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(C) Realisation Account
(D) None of the above
12. What rate of interest does company pay on calls-in-advance if it has not prepared its own article of association
Answers
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Answer:
6%
Explanation:
Solution. If a company has not prepared its own Article of Association, then Table A of Companies Act, 1956 is applicable. According to Table A of Companies Act, interest on Calls-in-Advance @ is payable at 6% p.a.
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