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CA IPCC : Revision Test Paper (with Answers) - AUDITING & ASSURANCE Nov 2014

34 pages, 54 questions, 0 questions with responses, 0 total responses,

CA IPCC
Tilak Vidyalaya Higher Secondary School (TVHSS), Kallidaikurichi

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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 7 % 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. The Institute of Chartered Accountants of India

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