About share application money pending for allotment
This query is : Resolved
Jyoti jain
(Querist)
09 August 2012
Can share application money pending for allotment shown in balance sheet even if it exceeds the limit of authorized capital?
For example:- paid up capital = 50,00,000
Authorized capital = 55,00,000
Can share application money pending for allotment of Rs. 10,00,000 can be shown in balance sheet?
For example:- paid up capital = 50,00,000
Authorized capital = 55,00,000
Can share application money pending for allotment of Rs. 10,00,000 can be shown in balance sheet?
Rajnish Singh
(Expert)
09 August 2012
Hi Jyoti,
If application Money has not refunded till the Finalisation of Books than It will shown as Liabities to pay to applicant instead of Application or advance allotment money.
If application Money has not refunded till the Finalisation of Books than It will shown as Liabities to pay to applicant instead of Application or advance allotment money.
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CA RICHA BADALIA
(Expert)
09 August 2012
Yes, it can be shown .As per Revised Schedule -VI you have to give a note regarding the time of allotment of the money standing in share application account and that the authorized capital would be increased in future before the allotment of the share standing in share application account.
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CA Ayush Agarwal
(Expert)
09 August 2012
Agree, But Must Have to Refund Within 6 Months as Per Co act.
No Issue Under IT Law Other Than to be received by cheque only above 50k.
No Issue Under IT Law Other Than to be received by cheque only above 50k.
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