ges e¨vsK ‡_‡K 12%
my‡ì nv‡i FY MÖnY K‡i| D³ cÖwZôv‡bi Mo gyjab LiP n‡jv (14%×0.50)+(10%×0.50) = 12%| GLv‡b
†h‡nZz gyjab LiP 12% ZvB wewb‡qvM †_‡K b~¨bZg 12% Avq AR©b Ki‡Z n‡e, †kqvi gvwjK‡ì cÖZ¨vwkZ Avq
Ges e¨vs‡Ki cÖZ¨vwkZ Avq wgVv‡bv m¤¢e bv| AZGe ejv hvq, wewfbœ Drm †_‡K msM„nxZ g~ja‡bi gvwjK‡ì
cÖZ¨vwkZ Avq †gUv‡Z cÖwZôvb‡K Zvi wewb‡qv‡Mi Dci me©wb¤œ †h nv‡i Avq cÖ‡qvRb, †m nvi‡K g~jab LiP ejv
nq| GLv‡b Av‡jvPbvq †`Lv †Mj Znwe‡ji ms¯’vb gvwj‡Ki KvQ †_‡K Kiv †nvK Avi FY`vZvi KvQ †_‡KB Kiv
†nvK bv †KbÑ Zvi GKwU LiP i‡q‡Q| cÖkœ n‡Z cv‡i †Kvb LiPwU Kg? gvwj‡Ki KvQ †_‡K bv FY`vZvi KvQ
†_‡K? G wel‡q Avgiv c‡i Rvbe| Gevi Avmyb Avgiv wewfbœ Dr‡mi LiP wbY©‡qi †KŠkj m¤ú‡K© †R‡b wbB|
BKz¨BwUi e¨q
BKz¨BwU g~ja‡bi Drm n‡jv (1) msiwÿZ gybvdv Ges (2) bZzb †kqvi Bmy¨| GKwU †Kv¤úvwb evRv‡i mvaviY
†kqvi wewµi gva¨‡g g~jab msMÖn K‡i| Avevi †Kv¤úvwb eëmv‡qi msiwÿZ gybvdv †_‡KI A_© ms¯’vb Ki‡Z
cv‡i| A‡_©i Ab¨vb¨ Drm †_‡K mvaviY †kqvi g~ja‡bi wKQz cv_©K¨ i‡q‡Q| †mUv Avm‡j Kx cÖ_gZ, Ab¨vb¨
†kqvi ev Dr‡mi LiP eva¨Zvg~jK wKš‘ cÖwZôvb mvaiY †kqvi g~ja‡bi Dci memgq jf¨vsk w`‡Z eva¨ _v‡K bv|
wØZxqZ, jf¨vsk w`‡jI cÖ`Ë jf¨vs‡ki cwigvY ev nvi memgq mgvb _v‡K bv| Gme êwk‡ói Kvi‡Y mvaviY
†kqvi g~ja‡bi e¨q wba©viY Ab¨vb¨ Dr‡mi e¨q wba©viY †_‡K Avjv`v|
cvV-7.1

evsjv‡`k Dš§y³ wek¦we`¨vjq wdb¨vÝ, e¨vswKs I wegv cÖ_g cÎ
GB mvaviY †kqvi¸‡jv †kqvi evRv‡i †Kbv-‡ePv nq| wKQz wKQz gvwjK g~j¨ e„w×i Avkvq †kqvi µq K‡i| ZvB
jf¨vsk Ges †kqv‡ii gyj¨e„w×RwbZ jvf †_‡K cÖZ¨vwkZ Av‡qi nvi‡K mgš^q K‡i †kqvi g~ja‡bi e¨q wba©viY
Kiv nq| mvaviY †kqvi gyja‡bi e¨q wbY©‡q †ÿ‡Î wKQy mgm¨v †`Lv †`q| cÖ_gZ, †h‡nZz jf¨vsk nvi AMÖvwaKvi
†kqv‡ii g‡Zv wbw`©ó _v‡K bv †m‡nZz fwel¨‡Z cÖZ¨vwkZ jf¨vsk wba©viY Kiv KwVb KvR| wØZxqZ, fwel¨‡Z
†Kv¤úvwbi Avq Ges jf¨vsk e„w×i nvi AbygvY KivI RwUj KvR| wb‡P mvaviY †kqvi g~jab LiP wbY©‡qi g‡Wj
eY©bv Kiv nj:
1. k~b¨ jf¨vsk e„w× g‡Wj: †h c×wZ‡Z g‡b Kiv nq †Kv¤úvwb eZ©gvb eQ‡i †h jf¨vsk w`‡q‡Q, fwel¨r
eQi¸‡jv‡ZI mgcwigvY jf¨vsk †NvlYv Ki‡e| A_©vr †kqvi gvwjK‡`i cÖZ¨vwkZ jf¨vs‡ki †Kvb cwieZ©b n‡e
bv| aiæb, GKwU †Kv¤úvwb PjwZ eQ‡i hw` 15% jf¨vsk w`j Zvn‡j AvMvgx eQi¸‡jv‡ZI 15% jf¨vs‡ki
cwieZ©b n‡e bv| wb‡P m~‡Îi gva¨‡g GwU wbY©q Kiv hvq|
mvaviY †kqvi g~jab e¨q (Ke) = 100
1

Po
D
GLv‡b D1 = eQ‡ii †k‡l cÖZ¨vwkZ jf¨vsk;
P0 = mvaviY †kqv‡ii eZ©gvb evRvi gyj¨;
Ke = mvaviY †kqvi g~jab e¨q;
D`vniY 1: wngvjq wjwg‡UW PjwZ eQi cÖwZ †kqv‡i 12 UvKv nv‡i jf¨vsk †NvlYv K‡i hv fwel¨‡Z AcwiewZ©Z
_vK‡e| †Kv¤úvwbi mvaviY †kqv‡ii eZ©gvb evRvi gyj¨ 112 UvKv| Zvn‡j mvaviY †kqvi gyjab e¨q KZ?
mgvavb:
Avgiv Rvwb, mvaviY †khvi g~jab e¨q (Ke) = 100
1

Po
D
GLv‡b,
eQ‡ii †k‡l cÖZ¨vwkZ jf¨vsk (D1) = 10 UvKv
mvaviY †kqv‡ii eZ©gvb g~j¨ (P0) = 105 UvKv
mvaviY †kqvi g~jab e¨q (Ke) = KZ?
mvaviY †kqvi g~jab e¨q (Ke) = 10.71%
100
112
12


