A private company has been formed. Two people have signed the MOA saying they will subscribe to Rs.1 Lac worth of shares. But they have put in only Rs.50,000 together in the company. A third person who is not subscribed to MOA has invested 50,000. More than a year has passed since incorporation and no return of allotment is filed with ROC. In this regard I have following questions:


Queries:

1) Should the auditor treat Rs.1,00,000 received as loan since no return of allotment has been filed with ROC?


2) If the answer is yes, then it would result in no paid up share capital in the B/S. In this case should the Auditor qualify his report? If yes , what should be the wordings for qualification?


Please answer above questions separately for each question.

Thanks

Can I take Cenvat credit on Eicher truck (model no - 10.59XP E HSD 14Ft GB) We are manufacturer of Pet Bottles and will use the truck for material loading and delivery of pet bottles.

How much time is enough for studying company law in detail .. I have 5 months in hand.... But i am preparing for other subjects also.... I read somewhere that 7-8 days enough for this subject... Is it possible?

Hello everyone...i need your help and guidance...I am a final year CMA student and also pursuing CS .... I have passed CMA final 3rd group and only one group is remaining.... After completing CMA , i want to do job... I have some good offers in hand from my previous employer.... But i am worried for cs.... Can u tell me if i can complete cs final with job??? I mean it is difficult to balance both....but if anyone has done this please guide me... I am just 24 years old and dont want to run before degrees ...but i want to finish it in a limited time span .....i have cleared everything in first attempt till date.... It has given me confidence.... But i am not sure about studying with job.... Please guide me...

when ipcc may 2014 result will be declared

Hello

Is there any requirement to pay any service tax by the contractor who runs a canteen in a government department?

Further, if there is no requirement to pay service tax, is the registration still needed and under what heading?

If A Ltd has purchased Govt bond in December,2013 @ Rs.1050.

The said A Ltd has received interest of Rs.45 on the same in Feb,2014.

Now, the Govt bond is sold @ Rs. 1010 and there is a loss of Rs.40. whether this loss will be treated as Short term loss ? What would be the empact of Rs. 40 as per income Tax Act.

Many many thanks.

If A Ltd has purchased Govt bond in December,2013 @ Rs.1050.

The said A Ltd has received interest of Rs.45 on the same on the same in Feb,2014.

Now, the Govt bond is sold @ Rs. 1010 and there is a loss of Rs.40. whether this loss will be treated as Short term loss ?

What would be the empact of Rs. 40 as per income Tax Act,

Many many thanks.

What are the major changes in law and audit for CA-final november 14 attempt. What are the changes made by new companies act 2013 and which sections are applicable for the attempt and which chapters are changed. Will I have to purchase new books for both the subjects because I have the books for May14 attempt?

DEAR SIR/MADAM,

I HAVE SOLD ONE SHOP AT RS.20 LACS AND LTCG ON THAT SHOP IS RS.5 LACS. ALSO PURCHASED AFTER A WEEK ONE SHOP AT RS.16 LACS. PLEASE TELL ME THE AMOUNT OF EXEMPTION AVAILABLE ON SUCH PURCHASE OF NEW SHOP.




THANKS