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How many sections are there in companies act 1956?
There are 658 sections in Companies Act, 1956 in total.
How many schedules are there in companies act 1956?
14 schedules
What Is the rate of Depreciation as per companies act 1956 on computer server?
The Rate of Depreciation on Computer as per Companies Act is 40%
Where is Share Application money receiced is shown in balance sheet?
The correct accounting treatment in respect of share application money is analysed as below: · Section 211 of the Companies Act, 1956 provides that the balance sheet of a company shall give a true and fair view of the state of affairs of the company and shall be in the form (either horizontal or vertical) as set out in Part I of Schedule VI. · The broad heads under "Liabilities" therein are (i) Share Capital, (ii) Reserves and Surplus, (iii) Secured Loans, (iv) Unsecured Loans and (v) Current Liabilities and Provisions. The item of 'share application money' does not appear in the subheads under any of these heads. · Any subscription received by a company against issue of share capital can be regarded as "subscribed share capital" only when the share capital is actually subscribed and allotted as well. Until the allotment is made, any subscription cannot be included in the amount of subscribed share capital. [ICAI Compendium of Opinions, Vol. XII, pp. 121 to 123]. Share application money, therefore, cannot be treated as 'Share Capital". · Share application money only in respect of invalid or revoked applications and excess application money received due to over-subscripttion, however, may be treated as "Current Liabilities". The instant case does not satisfy any of the above, hence cannot be treated as "Current Liabilities" Share application money, therefore, can neither be categorized as "Share Capital' nor "Current Liabilities". · The ICAI Compendium of Opinions, [Vol. XV, (1996 Edn.) pp. 34 to 36], opines that the "share application money pending allotment" should be shown in the balance-sheet under a separate heading between "Share Capital" and "Reserves and Surplus". · Share application money is also not an instrument, much less an Equity linked instrument.
What is the difference between tax audit and statutory audit?
Audit under any statute in a Country(State) is called statutory audit & Audit under any taxation law is called tax audit. For example books of accounts are audited under the Companies Act, 1956 (Statutory Audit) and Financial Statements of companies are prepared as per the provisions of this Act. Books are also audited under the Income Tax Act, 1961 and the income arrived at as per the provisions of this Act is taxed (Tax Audit).
Format of balance sheet of manufacturing company as per Schedule VI of Companies Act 1956?
where we can show bank overdraft in balance sheet
How many sections are there in companies act 1956?
There are 658 sections in Companies Act, 1956 in total.
What is the Indian companies act?
1956
List of companies registered under companies act 1956?
labatasia
Which companies can use the word limited?
Only Public Companies as defined in Section 3(i)(iv) of companies act 1956 can use word limited in their name.Private Companies sh Only Public Companies as defined in Section 3(i)(iv) of companies act 1956 can use word limited in their name.Private Companies shall use private limited at the end of their name and it is optional for the companies registered under section 25 of the Companies act 1956 to use word limited.
List of companies in lucknow under Act 1956?
I know one company which is registered under sec-25 of the companies act 1956, its Bhartiya Micro Credit
Which are the companies in India?
Any Body Cooperate registered under Indian Companies Act. 1956.
List of MLM companies in under Act 1956?
telexfree
How many schedules are there in companies act 1956?
14 schedules
Free reserves under S372A of the companies Act 1956 whether includes capital reserves?
No, Capital reserves cannot be part of free reserves under S372A of Companies Act 1956.
How many multibank holding companies were there in 1956?
In 1956 a total of 53 MBHCs represented 428 banks with 783 branches
What is the role of promoter companies act 1956?
THE ROLE OF PROMOTER IN INCORPORATION