2. w¯’i jf¨vsk e„w× g‡Wj: mvaviYZ †Kv¤úvwb¸‡jv G‡KK eQi G‡KK nv‡i jf¨vsk w`‡q _v‡K| w¯’i nv‡i
jf¨vsk e„w× c×wZ Ggwb GKwU c×wZ hv‡Z a‡i †bqv nq †h †Kv¤úvwb cÖwZeQi mgcwigvY jf¨vsk †`q bv| G
c×wZ a‡i †bIqv nq †Kv¤úvwbi jf¨vsk cÖwZeQi e„w× cv‡e Ges GB e„w×i nvi cÖwZeQi AcwiewZ©Z _vK‡e| a‡i
†bIqv nq, jf¨vsk e„w×i nvi Aek¨B cÖ‡qvRbxq Av‡qi nvi A‡cÿv Kg n‡e| aiæb, wngvjq wjwg‡UW hw` PjwZ
eQi 12 UvKv jf¨vsk †NvlYv K‡i Ges †Kv¤úvwbwUi AbywgZ jf¨vsk e„w×i nvi; hw` 10% nq Z‡e,
1 eQi ci cÖZ¨vwkZ jf¨vsk n‡e 12 (1+0.10) = 13.20 UvKv
2 eQi ci cÖZ¨vwkZ jf¨vsk n‡e 13.20 (1+0.10) = 14.52 UvKv
3 eQi ci cÖZ¨vwkZ jf¨vsk n‡e 14.52 (1+0.10) = 15.97 UvKv
Gfv‡e cÖwZeQi cÖZ¨vwkZ jf¨vsk 10% nv‡i e„w× cv‡e|
w¯’i jf¨vsk e„w× c×wZ‡Z †kqvi g~~jab e¨q wbY©q Kivi di‡gvjv:

mvaviY †kqvi g~jab e¨q (Ke) = g
Po
D

1
GLv‡b D1 = eQ‡ii †k‡l cÖZ¨vwkZ jf¨vsk = Do (1+g)
g = jf¨vsk e„w×i nvi
Po = ‡kqv‡ii eZ©gvb gyj¨
Ke = mvaviY †kqvi g~jab
D`vniY 2: cÙv dvg©vwmDwUK¨vjm wjwg‡UW mvaviY †kqv‡ii e¨q wbY©q Ki‡Z Pvq| †Kv¤úvwbwU m`¨ mgvß eQ‡i
cÖwZ †kqv‡i 15 UvKv nv‡i jf¨vsk †NvlYv K‡i‡Q| †Kv¤úvwbi †kqv‡ii eZ©gvb evRvi g~j¨ 150 UvKv| †Kv¤úvwbi
jf¨vsk M‡o 10 kZvsk nv‡i e„w× †c‡q‡Q| †Kv¤úvwbi mvaviY †kqv‡ii e¨q KZ?
mgvavb:
mvaviY †kqvi g~jab e¨q (Ke) = g
Po
D

1
GLv‡b,
jf¨vsk e„w×i nvi (g) = 10%
eQ‡ii †k‡l cÖZ¨vwkZ jf¨vsk (D1) = 15 (1+.10) = 16.50 UvKv
‡kqv‡ii eZ©gvb evRvi gyj¨ (P0) = 150 UvKv
mvaviY †kqvi g~jab e¨q (Ke) = KZ?
m~‡Î gvb ewm‡q,
mvaviY †kqvi g~jab e¨q (Ke) = 21%
0.1
.11
0.1
150
16.50




3. g~jabx m¤úwË g~j¨vqb g‡Wj: GB g‡WjwU Dc‡ii g‡Wj `yÕwU †_‡K m¤ú~Y© Avjv`v| GLv‡b SuzwKwenxb Av‡qi
nvi Ges SzuwK wcÖwgqvg Gi mgwó n‡”Q mvaviY †kqv‡ii e¨q| GB g‡W‡ji mvnv‡h¨ cÖ‡qvRbxq Av‡qi nvi Ges
Acwinvi‡hvM¨ SzuwKi g‡a¨ m¤úK© †`Lv‡bv nq| G g‡Wj Abymv‡i mvaviY †kqvi‡nvìviM‡Yi cÖ‡qvRbxq Av‡qi nvi
n‡jv SuzwKwenxb nvi Ges GKwU wbw`©ó cwigvY SuzwK Awanv‡ii mgwó| wewb‡qvM SzuwK _v‡K GUvB ¯^vfvweK| GB
g‡WjwU SzuwK‡K we‡ePbvq wb‡q‡Q weavq GwU‡K AvaywbK c×wZ wn‡m‡e we‡ePbv Kiv nq| gyjab m¤úwË g~j¨vqb
g‡Wj n‡jv:
ke= Rf + (Rm-RF)β
GLv‡b,
ke = mvaviY †kqvi g~jab e¨q
RF = SuzwKwenxb Avq nvi
Rm = evRvi Avq
β = wm‡÷‡gwUK ev Acwinvi‡hvM¨ SuzwKi cwigvc
GB g‡W‡ji mvnv‡h¨ mvaviY †kqvi gyja‡bi e¨q wbY©q Ki‡Z n‡j SzuwKwenxb Avq nvi, evRvi SzuwK wcÖwgqvg I
†Kv¤úvwbi †kqv‡ii weUvi gvY wba©viY Ki‡Z nq| Gevi Avmyb, G¸‡jv m¤ú‡K© wKQz †R‡b wbB|
(i) Sz&&uwKwenxb Avq nvi: †UªRvwi wmwKDwiwU‡R wewb‡qvM †_‡K Av‡qi nvi‡K SzuwKwenxb Av‡qi nvi e‡j|

(ii) evRvi SuzwK wcÖwgqvg: evRvi Avq †_‡K SzuwKwenxb Avq ev` †Ìqvi ci hv Aewkó _v‡K Zv‡K evRvi
SuzwK wcÖwgqvg e‡j|
(iii) dv‡g©i †kqv‡ii weUv: weUv n‡jv evRvi SuzwK ev Acwinvi‡hvM¨ SzuwKi cwigvY|
D`vniY 3: wcÖqv wdb¨vÝ wjwg‡UW Gi SuzwKwenxb Avq nvi 7.50%, evRvi Av‡qi nvi 10% Ges †Kv¤úvwbi weUv
1.2| †Kv¤úvwbi mvaviY †kqvi g~jab e¨q wbY©q Ki|
mgvavb:
mvaviY †kqvi gyjab (Ke) = Rf + (Rm-RF)β
= 7.50%+(10%-7.5)×1.2
= 7.50% + 3%
= 10.50%
wZbwU g‡W‡ji gva¨‡g Avgiv †kqvig~ja‡bi LiP wbiƒc‡Yi †KŠkj †R‡bwQ| Gevi Avmyb `xN©‡gqvw` FY g~jab Li‡Pi
wel‡q Av‡jvPbv Kwi|
`xN©‡gqvw` F‡Yi e¨q
mvavibZ cÖwZwU cÖwZôvb GK ev GKvwaK Drm †_‡K `xN©‡gqvw` FY gyjab msMÖn K‡i| aiæb, Avcwb Avcbvi
GKwU gvSvwi ai‡bi Kw¤úDUv‡ii †`vKvb cwiPvjbv K‡ib| e¨vsK †_‡K Avcbvi FY cÖ‡qvRb|
†mvbvjx e¨vsK Avcbvi Kw¤úDUvi †`vKvwb‡K 25 jÿ UvKv 15% nv‡i FY w`‡Z m¤§Z nj| G‡ÿ‡Î Avcbvi FY
gyjab e¨q n‡e 15%| Z‡e GB nvi Ki c~e© g~jab e¨q wn‡m‡e MY¨ Kiv nq| mvaviYZ eëmvq cÖwZôvb FY
gyjab eve` †h cwigvY my` cwi‡kva K‡i, Zv Ki c~e© gybvdv †_‡K ev` w`‡q cÖwZôv‡bi Ki‡hvM¨ gybvdv wbY©q Kiv
nq| G myweav we‡ePbv K‡i Ki c~e© FY g~jab e¨q‡K mgš^q Kivi cÖ‡qvRb nq| wb‡Pi m~‡Îi gva¨‡g Ki c~e© FY
gyjab e¨q‡K mgš^q Kiv nq|
Ki cieZx© FY gyjab LiP = Kic~e© FY gyjab e¨q × (1-Ki nvi)
Kw¤úDUvi †`vKvwbi Kic~e© FY gyjab LiP 15% †K 25% Ki nvi w`‡q mgš^q Ki‡j Ki mgš^qK…Z FY gyjab
LiP n‡e:
Ki ciewZ© FY gyjab LiP = Kic~e© FY gyjab e¨q × (1-Ki nvi)
= 15% (1-25%) = 15% (1-.25) = 15% (0.75)
= 11.25%
e¨vsK n‡Z FY MÖnY QvovI eÛ ev FYcÎ weµ‡qi gva¨‡g FY gyjab msMÖn Kiv hvq| Z‡e Avgv‡ì †`‡k eÛ
gv‡K©U Lye `ye©j| eZ©gv‡b eÛ gv‡K©U kw³kvjx Kivi e¨vcv‡i bvbv Avjvc Av‡jvPbv n‡”Q| `xN©‡gqvw` F‡Yi e¨q
ej‡Z Ki cieZx© FY gyja‡bi e¨q‡K eySvq| FY g~ja‡bi e¨‡qi wfwË n‡jv my‡ì nvi| FYcÎ ev eÛ `yÕai‡bi
n‡q _v‡K, †hgb: cwi‡kva‡hvM¨ Ges Acwi‡kva¨‡hvM¨ eÛ |

