CUET CUET Accountancy 2024 - If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of: | PYQs + Solutions

CUET Accountancy 2024

Accountancy

Accounting for Share Capital

Hard

If a delay occurs beyond 8 days in refunding the subscription amount, failing to gather the minimum subscription, from the date of closure of the subscription list, the company shall be liable for interest at the rate of:

15%

12%

Prevailing in State Bank of India

Correct Option: 1

If a company takes more than 8 days to refund a subscription amount after closing the list, they must pay interest.

The interest rate for this delay is set at 15%.

So, if you choose option 1, you are correct.

This means the company is responsible for paying you extra money because they delayed the refund.