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N. K. Gupta posted an Question
April 04, 2021 • 17:14 pm 30 points
  • UGC NET
  • Commerce

In eduncle book some places interest on calls in arrears is 10% and this other place is 5% so which one is interested rate for calls in arrears

on eduncle book some places interest on calls in arrears is 10% and other place is 5% so which one is interested rate for calls in arrears

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  • Rucha rajesh shingvekar best-answer

    As per Table F of Schedule I of the Companies Act, 2013, Company can charge interest @ 10% p.a. from the due date to the date of actual payment.

  • Rucha rajesh shingvekar best-answer

    5% p.a. Calls in Arrears Journal Entry In case of any default, the amount is called as Calls in arrears and a separate Calls in Arrears Account has to be opened, to make the call in arrears entry. An interest of 5% p.a. is charged on all such calls in arrears until the amount is repaid.

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    Aditi Best Answer

    The interest on calls-in-arrears is recoverable from the defaulters according to the provisions of Articles. But if the Articles are silent, shall be applicable  a rate of 5% p.a., on the amount of Calls-in-arrears. However, the directors have the right to waive off the payment of interest on calls-in-arrears.

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