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Time Limit for Publication of Statement on Website
Auditing
Ma'am in Question 1(5), the question is that what is the date by which the unpaid dividend should have been transferred to the unpaid dividend account and by what time should the statement be published on the website. 1. For computing the date by which the amount should be deposited in the unpaid dividend account, we have taken the ideal time limits. Like, dividend should be paid within 30 days of declaration thereof (i.e., 30 days from 25th April = 25th May) and within the next 7 days the unpaid dividend should be transferred to the unpaid dividend account (i.e., 7 days from 25th May = 1st June). 2. But for computing the date by which the statement should have been published, we have taken the actual limits i.e., 90 days from the date of actual transfer to the unpaid dividend account (90 days from 15th June = 13th September). Should we not take the ideal time limits for computing this date i.e., 90 days from the date on which the amount should have been transferred to the unpaid dividend account (90 days from 1st June = by 30th August). If we are taking the actual limits then we should have also computed the date for deposit into the unpaid dividend account to be 7 days from the actual payment of dividend (i.e. 7 days from 10th June = 17th June). Video Details ------------- Advanced Auditing & Professional Ethics (Without SA) Company Audit - Dividend & Reserves #9. Questions
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Best Answer
Within 90 days of transferring the amount, the company must prepare a statement containing the names, last known addresses, and amount unpaid and place it on the company’s website and also on any other website approved by the government. Here time line is 90 days from transferring not end of 7th day. In summary, -it’s 30 days -Then within 7 days from compeletion of 30 days. -So max by 37th day. N if transfer has happened on 32nd day only, then 90 days from 32nd day. Not 37th. That’s the proper provison of sec 124
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