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advance against share capital

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(Querist)
16 July 2008 The company does not enough authorised capital and received advance aganist share capital. In such case what auditor should do 1. whether the auditors' report to be qualified or
2. attention be drawn by mentioning in notes or
3. disclosure in notes is sufficient.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
16 July 2008 I think the amount has been received on account of Share Application Money. A note on the same may be given by the company that the company is in the process of increasing its Authorised Capital and alltment will be considered by the board thereafter.
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Pinku

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Pinku (Querist)
17 July 2008 What in case no enough authorised capital, can it shown below share capital in BS or to be shown as current liability
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CA Abhishek Tyagi

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CA Abhishek Tyagi (Expert)
12 August 2008 No it should be shown as share applicaion money & the it should be properly be shown in the notes to the account. Side by side board should consider to authorised capital otherwise it should be refunded to the applicants.
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