Which of the following has issued revised Schedule VI?
Which of the following has issued revised Schedule VI?
Accordingly, the Ministry of Corporate Affairs (MCA) has issued a revised form of Schedule VI on February 28, 2011.
What is Schedule VI of Companies Act?
Schedule VI to the Companies Act, 1956 deals with the form of Balance Sheet and Profit and Loss Account and classified disclosure to be made therein and it applies uniformly to all the companies registered under the Companies Act, 1956, for the preparation of financial statements of an accounting year.
Under which schedule of Companies Act, 2013 we prepare Balance Sheet in vertical format?
Schedule III to the Companies Act, 2013 deals with the form of Balance Sheet and Profit and Loss Account and classified disclosure to be made therein and it applies to all the companies registered under the Companies Act, 1956.
What shows the financial position of a company?
The balance sheet is a statement that shows a company’s financial position at a specific point in time. It provides a snapshot of its assets, liabilities, and owners’ equity.
Where are calls in arrears shown in balance sheet?
liability side
Calls in Arrears in Balance Sheet Such amount of calls in arrears is shown in the liability side of the balance sheet by deducting from the called up capital. In case if the shares are forfeited, then it is deducted from the forfeited account.
What is advance call?
Excess Money received by the company which has been called up is known as calls in advance. If authorized by its Articles, A Company may accept call in advance from its shareholders. When a company receives such an amount, it needs to credit it to the calls-in-advance account.
What is called unclaimed dividend?
An unclaimed dividend is recorded when a shareholder fails to claim an already paid dividend while an unpaid dividend is the failure of a company to distribute dividends to shareholders after it has been announced. Shareholders are required to claim dividend within 30 days of when the dividend are declared.
When is revised schedule VI applicable for the balance sheet?
The Ministry of Corporate Affairs vide its Notification no. F.No.2/6/2008-C.L-V dated 30-3-2011, notified that the Revised Schedule VI is applicable for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after April 1, 2011.
What is the rate of interest on call-in arrears?
Table F of the Companies Act, 2013, provides for the payment of interest on calls-in-arrears at a rate not exceeding 10% per annum. 9.Calls-in-advance The part of the whole amount received from the shareholders before the call is made, is called calls-in-advance.
When does the revised schedule VI come into force?
The Revised Schedule VI shall come into force for the Balance Sheet and Profit and Loss Account to be prepared for the financial year commencing on or after 1.4.2011.
What are calls-in-advance in share market?
Calls-in-Advance refers to a situation when a shareholder pays the whole amount or a part of the amount of shares before it become due, i.e. before the company calls for it. So, the amount of money that is being paid in advance at the earlier stages is termed as Calls-in-Advance.
