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BEST TIPS FOR THEORY PAPER --->www.caspot.com/2014/11/best-way-tips-to-answer-questions-asked.html?m=1
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ETHICS AND COMMUNICATION NOTES --->www.caspot.com/2013/04/40-marks-in-just-21-pages-ipcc-ethics.html?m=1
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AMMENDMENTS IN AUDITING FOR CA-IPCC MAY 2015:
PAPER – 6: AUDITING AND ASSURANCE
PART – I : ACADEMIC UPDATE
(Legislative Amendments as per the Companies Act, 2013)
1) Payments controlled by the Companies
Act, 2013:
a) Under section 180, the Board of
Directors of a company except with the
consent of the company by a special
resolution exercises the following powers.
i) to sell, lease or otherwise dispose of the
whole or substantially the whole of the
undertaking of the company or where the
company owns more than one undertaking,
of the whole or substantially the whole of
any of such undertakings.
ii) to invest otherwise in trust securities
the amount of compensation received by it
as a result of any merger or
amalgamation;
iii) to borrow money, where the money to
be borrowed, together with the money
already borrowed by the company will
exceed aggregate of its paid-up share
capital and free reserves, apart from
temporary loans obtained from the
company’s bankers in the ordinary course
of business:
Provided that the acceptance by a banking
company, in the ordinary course of its
business, of deposits of money from the
public, repayable on demand or otherwise,
and withdrawable by cheque, draft, order
or otherwise, shall not be deemed to be a
borrowing of monies by the banking
company within the meaning of this
clause.
iv) to remit, or give time for the repayment
of, any debt due from a director.
b) Under section 181, the Board of
Directors of a company can contribute to
the bonafide charitable and other funds
any amount in any financial year. Prior
permission of the company in general
meeting is required in case if the
aggregate of such contribution exceeds 5%
of its average net profits for the three
immediately preceding financial years.
c) Section 182 deals with prohibition and
restriction regarding political contributions.
According to this section, a government
company or any other company which has
been in existence for less than three
financial years cannot contribute any
amount directly or indirectly to any
political party. In other cases, contribution
in any financial year should not exceed 7½
% of average net profits during the three
immediately preceding financial years.
d) Section 183 permits the Board and
other person to make contributions to the
National Defence Fund or any other Fund
approved by the Central Government for
the purpose of National Defence to any
extent as it thinks fit.
2) Allotment of shares and receipt of
Allotment: (Section 39 of the Companies
Act, 2013)
i) Director’s Minutes Book to verify
approval of allotments.
ii) Compare copies of letters of allotment
with entries in the Application and
Allotment Book.
iii) Trace entries in the Cash book into the
Application and Allotment Book for the
verification of amounts collected on
allotment.
iv) Trace the amount collected on
application as well as those on allotment
from the Application and Allotment Book
into the Share Register.
v) Check whether the amount stated in the
prospectus as the minimum amount has
been subscribed and the sums payable on
such application have been received by
the company.
vi) Check that the amount payable on the
application on every security is not less
than five percent of the nominal amount of
security or such other percentage or
amount as may be prescribed by the SEBI.
vii) If the stated minimum amount has not
been subscribed and the sum payable on
subscription is not received within a period
of thirty days from the date of issue of the
prospectus or such period as my be
specified by the SEBI, check that the
amount received above is returned within
a period of fifteen days from the closure of
the issue and if in case the amount is not
repaid within such period, the directors in
default shall jointly and severally be liable
to repay that amount with interest at the
rate of fifteen percent per annum.
viii) Check totals of amounts payable on
allotment and verify the journal entry
debiting Share Allotment Account and
crediting Share Capital Account.
3) Prohibition for buy back in certain
circumstances : Section 70 of the
Companies Act, 2013.
i) No company shall directly or indirectly
purchase its own shares or other specified
securities—
(a) through any subsidiary company
including its own subsidiary companies; or
(b) through any investment company or
group of investment companies; or
(c) if a default, by the company, in
repayment of deposit or interest payable
thereon, redemption of debentures or
preference shares or payment of dividend
to any shareholder or repayment of any
term loan or interest payable thereon to
any financial institutions or bank, is
subsisting. Provided that the buy – back
is not prohibited if the default is remedied
and a period of three years has elapsed
since the cessation of the default.
ii) No company shall directly or indirectly
purchase its owns of Sections 92,123, 127
and 129. Section 92 relates to the filing of
Annual Return, Section 123 and 127 to
declaration and payment of dividend and
Section 129 to the financial statement of
the company.
4) Central Government to prescribe
Accounting Standards (Section 133 of the
Companies Act, 2013):
Section 133 of the Companies Act, 2013
provides the provisions for Central
Government to prescribe accounting
standards. According to section 133 of the
Companies Act, 2013: “Accounting
Standards” means the standards of
accounting or any addendum thereto as
recommended by the Institute of Chartered
Accountants of India (ICAI) constituted
under section 3 of the Chartered
Accountants Act, 1949, as may be
prescribed by the Central Government in
consultation with and after examination of
the recommendations made by the
National Financial Reporting Authority
constituted under section 132 of the
Companies Act, 2013.
In respect of accounting standards, the
role of National Financial Reporting
Authority is limited to advise the Central
Government on the accounting standards
recommended by ICAI for adoption by
companies. The Ministry of Corporate
Affairs (MCA) vide General Circular No.
15/2013 dated 13th September, 2013 has
clarified that till the Standards of
Accounting or any addendum thereto are
prescribed by Central Government in
consultation and recommendation of the
National Financial Reporting Authority, the
existing Accounting Standards notified
under the Companies Act, 1956 shall
continue to apply.
