Audit and auditors

answered on 31-Mar-24 22:39

As per sub section 10, if no auditor is appointed, existing auditor can continue to be auditor. What about rotation in this case? If auditor has worked for 5 years and no auditor is appointed, shouldn't he be ineligible to be continue as auditor?

latest answer

This provision is talking about every year AGM appointments of the same auditor who is appointed for the term of 5/10 year period. After 5/10 years this provision does not apply and there will not be default automatic reappointment.

Jasna Jaleel

CA Inter

★ 170

1

71

Limited liability partnership

answered on 02-Apr-24 18:35

In the descriptive question no 3 solution they have told that Albert also must be the designated partner but minimum requirement is only of 2 designated partner in which one must be resident. Why should Albert also be included?

latest answer

There seems to be some mistake in the answer, there is no compulsion to make Mr. Albert as a designated partner.

SUBODH M JAIN

CA Inter

★ 2K+

5

85

Amendments

asked on 30-Mar-24 19:50

Is there any amendments for corporate & other laws for May 24 exams?

latest answer

No answers yet!!

Swetha S

CA Inter

★ 4K+

0

65

doubt

answered on 31-Mar-24 14:31

a person ceases to be a partner either insolvent or unsound can interfere or his interface in management of llp

latest answer

A person may cease to be a partner of a limited liability partnership in accordance with an agreement with the other partners or, in the absence of agreement with the other partners.

Chandramouli A

CA Inter

★ 720

1

89

reg applicability

asked on 29-Mar-24 07:37

section 67a , 67b , 67c and 68a not available in icai books. is this applicable for the exam?

latest answer

No answers yet!!

ANIRUDH CPR

CA Inter

★ 0

0

77

Doubt

answered on 29-Mar-24 06:13

Can a minor become partner /designated partner

latest answer

No Minor - neither become partner in LLP nor admitted to benefits of llp

Chandramouli A

CA Inter

★ 720

1

65

Doubt

answered on 29-Mar-24 06:16

That if any company think that the name is resembles with the name then the affected can make application to change a name within years of incoporation after they cannot do it right

latest answer

Proprietor of trademark has to make application to CG within 3 years of incorporation of llp. But for affected LLP ,affected company , can make application to CG at any time

Chandramouli A

CA Inter

★ 720

1

67

Conditions to be met if Dividend Paid from Reserves

answered on 29-Mar-24 13:56

Hi ma'am, hope you're well. You had listed certain conditions that are to be met, if dividends are to be paid from Reserves / Past year profits. Would these conditions still apply in full, even if both Current year profits and Past year profits were used to pay dividend? As in, some part from Current year profits and rest from Past year profits. Or would the conditions be apportioned since we're not paying dividend entirely from Past year profits? Thanks

latest answer

Even if partly the reserves are used, the conditions will apply

Devaprasad Jothimani

CA Inter

★ 0

1

53

Average Rate of only Final Dividends to be Considered?

answered on 29-Mar-24 14:02

Hi ma'am, hope you're well. If the relevant period ran into loss, interim dividend can't be declared at a rate higher than the average dividend rate of the previous 3 FYs. Here for average dividend rate, do we only see the final dividend rates of the previous 3 FYs? Or do we see the interim dividend rates of the previous 3 FYs also? Thanks

latest answer

We use average of Final dividends declared by Company in 3 PFY

Devaprasad Jothimani

CA Inter

★ 0

2

49

Net worth Vs Net assets.

answered on 27-Mar-24 18:23

Could you plz explain the logic behind the concept of net assets and networth. Y net assets is not considered as Net worth ? Usually I feel confused in both terms .

latest answer

Yeah in accounts but remember different in fm

1 Minute Review

CA Inter

★ 405

15

131