Effect of Payment in the books of co.
This query is : Resolved
25 March 2010
Mr. X had made a payment towards the instalment of plot and thereafter form a company and become a director cum shareholder of that company. Thereafter company is making payment of instalments which is to be t/f in the name of company after making the full payment. What effect should be given for previous payment made by Mr. X in the books of company. Whether U/L or Share Application Money
25 March 2010
the effect depends on the understanding between the company and its director. If the understanding is that the comapny will issue shares to Mr x then show it as share application money and take a board noting for the same.
However, if the understanding is that the money will be reimbursed by the company then show it as loans from director.
However, if the understanding is that the money will be reimbursed by the company then show it as loans from director.
CA Ashok Kumar Sahu
(Expert)
27 March 2010
agree with expert
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