Transcription of ACCOUNTING FOR SHARE CAPIT AL
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ACCOUNTING FOR SHARE CAPIT AL
[Class XII : Accountancy][110]CHAPTER 7 ACCOUNTING FOR SHARE capital ( SHARE and SHARE capital : Nature and types) A Company is an artificial person created by law, having separate entity with aperpetual succession and a common seal. Definition given by Prof. HaneyCharacteristics (Features) of a certificate of incorporation of a company is issued by registrar ofcompanies as per procedure/guidelines given in the Companies Act, law considers a company as an artificial legal Company is a separate legal entity from its owner (shareholders). company has perpetual existence, not affected by the death, lunancy orinsolvency of its shareholders. It can be wounded up only by the law (Courtor registrar of company.)
Share Capital : Capital raised by issue of shares is called share capital. Authorised Capital : Also called as Nominal or registered capital. It is the maximum amount of capital a company can issue. It is stated in Memorandum of Association. Issued Capital : This is part of authorized capital which is offered to public for subscription.
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