The main business of the company is making members by accepting subsciption under any sheme of Rs. 5000,or 10000 or 150000 against which one suitlength (One Pent Pc.) say of Rs. 250 is given by the Co.and instruct them to prepare down chain link of three member under them. Co. gives commission to initial member and further commission when down chain link is completed by initial members.
My Questions are :
1.Whether the nature of activity being carried out is legal or contravenes any statutory laws in India. As according to me this is neither trading nor any service providing activity.
2. If it is legal, what should be the Object in the memorandum of assocation ?
3. What should be the appropriate accounting treatment for such transactions ?
4. How the huge amount of profit earned by the Company is absorbed ?
Pl. guide us on the above mentioned matters.
Thnaking You.
Mukesh Tiwari.

What is the Format for Certificate to be obtained from the assessee regarding Loans taken and given u/s 269SS / 269T. What are the details to be mentioned in the certificate by the assessee.

The closing stock is valued at NRV or cost w.e.l. In this situation the assesse has adopted the NRV since it is less than cost. How will he show the details of Loss on Revaluation in the Closing Stock Statement which he will certify and give to his auditor. I want to know how exactly the Closing stock Statement will be and how the details must be presented in it.

Hello
As per the master circular of RBI dated 01.07.2009, the auditor of NBFC COMPANY has to give a report to the BOD in addition to the auditor report given under the companies act.
whether this report is part OF THE AUDITORS REPORT or it will be a separate report
Regards,
Jyoti Baid

An asset was completely obsolute and not in use,now such asset is completely under repair and renovation for making it ready for use.whether depreciation can be claimed during this period.

I have name of the company and i want to know about the following issue

Company Number
State of registration
Date of incorporation
List of shareholders - names, addresses, number of shares
List of directors - names, addresses, designation
P&L
Balance Sheet
Notes
Directors Report
Auditors Report
Special Resolutions passed
Share Transfers which have happened (during what period is this available)
Share Allotments
Bonus Shares
Cash Flow Statement
Abstract
PAN number of company, directors, shareholders
Changes in Directors (for what period is this available)
Other documents that may have been filed with the RoC
Defaults if any on company law

Plz if any one know about any of the above issue or any site where i can get any information plz inform me

Although gratuty valuation is done by valuer but if valuer is not hired, how gratuty will be calculated?

Please let me know -

Is it necessary / mandatory for a company (whether public or private) to charge depreciation as per schedule XIV of the companies act, 1956 or it can charge depreciation as per section 32 of the Income Tax Act, 1961 in the Financial Statements ?

Kind Regards

Neha

In the Case of Satyam, a foreign auditing company has been appointed, eventhough the Balance Sheet and other Financial Statements have been signed by the members of the Institute of Chartered Accountants of India. How it is possible to appoint foreign companies to be appointed as the auditors of Indian Companies. Please give the answer in detail explaining the Professional Ethics issued by ICAI in this regard.

thanks


regards
sarma

If financial statements are audited and need to be revised can it be done?
If yes when?
How would the whole process take place?
What happens if shareholders have accepted the statements?
What if the financial statements are revised before the shareholders AGM?
When does this amount to reinstatement of accounts?