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What Rate of Interest the Does Company Pay on Calls - in Advance If It Has Not Prepared Its Own Articles of Association? - Accountancy

What rate of interest the does company pay on calls - in advance if it has not prepared its own Articles of association?

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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.

Concept: Accounting for Companies - Introduction
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