K. Acwi‡kva‡hvM¨ eÛ ev FYc‡Îi e¨q: ‡h mKj e‡Ûi †gqv` Amxg Zv‡K ¯’vqx ev Acwi‡kva¨ eÛ e‡j| ¯’vqx
e‡Ûi my` Ges eÛ wewµ †_‡K cÖvß A‡_©i AbycvZ wbY©q Ki‡j ¯’vqx e‡Ûi e¨q cvIqv hvq| wb‡Pi m~‡Îi mvnv‡h¨
Acwi‡kva‡hvM¨ eÛ ev FYc‡Îi e¨q wbY©q Kiv hvq:
Ki c~e© FY gyjab e¨q (Ki) = 100

NSP
I
Ki ciZx© FY gyjab e¨q (Kd) = 100
)
1
(


NSP
T
I
GLv‡b, I = evwl©K my‡ì cwigvY
= wjwLZ g~j¨ × Kzcb my‡ì nvi
NSP = e‡Ûi wbU weµq g~j¨
T= Ki nvi
D`vniY 4: GKwU †Kv¤úvwb 1000 UvKv wjwLZ g~‡jï 12% my‡` ¯’vqx eÛ evRv‡i wewµ Ki‡e| cÖwZwU eÛ wewµ
†_‡K †Kv¤úvwbwU 920 UvKv cvIqvi cÖZ¨vkv K‡i| Ki nvi 25%| D³ e‡Ûi Ki cieZ©x e¨q KZ?
mgvavb:
Ki cieZx© FY g~jab e¨q (Kd) = 100


NSP
T
I )
1
(
= 100
920
.25)
120(1


= 100
920
90

= 9.78%
L. cwi‡kva‡hvM¨ eÛ e¨q: ‡h mKj eÛ GKwU wbw`©ó †gqv` ci cwi‡kva Kiv nq Zv‡K cwi‡kva‡hvM¨ eÛ e‡j|
eÛ mgg~‡j¨ ev Awanv‡i ev wjwLZ g~‡jï †P‡q †ewk g~‡j¨ Aenv‡i (wjwLZ gy‡jï †P‡q Kg g~‡j¨) Bmy¨ Kiv n‡Z
cv‡i| wb‡Pi m~‡Îi mvnv‡h¨ G ai‡bi eÛ e¨q wbY©q Kiv hvq:
Ki cieZx© FY g~jab e¨q (Kd) =
100





2
)
1
(
NSP
M
n
NSP
M
T
I
GLv‡b,
I = evwl©K my‡ì cwigvY
M = e‡Ûi wjwLZ ev cwi‡kva‡hvM¨ gyj¨
NSP = e‡Ûi wbU weµq gyj¨ = weµq g~j¨ Bmy¨ LiP
n = †gqv`Kvj

D`vniY 5: GKwU †Kv¤úvwb 15 eQi †gqvw` eÛ 1200 UvKvq Bmy¨ K‡i‡Q hvi wjwLZ g~j¨ 1000 UvKv Ges Kzcb
†iU evwl©K 10%| evwl©K wfwË‡Z my` cÖ`vb Kiv nq| cÖwZ e‡Ûi Bmy¨ eve` Li‡Pi cwigvY 50 UvKv| Ki nvi
25%| Ki cieZx© FY g~jab e¨q KZ?
GLv‡b,
e‡Ûi wjwLZ gyj¨ (M) = 1000 UvKv
my‡ì nvi (i) = 10%
‡gqv`Kvj (n) = 15 eQi
evwl©K my‡ì cwigvY (I) = 1000×10% = 100 UvKv
e‡Ûi wbU weµq g~j¨ (NSP) = 1200-50 = 1150 UvKv
Ki nvi (T) = 25%
Ki cieZx© FY g~jab e¨q (Kd) =
100
2
1150
1000
15
1150
1000
0.25)
100(1





= 6%
6.04%
100
1075
65
100
1075
10
75






AMÖvwaKvi †kqv‡ii e¨q
AMÖvwaKvi kqvi‡nvìviMY mvaviY †kqvi‡nvìiM‡Yi ‡P‡q AwZwi³ wKQy my‡hvM-myweav †fvM K‡i| †hgb-
jf¨vs‡ki nvi wbw`©ó AMÖvwaKvi †kqvi †kqv‡ii e¨q wbY©q c×wZ wb‡P Av‡jvPbv Kiv n‡jv:
K) Acwi‡kva‡hvM¨ AMÖvwaKvi †kqv‡ii e¨q wbY©q: Acwi‡kva‡hvM¨ AMÖvwaKvi †kqv‡ii †Kvb wbw`©ó †gqv` ev
cwi‡kva mgq D‡jøL _v‡K bv| G‡ÿ‡Î ‡Kv¤úvwb cÖwZ eQi wbw`©ó nv‡i jf¨vsk cÖ`vb K‡i| Acwi‡kva‡hvM¨
AMÖvwaKvi †kqv‡ii e¨q (Kp) n‡jv AMÖvwaKv‡ii †kqv‡ii jf¨vsk I wbU weµq g~‡jï AbycvZ| weµqg~j¨ †_‡K
Bmy¨ eve` e¨q (flotation cost) ev` †Ìqvi ci hv Aewkó _v‡K Zv‡K wbU weµq g~j¨ e‡j| wb‡Pi m~‡Îi
mvnv‡h¨ G ai‡bi †kqv‡ii e¨q wbY©q Kiv hvq:
Acwi‡kva‡hvM¨ AMÖvwaKvi †kqv‡ii e¨q (Kd) = 100

