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Home Questions WMCEV4W8TJ
Target Exam

CUET

Subject

-- Accountancy Part A

Chapter

Accounting for Shares

Question:

The rate of interest on calls in arrears as per Table F can not exceed...

Options:

11%. p.a.

10%. p.m.

10%. p.a.

12%. p.a.

Correct Answer:

10%. p.a.

Explanation:

The correct answer is option 3- 10%. p.a.

The rate of interest on calls in arrears as per Table F can not exceed 10%. p.a. 

If the Articles of Association are silent regarding the rate of interest on calls in arrears, the provisions of the Companies Act, 2013 (in India) would apply. As per Companies Act, 2013, the maximum rate of interest on calls in advance is 12% p.a. As per Companies Act, 2013, the maximum rate of interest on calls in arrears is 10% p.a.

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