Voting rights

answered on 21-Sep-21 11:31

If the company has not paid preference dividend for the year 2018-19 2019-2020 Now the company is going to conduct annual general meeting of 2019-20on 30th September 2020 Now the will preference shareholders get any voting rights in such annual general meeting or will they get voting rights in next annual general meeting

latest answer

Yes they will get right to vote in AGM held on 30/9/20 as equity share holders as second proviso to Sec 47(2) states "where the dividend in respect of a class of preference shares has not been paid for a period of two years or more, such class of preference shareholders shall have a right to vote on all the resolutions placed before the company."

B. S. V Subramanyam

CA Inter

★ 50

2

247

Calls in advance

answered on 21-Sep-21 11:03

If there are no profits then interest on calls in advance must be paid out of the capital because the shareholders become greater of the company in respect of this amount What is the the meaning of this sentence

latest answer

Please mention the source of the statement, thanks

B. S. V Subramanyam

CA Inter

★ 50

1

243

Calls on shares

answered on 21-Sep-21 11:02

The power to call for money on share cannot be delegated to a director or a committee of directors or to any other officer Give an example to it sir or atleast provide explanation

latest answer

It means power shall stay with the Board as a whole not delegated further.

B. S. V Subramanyam

CA Inter

★ 50

1

238

Issue of shares

answered on 21-Sep-21 10:53

In case of unredeemed preference shares, does company need to obtain consent from the 75% of the shareholders or shareholders holding 75% of the preference share capital?

latest answer

Consent of the holders of three-fourths in value of such preference shares - it means shareholders holding 75% of preference share capital

B. S. V Subramanyam

CA Inter

★ 50

1

230

Dissolution

answered on 21-Sep-21 11:19

Treatment of Loan given to partner Loan taken from partner

latest answer

The amount realised from assets along with contribution from partners, if required, shall be utilised first to pay off the outside liabilities of the firm such as creditors, loans, bank overdraft, bill payables, etc. (it may be noted that secured loans have precedence over the unsecured loans); the balance should be applied to repay (it will be paid in cash) loans made by the partners to the firm. (in case the balance amount is not adequate enough to pay off such loans and advances, they are to be paid proportionately. Loan to partner has to be realised from partner or can be adjusted against his capital account .

vijay anvesh

CMA Inter

★ 85

1

260

Dissolution

answered on 21-Sep-21 12:02

Treatment of Loan given to partner Loan given to partner

latest answer

Loan given to partner - adjust to capital account

vijay anvesh

CMA Inter

★ 85

1

218

Investment Decision

answered on 21-Sep-21 12:03

All indirect costs/allocated costs are not included to arrive at CFAT. Is this correct?

latest answer

ok Tq

Sneha Raj

CA Inter

★ 1K+

6

289

Exam doubt

answered on 20-Sep-21 22:08

In paper 4 icai can allow to take the normal calculator or they will not allow for ca found.....exam

latest answer

Romba Thanks

Balachandar S

CA Inter

★ 59K+

4

340

Partnership accounts

answered on 24-Sep-21 17:07

Sir in the below attachments they have once debited the bank a/c and distributed goodwill and in other place they have debited new partners capital a/c actually the journal entry is new partners capital a/c dr To old partners capital a/c So I am getting confused can you please explain me this clearly

latest answer

You can credit the amount brought in to capital account of new partner. Then debit new partneer capital account and credit to old partners. Net impact is the same.

Soumya A

CA Inter

★ 20K+

1

250

Cost of retained earning

answered on 22-Sep-21 10:40

How will it be calculated in this case?

latest answer

Yes. You should mention about alternative way in notes

Aman Mahajan

CA Final

★ 19K+

6

302