NSP
Dp
GLv‡b, Dp = AMÖvwaKvi †kqv‡ii cÖZ¨vwkZ jf¨vsk
NSP = wbU weµqg~j¨ = weµqg~j¨ (P) - Bmÿ LiP (F)
D`vniY 6: GKwU †Kv¤úvwb 1000 UvKv wjwLZ g~‡jï 12% AMÖvwaKvi †kqvi evRv‡i wewµ Ki‡e| cÖwZwU
†kqv‡ii weµqg~j¨ 850 UvKv Ges Bmy¨ LiP 10 UvKv| D³ †kqv‡ii e¨q bY©q Ki|
mgvavb:
(Kd) = 100

NSP
Dp

= 100

840
120
= 14.28%
GLv‡b,
Dp = 1000×12% = 120
NSP = weµq g~j¨ - Bmy¨ LiP
= 850 - 10 = 840 UvKv|
L) cwikva‡hvM¨ AMÖvwaKvi †kqv‡ii e¨q wbY©q: ‡h AMÖvwaKvi †kqvi Bm¨y Kivi gva¨‡g M„nxZ g~jab wbw`©ó mgq
c‡i cwi‡kva Ki‡Z nq Zv‡K cwi‡kva‡hvM¨ AMÖvwaKvi †kqvi e‡j| GwUi †ÿ‡ÎI cÖwZ eQi GKwU wbw`©ó mgq
ch©šÍ GKwU wbw`©ó nv‡i jf¨vsk cÖ`vb Kiv nq| wb‡Pi m~‡Îi mvnv‡h¨ cwi‡kva‡hvM¨ AMÖvwaKvi †kqv‡ii e¨q wbY©q
Kiv hvq:
AMÖvwaKvi †kqv‡ii e¨q (Kp) = 100
2




NSP
M
n
NSP
M
Dp
GLv‡b,
Dp = evwl©K jf¨vs‡ki cwigvY
M = AMÖvwaKvi †kqv‡ii wjwLZ ev cwi‡kva‡hvM¨ g~j¨
NSP = wbU weµqg~j¨ = weµq g~j¨ - Bmy¨ LiP
n = †gqv`Kvj
Kp = AMÖvwaKvi †kqv‡ii e¨q
D`vniY 7: GKwU †Kv¤úvwb 12 eQi †gqvw` 10% AMÖvwaKvi †kqvi Bmy¨ K‡i| cÖwZwU †kqv‡ii wjwLZ g~j¨ 1000
UvKv Ges weµq g~j¨ 950 UvKv| Bmy¨ e¨q e¨q 10 UvKv n‡j AMÖvwaKvi †kqv‡ii e¨q KZ?
GLv‡b,
jf¨vs‡ki nvi = 10%
‡gqv`Kvj (n) = 12 eQi
AMÖvwaKvi †kqv‡ii wjwLZ gyj¨ (M) = 1000 UvKv
evwl©K jf¨vs‡ki cwigvY (Dp) = 1000×10% = 100 UvKv
‡kqv‡ii wbU weµq gyj¨ (NSP) = 950-10 = 940 UvKv
AMÖvwaKvi †kqv‡ii e¨q = KZ?
Avgiv Rvwb,
AMÖvwaKvi †kqv‡ii e¨q (Kp) = 100




2
NSP
M
n
NSP
M
Dp

= 100
2
940
1000
10
940
1000
100 


 = 10.93%
100
970
106


bZzb mvaviY ÷‡Ki e¨q
†kqvi‡nvìvi‡ì g‡a¨ jf¨vsk e›Ub bv K‡i wbU gybvdvi m¤ú~Y© AskB msiwÿZ Avq wn‡m‡e ‡i‡L w`‡Z cv‡i
A_ev †Kv¤úvwb jf¨vsk cÖ`vb K‡i bZzb †kqvi Bmy¨ Kivi gva¨‡gI Znwej msMÖn Ki‡Z cv‡i| bZzb †kqvi Bmyï
mv‡_ DËiY e¨q RwoZ| wKš‘ msiwÿZ Av‡qi gva¨‡g A_©vqb Kiv n‡j G ai‡bi Ki‡Z nq bv| d‡j bZzb †kqvi
Bmy¨ Kiv n‡j gyja‡bi e¨q msiwÿZ Av‡qi e¨q n‡Z AwaK nq| weµqg~j¨ †_‡K Bmy¨ eve` e¨q ev` w`‡j hv
cvIqv hvq Zv‡K bxU weµq gyj¨ e‡j| bZzb mvaviY ÷‡Ki e¨q ej‡Z bZzb mvaviY ÷‡Ki cÖZ¨vwkZ jf¨vsk Ges
wbU weµq g~‡jï Abycv‡Zi mv‡_ jf¨vsk e„w×i nvi †hvM Ki‡j †h gvb cvIqv hvq Zv eySvq| bZzb mvaviY ÷‡Ki
e¨q wb‡¤î m~‡Îi mvnv‡h¨ cÖKvk Kiv hvh:
Ke = g
Po
D

1
A_ev Ke = g
NSP
D

1
GLv‡b,
D1 = Do (1+g) = eQ‡ii †k‡l cÖZ¨vwkZ jf¨vsk
Po = ‡kqv‡ii eZ©gvb g~j¨
F = Bmy¨ e¨q ev DËiY e¨q
Ke = bZzb mvaviY ÷‡Ki e¨q
NSP = wbU weµq gyj¨ = weµq gyj¨- DËiY e¨q
D`vniY 8: GKwU †Kv¤úvwb eZ©gvb eQ‡ii †k‡l 8% jf¨vsk ‡Ìqvi wm×všÍ †bq Ges fwel¨r eQi¸‡jv‡Z GB
jf¨vsk 10% nv‡i e„w× cvIqvi m¤¢vebv i‡q‡Q| †Kv¤úvwbi ‡kqv‡ii eZ©gvb evRvigyj¨ 100 UvKv Ges Bmy¨ e¨q
weµq g~‡jï 7% n‡j, bZzb mvaviY ÷‡Ki e¨q KZ?
mgvavb:
bZzb mvaviY ÷‡Ki e¨q (Ke) = g
Po
D

1
GLv‡b,
jf¨vk e„w×i nvi (g) = 10%= 0.10
eQ‡ii †k‡l cÖZ¨vwkZ jf¨vsk (D1) = 8 UvKv
‡kqv‡ii eZ©gvb evRvi gyj¨ (Po) = 100 UvKv
DËiY e¨‡qi cwigvY (F) = 100×7% = 7 UvKv
bZzb mvaviY ÷‡Ki e¨q (Ke) = KZ?
m~‡Î gvb ewm‡q,
bZzb mvaviY ÷‡Ki e¨q (Ke) = 18.60%
.1860
0.1
93
8
0.10
7
100
8







