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Select the Most Appropriate Answer from the Alternatives Given Below and Rewrite the Sentence : - Book Keeping and Accountancy

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MCQ

Select the most appropriate answer from the alternatives given below and rewrite the sentence :
If the articles are silent regarding interest on Calls-in-advance, the minimum rate of interest to be charged is _____________ p.a.

Options

  • 5%

  • 6%

  • 8%

  • none of these

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Solution

If the articles are silent regarding interest on calls-in-advance, the minimum rate of interest to be charged is 6% p.a.

Explanation: If the articles are silent, then the provisions of Table A are applicable. As per Table A, interest @ 6% p.a. is paid on calls-in-advance.

Concept: Calls in Advance and Arrears
  Is there an error in this question or solution?

APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 10 Company Accounts Part - 1 (Accounting for Shares)
Exercise | Q 7 | Page 351
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