CARO,2004 Amended
This query is : Resolved
01 December 2008
Dear Sir,
I am a CA Final student and in the last year of articleship .I have a doubt about requirement of CAR2004(amended) in relation to a Private Limited Company.My question as follows.M/s ABC Limited is a Private limited company having a paid up capital of Rs.50 lakhs.Company is a loss making since its incorporation.Last financial year company was received a grant of Rs.5 lakhs as promoters contribution and same is shown as Capital reserve under the head of Reserves(AS-12) and Surplus in Libility side of the balance sheet,on that year company's paid capital was Rs.5lakhs (50000equity shares of Rs.10 each).On January 2008 Company has increased its share capital to Rs.50 lakhs by issuing 450000 equity shares of Rs.10 each.My question is that since the company is having a reserves + equity share capital more than Rs.50 lakhs,have they required to comply with the CARO,2004 reporting requiremnents.
I am a CA Final student and in the last year of articleship .I have a doubt about requirement of CAR2004(amended) in relation to a Private Limited Company.My question as follows.M/s ABC Limited is a Private limited company having a paid up capital of Rs.50 lakhs.Company is a loss making since its incorporation.Last financial year company was received a grant of Rs.5 lakhs as promoters contribution and same is shown as Capital reserve under the head of Reserves(AS-12) and Surplus in Libility side of the balance sheet,on that year company's paid capital was Rs.5lakhs (50000equity shares of Rs.10 each).On January 2008 Company has increased its share capital to Rs.50 lakhs by issuing 450000 equity shares of Rs.10 each.My question is that since the company is having a reserves + equity share capital more than Rs.50 lakhs,have they required to comply with the CARO,2004 reporting requiremnents.
02 December 2008
At any point of time in a financial year the paid up capital and reserves exceeds Rs.50/- lakhs provisions of CARO, 2003 applies.
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