wkÿv_©xi KvR
BKzBwUi e¨q, `xN©‡gqvw` F‡Yi e¨q, AMÖvwaKvi ÷‡Ki e¨q, bZzb mvaviY
÷‡Ki e¨q wbY©q K‡i Zzwg †Zvgvi wkLb Kvh©wU SvjvB K‡i bvI|
mvims‡ÿc :
†kqvi gyja‡bi e¨q ej‡Z †kqvi gvwjK‡ì jf¨vsk ev †kqv‡ii gyjë„w× RwbZ jvf †_‡K cÖZ¨vwkZ Av‡qi
nvi‡K eySv‡bv nq| Avw_©K cÖwZôvb †_‡K FY MÖn‡Yi cvkcvwk eÛ weµq Kivi gva¨‡g g~jab msMÖn K‡i Zvi
e¨q‡K `xN©‡gqvw` F‡Yi e¨q e‡j| bZzb mvaviY ÷‡Ki e¨q ej‡Z bZzb mvaviY ÷‡Ki cÖZ¨vwkZ jf¨vsk Ges
wbU weµq g~‡jï Abycv‡Zi mv‡_ jf¨vsk e„w×i nvi †hvM Ki‡j †h gvb cvIqv hvq Zv eySvq|
cv‡VvËi g~j¨vqb-7.1
mwVK DË‡ii cv‡k wUK () wPý `vI:
1| mvaviY ‡kqvi‡nvìv‡ì Avq‡K Kx e‡j?
K. jf¨vsk L. my`
M. cvwikªwgK N. gRyix
2| FY g~jab eënv‡ii myweav †KvbwU?
K. Znwej e„w× L. Ki n«vm
M. jf¨vsk e„w× N. my` n«vm
3| mvaviYZ e‡Ûi my‡ì cwigvY wb‡Pi †KvbwUi Dci avh© Kiv nq?
K. Zje gyj¨ L. evRvi g~j¨
M. AwfwnZ gyj¨ N. eZ©gvb gyj¨
4| wb‡Pi †Kvb Dr‡mi e¨q me‡P‡q Kg nq?
K. mvaviY †kqvi L. FYcÎ
M. msiwÿZ Avq N. AMÖvwaKvi †kqvi
5| wb‡Pi †KvbwU Znwe‡ji `xN©‡gqvw` Drm bq?
K. msiwÿZ Avq L. cÖ‡`q wej
M. AMÖvwaKvi ÷K N. FYcÎ
6| evRvi ev gv‡K©U †eUv Gi gvb KZ?
K. k~b¨ L. wZb
M. `yB N. GK
7| evRvi Av‡qi nvi I SuzwKgy³ Av‡qi nv‡ii cv_©K¨‡K Kx e‡j?
K. wmwKDwiwUi SuzwKi nvi L. wmwKDwiwUi gybvdvi nvi
M. wmwKDwiwUi SuzwK N. evRvi SuzwK wcÖwgqvg

msiwÿZ gybvdvi e¨q, fvi Av‡ivwcZ g~ja‡bi Mo e¨q,
g~jab e¨q wbY©‡qi mxgve×Zv
D‡Ïk¨
G cvV †k‡l Avcwb-
 msiwÿZ gybvdvi e¨q wbY©q Ki‡Z cvi‡eb|
 fvi Av‡ivwcZ g~ja‡bi Mo e¨q wbY©q Ki‡Z cvi‡eb; Ges
 g~jab e¨q wbY©‡qi mxgve×Zvmg~n e¨vL¨v Ki‡Z cvi‡eb|
msiwÿZ gybvdvi e¨q
†Kv¤úvwb AwR©Z jv‡fi GKwU Ask gvwjK‡ì jf¨vsk AvKv‡i cÖ`vb K‡i| Ab¨ Ask msiwÿZ Avq
wn‡m‡e m¤úªmviYg~jK Kg©Kv‡Ði Rb¨ e¨q Ki‡Z cv‡i| ZvB †h †Kvb ‡Kv¤úvwbi A_©vq‡bi Ab¨Zg Drm n‡”Q
msiwÿZ| msiwÿZ Avq †_‡K cieZx©Kv‡j wewfbœ wewb‡qvM cÖKí ev¯Íevq‡b A_©vqb Kiv n‡jI Gi e¨q Av‡Q|
msiwÿZ Av‡qi AvcvZ`„wó‡Z evwn¨K †Kv‡bv e¨q bv _vK‡jI Gi my‡hvM e¨q Av‡Q| A_©vr G A_© †kqvi‡nvìvi‡ì
gv‡S weZiY Kiv n‡j Zviv †mB A_© Ab¨ ‡Kvb cÖK‡í wewb‡qvM K‡i AwZwi³ gybvdv AR©b Ki‡Z cviZ| wKš‘
†Kv¤úvwb AwR©Z gybvdv e›Ub bv Ki‡j †kqvi‡nvìviiv D³ A_© Ab¨ †Kvb cÖK‡í wewb‡qvM ‡_‡K cÖvß Avq †_‡K
ewÂZ nq| GLv‡b A‡_©i Ab¨Î wewb‡qv‡M cÖvß Avq †_‡K ewÂZ nIqvUv‡K msiwÿZ Av‡qi my‡hvM e¨q wn‡m‡e
aiv n‡q‡Q| jf¨vsk Av‡qi mv‡_ AvqK‡ii GKwU wbweo m¤úK© i‡q‡Q| myZivs
msiwÿZ gybvdvi e¨q wbY©q Kivi mgq e¨w³MZ AvqKi mgš^q Ki‡Z nq| KviY †Kv¤úvwb †_‡K cÖvß jf¨vs‡ki
Dci †kqvigvwjK‡ì‡K e¨w³MZfv‡e AvqKi cÖ`vb Ki‡Z nq| wb‡P e¨w³MZ Ki mgš^q msiwÿZ Av‡qi e¨q
wbY©q †KŠkj eY©bv Kiv nj:
K. hw` e¨w³MZ Ki bv _v‡K:
msiwÿZ gybvdvi e¨q (Kt) = 100







 g
Po
D1
GLv‡b, Kt = msiwÿZ gybvdvi e¨q
D1 = cÖZ¨vwkZ jf¨vsk
P0 = †kqv‡ii evRvi g~j¨
L. hvw` e¨w³MZ Ki _v‡K:
msiwÿZ gybvdvi e¨q (Kt) =

 100









g
Po
T
D 1
1
GLv‡b, T= e¨w³MZ Ki nvi
M. As‡K mvimwi BKÿBwUi e¨q (Ke) Gi gvb Ges e¨w³MZ Ki nvi †Ìqv _vK‡j:
msiwÿZ gybvdvi e¨q (Kt) = Ke (1-T)
cvV-7.2

D`vniY 9: GKwU †Kv¤úvwbi eZ©gvb PjwZ eQ‡i jf¨vs‡ki cwigvY cÖwZ †kqv‡i 10 UvKv| cÖwZwU †kqv‡ii evRvi
gyj¨ 120 UvKv Ges Bmy¨Kvjxb mg‡q weµq LiP 3 UvKv| hw` jf¨vs‡ki cÖe„w× 5% nq Zvn‡j msiwÿZ gybvdv
e¨q KZ n‡e?
mgvavb:
GLv‡b, D0 = 10 UvKv
g = 5% = 0.05
D1 = D0 (1+g) = 10(1+0.05) = 10.5 UvKv
P0 = 120-3 = 117 UvKv
Avgiv Rvwb,
msiwÿZ gybvdvi e¨q (Kt) = 100







