F.W.Taylor

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Frederick Winslow Taylor also known as F.W.Taylor. frederick Winslow Taylor was an american mechanical engineer. f.w.taylor was born on march 20,1856 .He was the one of the first financial consultants.he is alsoKnown for"Father"of the Scientific management & Efficiency Movement, Father of Industrial Engineering.Taylor was the son of a lawyer. He entered Phillips Exeter Academy in New Hampshire in 1872. In 1911, Taylor summed up his efficiency techniques in his book ' The Principles of Scientific Management'. Taylor was also an athlete who competed nationally in tennis. His occupation was Efficiency expert Management consultant. He got the Awards of Elliott Cresson Medal (1902).
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internal reconstruction in corporate accounting

 Internal Reconstruction

Internal reconstruction refers to the internal organisation of the financial structure of a company.it is the internal reorganisation either by alteration or by the reduction in share capital. Reconstruction by alteration of the share capital is effected by increasing the share capital, consolidating or subdividing the shares, cancellation of unissued share etc. Internal reconstruction by reduction in share capital is the cancellation of any paid-up share capital which is lost or unrepresented by available assets.this is generally resorted to write-off the past accumulated losses of the company.internal reconstruction usually means capital reduction .under the scheme ,the paid-up share capital is reduced with their permission and the amount is utilised to write off the accumulated losses and fictitious assets of the company.

According to sec.66 of the Indian companies act,2013 reduction of capital is possible only subject to the confirmation by the tribunal on an application by the company,by special resolution to reduce the share capital in any manner and in particular ,may
  1. Extinguish or reduce the liability on any of its shares in respect of the share capital not paid-up or
  2. Either with or without extinguish or reducing liability on any of its shares.-
    • Cancel any paid-up share capital which is lost or is unrepresented by available assets ,or
    • Pay off any paid-up share capital which is in excess that the company wants. 

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