In a winding up of a company, certain creditors remain unpaid.
The following persons had transferred their holding before winding up:

Name No. of Amt. due to
transfer share creditors(Rs.)
P Jan.1 1000 7500
Q Feb.15 400 12500
S Mar.15 700 18000
T Mar.31 900 21000
U Apr.5 1000 30000

The shares were of Rs. 100 each

One member named "R" who held 200 shares died on 28th Feb.1996 when amount due to creditors was Rs.15000. His shares were transmitted to his son named "X"

Z was the transferee of shares held by "T"
Z paid Rs.20 per share as calls in advance immediately on becoming a member

The liquidation of the company commenced on 1st Feb,1997 when the liquidator made a call on the present and past contributors to pay the amount

Quantify the maximum liability of the transferors of shares mentioned in the above table. when the transferee:

(1) pay the amount due as "present" member
contributories
(2) do not pay the amount due as "present" member contributories

Also quantify the liability of "X" to whom shares were shares were transmitted on the demise of his father "R"

sir ,
what are the basic data require for preparing provisional balance sheet and which points should be followed while preparation of provisional balance sheet .How to calculate the bank over draft limits and formalities for getting bank loan based on provisional balance sheet and other details provided for me.
Thanks in advance sir.

Why there is a debtors bifurcation in Balance sheet as more than 6 months and less than 6 months ?

What does it indicates to companies members ? How does it affects company financially or companies credibility ?

Subject: Clarification on TCS to be collected on sale of Coal u/s 206C (1), whether applicable at the point of first sale or at the point of all re-sale

As per the amendments inserted by the Finance Act, 2012, w.e.f. 01-07-2012 it is stated “that every person, being a seller shall, at the time of debiting of the amount payable by the buyer to the account of the buyer or at the time of receipt of such amount from the said buyer in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, collect from the buyer of Minerals , being coal or lignite or iron ore , a sum equal to One percent of such amount as Income Tax in accordance with the provisions of 206C(1).”

term “buyer” in section 206C is defined to mean “a person who obtains in any sale, by way of auction, tender or any other mode, goods of the nature specified in the Table referred above or the right to receive any such goods but does not include : (i) a public sector company, (ii) a buyer in the further sale of such goods obtained in pursuance of such sale, or (iii) a buyer where the goods are not obtained by him by way of auction and where the sale price of such goods to be sold by the buyer is fixed by or under any State Act.


For the removal of doubts, it is hereby declared that the provisions of subsection (1) shall not apply to a buyer (other than a buyer who obtains any goods from any seller which is a public sector company) in the further sale of any goods obtained under or in pursuance of the sale under sub-section (1).


Now the debate lies that whether the TCS will be collected from the buyer at the point of first sale onlyi.e.by the Coal companies (Coal India & its subsidiaries) from the Wholesales/Retailers etc. Or whether the TCS is applicable on the re-sale also(on each point of sale).

Kindly support your answer with relevant circulars/notifications.

Plz Can any one Know Chart of Accounts of Security agency

Dear Experts ,

Can we used below same Main Objects for registering a multi level marketing Pvt ltd. company.

Please Suggest



THE MAIN OBJECTS TO BE PURSUED BY THE “M/S. …………………..;”

a) To carry on all kinds of commission agency, Multi – Level Marketing (Network Marketing), Marketing Agency, Auctioneers Business and to Act as Selling Agent, Buying Agent, Clearing Carriage and Forwarding Agents, Distributors, Traders, Dealers or Stockiest for Consumable Goods, General items, Tea, Spices, Cosmetics, Consumer Products, Service Products, Medical Herbs and Merchandise of all kinds, and to appoint any number of agents for its business, and to make any collaboration, franchisee arrangement with any Government, State, Firm/Firm, Corporation, authority or person for the aforesaid in India or elsewhere in the world and appoint its own agents.
b) To carry on and procure insurance (Life/Non-life) business as a corporate agent/broker and loss assessment on behalf of the general insurance Firm whether in Government sector or Private sector, may be caused due to marine risk, fire, burglary, theft, break down, loss and profit, boiler, motor claims or any other form losses at money, agent for collection of insurance premium. (through network business) Subject to approval of IRDA.

DK Ltd. Purchased some machines as follows:

1. On 1/7/2009 Company purchased a Plant at cost Rs.85000 and freight incurred Rs. 5000 and erection charges Rs.10000.
2. On 1/4/2010 Company purchased another Plant at cost Rs. 150000.
3. On 1/10/2010 Company purchased another new plant at cost Rs. 20000 and freight incurred Rs.3000 and erection charges Rs.2000.
4. On 1/7/2011 other new Plant purchased at cost Rs. 70000 and erection charges Rs. 5000 incurred.

Company follows SLM of dep. at 10% p.a. But 2011 beginning onward Company decided to change its method of dep.from SLM to WDV at 15%p.a with retrospective effect.In 2011 on April 1st. 1/4th of plant purchased on 1/7/09 sold away for Rs. 13150.

Show Plant a/c up to Dec.31st., 2011.

What is the procedure to file annual return of societies registered under societies act? Is there any charges to file the same with ministry?

for finance purpose the bank has insisted to certify the provisional balance sheet of client . How to certify a provisional balances of ledgers and balance sheet Please send the format for certification

letter draft for society for new water connection