 g
Po
D1
= 100







 05
.
0
117
5
.
10
= 13.97%
D`vniY 8: GKwU †Kv¤úvwbi mvaviY †kqvigyjab e¨q 15% Ges AvqK‡ii nvi 25% nq Zvn‡j msiwÿZ
gybvdvi e¨q KZ?
mgvavb:
mvaviY †kqv‡ii e¨q (Ke) = 15%
AvqK‡ii nvi (T) = 25%
msiwÿZ gybvdvi e¨q (Kt) = Ke (1-T)
= .15 (1-.25)
= .1125
= 11.25%
¸iæZ¡ cÖ`Z¡ g~ja‡bi Mo e¨q
GKwU †Kv¤úvwb wewfbœ Drm n‡Z Znwej msMÖn K‡i| ¸iæZ¡ cÖ`Ë Mo gyjab e¨q ej‡Z GKwU ‡Kv¤úvwbi wewfbœ
Drm †_‡K msM„nxZ gyja‡bi Mo e¨q‡K eySvq| `xN©‡gqv‡` mvwe©K g~jab e¨q n‡jv ¸iæZ¡ cÖ`Z¡ Mo g~jab e¨q|
gjab KvVv‡gvi cÖ‡Z¨K Dr‡mi AbycvZ‡K Mo wbY©‡qi ¸iæZ¡ ev fvi wnmv‡e aiv nq| cÖwZwU Dr‡mi e¨q‡K Zvi
AbycvZ Øviv ¸Y K‡i cÖwZwU Dr‡mi fvi cÖ`Ë e¨q †ei Kiv nq Ges cÖ‡Z¨K Drmi ¸iæZ¡ cÖ`Ë e¨q‡K †hvM K‡i
†Kv¤úvwbi fvi Av‡ivwcZ g~ja‡bi Mo e¨q wbY©q Kiv nq| wb‡Pi m~‡Îi mvnv‡h¨ GwU wbY©q Kiv hvq:
fvi Av‡ivwcZ g~ja‡bi Mo e¨q (WACC) = wdkd + wpkp + wrkr + weke
GLv‡b,
wd = gyjab KvVv‡gv‡Z FY gyja‡bi kZKiv nvi kd = Ki cieZx© FY g~ja‡bi e¨q
wp = AMÖvwaKvi †kqvi g~ja‡bi kZKiv nvi kp = AMÖvwaKvi †kqvi g~ja‡bi e¨q
wr = msiwÿwiZ gybvdvi kZKiv nvi kr = msiwÿZ gybvdvi e¨q
we = mvaviY †kqv‡ii kZKiv nvi ke = bZzb mvaviY ÷‡Ki e¨q

D`vniY 10: GKwU †Kv¤úvwbi †gvU g~jab 10,00,000 UvKv| †gvU g~ja‡bi wewfbœ Drm I cÖwZwU Dr‡mi e¨q
wbgœiƒc:
g~ja‡bi Drm cwigvY Ki cieZx© e¨q
10% FYcÎ
AMÖvwaKvi †kqvi
mvaviY †kqvi
†gvU
2,50,000 UvKv
2,50,000 UvKv
5,00,000 UvKv
1,00,000 UvKv
5%
10%
15%
¸iæZ¡ cÖ`Z¡ Mo g~jab e¨q wbY©q Ki|
mgvavb:
GLv‡b,
Wd = FY g~ja‡bi fvi = 0.25
10,00,000
2,50,000

Wp = AMÖvwaKvi †kqv‡ii fvi = 0.25
10,00,000
2,50,000

We = mvaviY †kqv‡ii fvi = 0.5
10,00,000
5,00,000

kd = 5%, kp = 10%, ke = 15%
Avgiv Rvwb,
¸iæZ¡ cÖ`Z¡ Mo g~jab e¨q (WACC) = WdKd+WpKp+WeKe
= (0.25×5%) + (0.25×10%) + (0.5×15%)
= (1.25+2.5+7.5)%
= 11.25%
†Kv¤úvwbwUi ¸iæZ¡ cÖ`Z¡ Mo g~jab e¨q 11.25%|
g~jab e¨q wbY©‡qi mxgve×Zv
Avgiv Rvwb †h, eëmv‡qi Kg©KvÐ cwiPvjbvi Rb¨ Znwe‡ji bvbv Drm i‡q‡Q| †hgbÑ gvwj‡Ki wbR¯^ A_©,
e¨vs‡Ki FY I msiwÿZ Avq G¸‡jvi †hLvb †_‡KB A_©vqb Kiv †nvK bv †Kb Zvi GKwU LiP Av‡Q| Avw_©K
wm×všÍ MÖn‡Yi †ÿ‡Î gyjab e¨‡qi aviYv LyeB ¸iæZ¡c~Y© GKwU welq| cÖK‡í wewb‡qvM Kivi Rb¨ `xN©‡gqvw` Drm
n‡Z msM„nxZ g~ja‡bi Mo e¨q‡K g~jab e¨q e‡j| Z‡e Giƒc e¨q wbY©‡qi wKQz mxgve×Zv i‡q‡Q| wb‡P †m¸‡jv
Av‡jvPbv Kiv n‡jv:
K. ¯^í‡gqvw` F‡Yi LiP we‡ePbvq †bIqv : gyjab e¨q wbY©q Kivi †ÿ‡Î gyjab KvVv‡gv A_©vr BKz¨BwU I
`xN©‡gqvw` FY‡K we‡ePbv Kiv nq| GLv‡b ¯^í‡gqvw` e¨vsK FY _vK‡Z cv‡i wKš‘ g~jab e¨q wbY©‡qi †ÿ‡Î
¯^í‡gqvw` e¨vsK F‡Yi e¨q we‡ePbv Kiv nq bv| GUv g~jab e¨q wbY©q Kivi mxgve×Zv|
L. ÷K gv‡K©U g~‡jï Aw¯’wZkxjZv: †kqvi I e‡Û evRvi g~j¨ me©`v cwieZ©bkxj| †kqvi I e‡Ûi g~jab e¨q
wbY©‡qi †ÿ‡Î evRvi gyj¨ eënvi Kiv nq| wKš‘ G¸‡jvi evRvi g~j¨ DVvbvgv K‡i, d‡j g~jab e¨‡qi ZviZg¨
N‡U| d‡j mwVKfv‡e g~jab e¨q wbY©q Kiv KwVb n‡q hvq|
M. gy`ªvùxwZ: gy`ªvùxwZi mv‡_ my‡ì nv‡ii m¤úK© i‡q‡Q| gy`ªvùxwZ n‡j my‡ì nvi e„w× cvq Ges SzuwK wcÖwgqvg
Ges SuzwKgy³ Av‡qi nviI †e‡o hvq| d‡j g~jab e¨q e„w× cvq| g~jab e¨q wbY©q Kivi Rb¨ gy`ªvwùwZi Rb¨
GKwU mwVK c~e©vfvm _vKv cÖ‡qvRb Ab¨_vq fzj n‡Z cv‡i|
N. jf¨vsk cÖe„w×i nvi: mvaviYZ †kqvi g~ja‡bi e¨q wbY©q Kivi †ÿ‡Î jf¨vsk cÖe„w×i nvi GKwU ¸iæZ¡c~Y©
welq| ‡Kvb †Kvb mgq AZxZ Z‡_ï Dci wfwË K‡i fwel¨‡Z jf¨vsk cÖe„w×i nvi Abygvb Kiv nq| AZxZ wbf©i

