Closure of company through fte mode

This query is : Resolved

Sakshi wasson (Querist)
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29 October 2014
A company is required to be closed through Fast track exit. There is some bank balance in its bank account. And for FTE application the bank account is to be closed.

In this case, can the amount lying in the bank account be distributed among the shareholder or what can be done of this bank balance. The Company does not have any other asset.

VIKASH GUPTA

VIKASH GUPTA (Expert)
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06 November 2014 you can withdraw cash from bank account and after that close the bank account. and book the expenses for all the cash after that you will have debit balance in profit & loss A/c which is required as per annexure C of FTE.

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