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Preparation of Financial Statements of Not-for-Profit Organisations Question 1.Write short note on the following:Features of Income and Expenditure Account (June 2019, 5 marks)Answer:Features of Income and Expenditure Account: It follows Nominal Account. All expenses of revenue nature for the particular period are debited to this Account on accrual basis. Similarly, all revenue incomes related to […]
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Interpretation of Statutes Question 1.Give the difference between interpretation and construction. [MTP-March 18, March 21]Answer:Difference between Interpretation and Construction:More often the two terms are used interchangeably to denote a process adopted by the courts to ascertain the meaning of the legislature from the words with which it is expressed, these two terms have different connotations. […]
The General Clauses Act, 1897 Question 1.What is “Financial Year” under the General Clauses Act, 1897?Answer:Financial Year: As per Sec. 3(21) of the General Clauses Act, 1897, ‘Financial Year’ shall mean the year commencing on the first day of April. The term year has been defined u/s 3 (66) as a year reckoned according to […]
Audit and Auditors Question 1.State the procedure for the following, explaining the relevant provisions of the Companies Act, 2013: Appointment of First Auditor, when the Board of Directors did not appoint the First Auditor within one month from the date of registration of the company.Answer:Procedure for appointment of First Auditor:Sec. 139(6) of the Companies Act, […]
Accounts of Companies Question 1.XYZ Ltd. wants to maintain its books of account on cash basis, is this a valid act of XYZ Ltd?Answer:Maintenance of Books of account: Sec. 128(1) of the Companies Act, 2013 requires every company to prepare books of account and other relevant books and papers and financial statement for every financial […]
Declaration and Payment of Dividend Question 1.AB Ltd. has issued equity shares having face value of ₹ 10 per share. The shares are currently quoting on the NSE at ₹ 250 per share. The company at its AGM held on 27.07.22 has declared a dividend of 20%. Mr. Shekar owns 1,000 shares which he purchased […]
Management and Administration Question 1.Mr. Zoey purchased the shares of Luxy Hairstyles Private Limited, at market price. In the name of his daughter, Mita, who is 4 years old. Mr. Joe, the Director of the Company, has approached you to advise him on the updation of said change In the register of members, since Mita, […]
Registration of Charges Meaning & types of Charges Question 1.Mind Limited realised on 2nd May, 2022 that particulars of charge created on 12th March, 2022 in favour of a Bank were not filed with Registrar of Companies for Registration. What procedure should the company follow to get the charge registered with the Registrar of Companies? […]
Acceptance of Deposits by Companies Question 1.Soorya Ltd. has raised ₹ 2,00,000 through issue of non-convertible debenture not constituting a charge on the assets of the company and listed on a recognised stock exchange as per applicable regulations made by Securities and Exchange Board of India. Whether the amount so received can be treated as […]