Z‡_ï Dci wfwË K‡i mvaviY †kqvi g~ja‡bi e¨q wbY©q Ki‡j fzj nIqvi m¤¢vebv _v‡K|
O. my‡ì nvi: FY g~ja‡bi e¨q‡K evRvi my‡ì nvi mivmwi cÖfvweZ K‡i _v‡K| my‡ì nvi mvgwôK A_©bxwZi
welq GKwU †Kv¤úvwb my‡ì nv‡ii cwieZ©b wbqš¿Y Ki‡Z cv‡i bv| ZB my‡ì nvi cwieZ©‡bi Kvi‡Y FY g~ja‡bi
e¨q mwVKfv‡e wbY©q Kiv hvq bv|
P. eëmvwqK I Avw_©K SuzwK: gyjab e¨q wbY©‡qi †ÿ‡Î a‡i †bqv nq †h †Kv¤úvwbi eëmvwqK I Avw_©K SzuwK †bB|
ev¯Í‡e GgbwU cvIqv hvq bv| eëmvwqK I Avw_©K SzwK e„w× †c‡j mvaviY †kqvi gyjab I FY g~ja‡bi LiP †e‡o
hvq Ges Mo g~ja‡bi e¨q e„w× cvq|
wkÿv_©xi KvR
msiwÿZ Avq e¨q I ¸iæZ¡ cÖ`Z¡ g~ja‡bi Mo e¨q wbY©q K‡i Avcbvi wkLb
Kvh©wU SvjvB K‡i wbb|
mvims‡ÿc:
GKwU †Kv¤úvwb cÖwZeQi †h cwigvY gybvdv AR©b K‡i, Zvi m¤ú~Y© Ask †kqvi‡nvìvi‡ì g‡a¨ jf¨vsk wn‡m‡e
e›Ub bv K‡i ‡h cwigvY Ask cÖwZôv‡b †i‡L †`q Zv‡K msiwÿZ gybvdv e‡j Ges Gi e¨q‡K msiwÿZ Av‡qi
e¨q e‡j| ¸iæZ¡ cÖ`Z¡ Mo gyjab e¨q ej‡Z GKwU ‡Kv¤úvwbi wewfbœ Drm n‡Z msM„nxZ g~ja‡bi Mo e¨q‡K
eySvq|
cv‡VvËi g~j¨vqb-7.2
mwVK DË‡ii cvk wUK () wPý w`b|
1| msiwÿZ Avq mvaviYZ †Kvb Kv‡R eënvi Kiv nq?
K. `vq cwi‡kv‡a L. cÖwZôvb m¤cÖmvi‡Yi Kv‡R
M. Kgx©‡ì †eZb cÖ`v‡b N. jf¨vsk cÖ`v‡b
2| wmwKDwiwUR Bmy¨ I weµq eve` †h LiP nq Zv‡K Kx e‡j?
K. DËiY e¨q L. Ae‡jLb e¨q
M. AvBbMZ e¨q N. cÖkvmwbK e¨q
3| e¨w³MZ Ki †Kvb ai‡bi g~jab e¨‡qi nvi wbY©‡qi ‡ÿ‡Î we‡ePbv Kiv nq?
K. FYc‡Îi L. msiwÿZ Av‡qi
M. mvaviY †kqv‡ii N. AMÖvwaKvi †kqv‡ii Avq
4| Kp Øviv Kx eySv‡bv nq?
K. msiwÿZ Av‡qi e¨q L. gyjab e¨q
M. mvaviY †kqvi e¨q N. AMÖvwaKvi †kqvi e¨q
5| ¸iæZ¡ cÖ`Z¡ Mo gyjab e¨q wbY©‡qi †ÿ‡Î we‡eP¨ welq ‡KvbwU?
i. gyjab KvVv‡gv
ii. Drcv`‡bi cwigvY
iii. cÖ‡Z¨K Dr‡mi gyjab e¨q
wb‡Pi †KvbwU mwVK?
K. i I iii L. i I ii
M. ii I iii N. i, ii I iii
6| g~jab e¨q wbY©‡qi mxgve×Zv †KvbwU?
i. gy`ªvùxwZ
ii. wmwKDwiwU‡Ri evRvi gy‡jï Aw¯’wZkxjZv
iii. my‡ì nv‡ii cwieZ©bkxjZv

wb‡Pi †KvbwU mwVK?
K. i I ii L. i I iii
M. ii I iii N. i, ii I iii
P~ovšÍ g~j¨vqb
DËi ms‡ÿc
K. Ávbg~jK cÖkœ
1| gyjab e¨q Kx?
2| DËiY e¨q Kx?
3| `xN©‡gqvw` F‡Yi e¨q Kx?
4| Acwi‡kva‡hvM¨ eÛ ev FYc‡Îi e¨q Kx?
5| Acwi‡kva‡hvM¨ ev wPi¯’vqx AMÖvwaKvi †kqv‡ii e¨q Kx?
6| BKz¨BwUi e¨q Kx?
7| gyjab m¤úwË gyj¨vqb g‡Wj Kx?
8| bZzb mvaviY ÷‡Ki e¨q Kx?
9| fvi Av‡ivwcZ gyja‡bi Mo e¨q Kx?
L. Abyavebg~jK cÖkœ
1| bZzb mvaviY ÷‡Ki e¨q Kxfv‡e wbY©q Kiv nq? e¨vL¨v Ki|
2| DËiY e¨q ev Bmy¨ LiP Kxfv‡e bZzb mvaviY ÷‡Ki e¨q‡K cÖfvweZ K‡i? e¨vL¨v Ki|
3| Ki nvi Kxfv‡e Ki cieZx© F‡Yi e¨q‡K cÖfvweZ K‡i? e¨vL¨v Ki|
4| cwi‡kva‡hvM¨ e‡Ûi e¨q Kxfv‡e wbY©q Kiv nq? e¨vL¨v Ki|
5| gyja‡bi AbycvZ ev KvVv‡gv cwieZ©b K‡i Kxfv‡e Mo g~jab e¨q n«vm Kiv hvq? e¨vL¨v Ki|
6| fvi Av‡ivwcZ Mo g~jab e¨q Kxfv‡e wbY©q Kiv nq? e¨vL¨v Ki|
7| bZzb mvaviY †kqv‡ii e¨q †Kb msiwÿZ gybvdvi e¨q n‡Z †ewk nq? e¨vL¨v Ki|
8| FY gyja‡bi e¨q †Kb Zzjbvg~jKfv‡e Kg nq? e¨vL¨v Ki|
9| BKz¨BwU g~ja‡bi †Kvb e¨q †bB- Zzwg Kx G e³‡eï mv‡_ GKgZ? e¨vL¨v Ki|
10| wmwKDwiwU‡Ri evRvi g~‡jï Aw¯’wZkxjZv Kxfv‡e Acwi‡kva‡hvM¨ e‡Ûi e¨q‡K cÖfvweZ K‡i? e¨vL¨v Ki|
m„Rbkxj cÖkœ
1. GKwU wjwRs †Kv¤úvwb g~ja‡bi cwigvY evov‡bvi Rb¨ 1000 UvKv wjwLZ g~‡jï 10% AMÖvwaKvi †kqvi Bmy¨
K‡i, hvi evRvi g~j¨ 950 UvKv Ges weµq e¨q 50 UvKv| Bmyï w`b †_‡K †gqv`Kvj 5 eQi Ges Ki nvi 30%|
†Kv¤úvwbwU 15% FYcÎI Bmy¨ K‡i‡Q hvi evRvi g~j¨ 900 UvKv| hvi wjwLZ g~j¨ 1000 UvKv Ges Bmy¨ e¨q 20
UvKv, †gqv` 5 eQi|
K. g~jab e¨q Kv‡K e‡j?
L. FYcÎ Bmy¨ Ki‡j †Kv¤úvwb AMÖvwaKvi †kqv‡ii Zzjbvq Kx myweav cvq?
M. DÏxc‡Ki AMÖvwaKvi †kqv‡ii g~jab e¨q wbY©q Kiæb|
N. DÏxc‡Ki AMÖvwaKvi †kqv‡ii cwie‡Z© FYcÎ Bmy¨ Ki‡j †Kv¤úvwbi Avw_©K Ae¯’vi Dci Kx cÖfve co‡e?
Zv we‡kølY Kiæb|
2. Rbve Rvgvj DwÏb GKwU †Kv¤úvwbi Avw_©K eë¯’vcK| †Kv¤úvwbwUi mvaviY †kqvi g~jab 10,00,000 UvKv|
mvaviY †kqv‡ii evRvi g~j¨ 120 UvKv| †Kv¤úvwb eZ©gvb eQ‡i mvaviY †kqvi †nvìvi‡ì †kqvi cÖwZ 15 UvKv
j¨f¨vsk w`‡q‡Q Ges cÖwZ eQi cÖ`Ë jf¨vsk 6% nv‡i e„w× †c‡q‡Q| †Kv¤úvwbwUi Kv‡R `ywU cÖ¯Íve i‡q‡Q|
cÖ_gZ: GKwU Avw_©K cÖwZôvb n‡Z 20% my‡` Znwej msMÖn Kiv; wØZxqZ, 15% Acwi‡kva‡hvM¨ eÛ Bmyï
gva¨‡g Znwej msMÖn Kiv| Ki nvi 40%|
K. msiwÿZ Avq Kx?