5) Payment of Dividend in proportion to
amount paid-up (Section 51 of the
Companies Act, 2013):
A company, if so authorised by its Articles,
may pay dividend in proportion to the
amount paid-up on each share.
Must share it to all,
Thanks,
Regards,
Pankaj Singhal
©CA and CS HUB
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2SHORTCUTS CODES FOR NEGATIVE LIST --->www.mediafire.com/download/tsz02yctk2h593w/Negative+list+Mnemonic+code+(+2+SHORTCUTS).docx
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HOW TO REMEMBER SECTIONS IN DIRECT TAX AND INDIRECT TAX---->www.mediafire.com/download/crcb4kef8116h1t/CS+NOTES+Indirect-tax-Charts-.-Easy-to-remember-sections.pdf
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CASE STUDIES OF COMPANIES ACT, 2013 --->www.mediafire.com/download/p55q7vjdsqbyqc8/case+studies+for+companies+acr+2013.doc
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ICAI INTRODUCING NEW SYLLABUS OF CA COURSE FROM MAY 16 --->www.caspot.com/2015/01/introducing-new-syllabus-from-may-2016.html?m=1
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DOWNLOAD CA FINAL AUDIT NOTES --->www.mediafire.com/download/mbc612td9ttjgf1/ca-final-audit-ebook.pdf
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CA FINAL INDIRECT TAX FOR MAY 15 --->www.mediafire.com/download/14ijn4sb12z1l5c/AMENDMENTS+IN+CA+FINAL+INDIRECT+TAX+FOR+MAY+2015.pdf
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CA-FINAL DIRECT TAX AMMENDMENT NOTES ---->www.mediafire.com/download/54lx70edah1277d/AMENDMENTS+IN+CA+FINAL+DIRECT+TAX+FOR+MAY+2015.pdf
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DOWNLOAD AMMENDMENTS IN DIRECT AND INDIRECT TAX FOR MAY 15 --->www.mediafire.com/download/b17qkcpr0q6h6ng/347822_65120_amendment_by_finance_act_2014__dt_and_idt__final.pdf
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SCHEDULE TO PASS CA FINAL EXAMS IN 3 MONTHS --->www.caspot.com/2014/11/how-to-pass-ca-final-both-groups.html?m=1
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HOW TO REGISTER FOR IPCC AFTER CPT ---->www.caspot.com/2015/01/how-to-register-for-ipcc-after-cpt-last.html?m=1
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DOWNLOAD CHANGE IN SYLLABUS FOR IPCC AND FINAL FROM MAY 2015 EXAMS ---->www.mediafire.com/download/ugapg8fc9ffg5fg/Revised-syllabus+ICAI.pdf
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DOWNLOAD ICWAI JOURNAL JANUARY 2015 FOR CMA STUDENTS AND MEMBERS ----->caultimates.com/download-icwai-journal-2015/
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Tips Suggested By ICAI President In Order to Prepare For Exam ---->www.cakart.in/blog/icai-president-ca-k-raghu-said-ca-exams-will-be-tough/
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1) Financial Reporting ---->www.mediafire.com/download/ky81rwtc4j98aqc/paper+1.pdf 2) SFM ------>www.mediafire.com/download/8g3y41iqhy8cg2q/paper+2.pdf 3)Advance Auditing & Professional Ethics ---->www.mediafire.com/download/gra02smg4nxu3u8/paper+3.pdf 4)Corporate & Allied Laws -->www.mediafire.com/download/056f0arvkpr5h96/paper+4.pdf 5)Advance Managment Accounting --->www.mediafire.com/download/nwspgxr3cdrj9wb/paper+5.pdf 6)ISCA ---->www.mediafire.com/download/jfwr5xxjekp176e/paper+6.pdf 7) DIRECT TAX Laws --->www.mediafire.com/download/1ai18twn5z7e7ry/paper+7.pdf 8) Indirect Tax Laws ---->www.mediafire.com/download/ayl8gyp08bcc6m9/paper+8.pdf
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CAPITAL BUDGETING 2 PAGE NOTES FOR CA-IPCC & CShttp://www.mediafire.com/?yu1l66wuh8y0t6u
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HOW TO PREPARE FOR CA EXAMS--->http://www.caspot.com/2015/01/how-too-prepare-for-ca-exams-prepration.html
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CA-FINAL BEST REFERENCE BOOKS FOR SELF STUDY ---->http://www.caspot.com/2015/01/ca-final-best-reference-books-suggested.html
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CA-IPCC Best Reference Books/ Suggested Books/ Recommended Books for Self Study --->http://www.caspot.com/2015/01/ca-ipcc-best-reference-books-suggested.html
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Service Tax Summary Notes For CS Executive & CA- IPCC -->http://www.caspot.com/2014/11/service-tax-summary-notes-for-cs.html
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How to Pass CA Final both groups ---->http://www.caspot.com/2014/11/how-to-pass-ca-final-both-groups.html
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Tax Exemption ( Section Wise) For Salaried Employee To Calculate Tax ---->http://www.caspot.com/2015/01/tax-exemptions-section-wise-for.html
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Planning Your IPCC & Cracking IPCC Exams --->http://www.caspot.com/2014/11/planning-your-ipcc-cracking-ipcc-exams.html
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Learn Direct Tax Charts in 10 min for CA and CS ---http://www.caspot.com/2014/11/direct-tax-laws-learn-in-just-10-minutes.html
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Super Summary of Accounting Standard ---->http://www.caspot.com/2014/11/super-summary-of-accounting-standards.html
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Notes for Accounting Standard 1-32 |All As Notes| IPCC & FINAL---->http://www.caspot.com/2014/10/notes-for-accounting-standard-1-32-all.html
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Complete CA-IPCC - MAY 2015 Important Topics ---->http://www.caspot.com/2014/09/complete.html
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