L. Ki nvi n«vm cwi‡kva‡hvM¨ e‡Ûi e¨q‡K Kxfv‡e cÖfvweZ K‡i? Zv e¨vL¨v Kiæb|
M. mvaviY †kqv‡ii e¨q wbY©q Kiæb|
N. †Kvb cÖ¯Íve MÖnY Ki‡j Wwib †Kv¤úvwbwU jvfevb n‡e? we‡kølY Kiæb|
3. †Kv¤úvwbi mvaviY †kqvi g~jab 100 †KvwU UvKv Ges AMÖvwaKvi †kqvi g~jab 30 †KvwU UvKv| AMÖvwaKvi
†kqv‡ii jf¨vs‡ki nvi 15%| mvaviY †kqvi I AMÖvwaKvi †kqv‡ii evRvi g~j¨ h_vµ‡g 130 I 120 UvKv|
†Kv¤úvwb eZ©gvb eQi mvaviY †kqv‡bi Rb¨ †kqvi cÖwZ 13 UvKv jf¨vsk cÖ`vb K‡i‡Q hv AvMvgx eQi¸‡jv‡Z
AcwiewZ©Z _vK‡e| Ki nvi 30%| eëmvq m¤cÖmvi‡Yi Rb¨ AviI 80 †KvwU UvKvi Znwej cÖ‡qvRb| †Kv¤úvwb
15% Acwi‡kva‡hvM¨ eÛ Bmyï gva¨‡g Znwej msMÖn Ki‡Z cv‡i| cÖwZwU e‡Ûi wjwLZ g~j¨ 1000 UvKv Ges
eZ©gvb evRvi gyj¨ 1200 UvKv| †Kv¤úvwbi eZ©gvb ¸iæZ¡ cÖ`Z¡ Mo g~jab e¨q 9.74%|
K. weUv Kx wb‡`©k K‡i?
L. Bmy¨ e¨q Kxfv‡e bZzb ÷‡Ki e¨q‡K cÖfvweZ K‡i? e¨vL¨v Kiæb|
M. †Kv¤úvwbi AMÖvwaKvi †kqv‡ii e¨q wbY©q Kiæb|
N. †Kvb cÖ¯Íve MÖnY Ki‡j †Kv¤úvwb jvfevb n‡e- G gšÍ‡eï †hŠw³KZv e¨vL¨v Kiæb|
4. †Kv¤úvwbi mvaviY †kqvi g~jab 100 †KvwU UvKv Ges AMÖvwaKvi †kqvi g~jab 50 †KvwU UvKv| AMÖvwaKvi
†kqv‡ii jf¨vs‡ki nvi 15%| mvaviY †kqvi I AMÖvwaKvi †kqv‡ii evRvi g~j¨ h_vµ‡g 150 I 100 UvKv|
†Kv¤úvwb PjwZ eQ‡i mvaviY †kqv‡ii Rb¨ cÖwZ †kqv‡i 12 UvKv jf¨vsk w`‡q‡Q Ges weMZ eQ‡i cÖ`Ë jf¨vsk
5% nv‡i e„w× †c‡q‡Q| Ki nvi 40%| Mo g~jab e¨q n«vm Kivi Rb¨ FY gyjab eënv‡ii cÖ‡qvRb n‡q‡Q|
†Kv¤úvwb 50 †KvwU UvKv FY wbj| my‡ì nvi 13%|
K. g~jab e¨q Kx?
L. mvaviY †kqv‡ii e¨q Kxfv‡e wbY©q Kiv hvq? e¨vL¨v Kiæb|
M. †Kv¤úvwbi mvaviY †kqv‡ii e¨q wbY©q Kiæb|
N. 50 †KvwU UvKv FY MÖnY Ki‡j Mo gyjab e¨‡qi Dci Kx cÖfve co‡e? Zv we‡kølY Kiæb|
5. †Kv¤úvwbi eZ©gvb g~jab KvVv‡gv wbgœiƒc:
g~ja‡bi Drm cwigvY
mvaviY †kqvi 70,00,000 UvKv
16% AMÖvwaKvi †kqvi 30,00,000 UvKv
‡gvU 1,00,00,000 UvKv
†Kv¤úvwbi weUvi gvb 1.2 Ges evRvi Av‡qi nvi 10%| SzuwKgy³ Av‡qi nvi 5%| †Kv¤úvwbi AMÖvwaKvi †kqv‡ii
evRvi gyj¨ 110 UvKv| Rbve Zvbfxi bZzb cÖK‡í wewb‡qv‡Mi wm×všÍ MÖnY K‡i‡Qb| G‡Z AviI 50,00,000
UvKv cÖ‡qvRb| †Kv¤úvwbi Avw_©K eë¯’vcK e¨vsK n‡Z 17% my‡` 50,00,000 UvKv FY MÖnY Kivi wm×všÍ
wb‡q‡Qb| Ki nvi 40%| bZzb cÖK‡íi Av‡qi nvi 20%| Avw_©K eë¯’vcK wewb‡qv‡Mi †ÿ‡Î mvwe©K g~jab e¨q
we‡ePbv K‡ib|
K. DËiY ev Bmy¨ e¨q Kx?
L. Kinvi e„w× †c‡j Ki cieZx© FY gyjab e¨‡qi Dci Kx cÖfve co‡e? e¨vL¨v Kiæb|
M. †Kv¤úvwbi mvaviY †kqv‡ii e¨q wbY©q Kiæb|
N. bZzb cÖK‡í wewb‡qvM Ki‡j †Kv¤úvwb jvfevb n‡e Kx? hyw³mn DËi w`b|
DËigvjv
cv‡VvËi g~j¨vqb- 7.1 : 1. K 2. L 3. M 4. M 5. L 6. N 7. N
cv‡VvËi g~j¨vqb- 7.2 : 1. L 2. K 3. L 4. N 5. M 6. N

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