28 January 2019
A company was incorporated on 15 Jan 2019 with 10000 paid up share capital having 2 share holder (rs 5000 each share capital)
now on 20 Jan 1 shareholder open company's bank account with Rs 20000 now INC 20A said that no Company can exercise borrowing if INC 20 A is not filed.
now how to treat the 10000 excess deposited in the company bank account?
29 January 2019
You can show this amount as share application money pending for refund within 180 days of reciept. The excess amount recieved by subscriber shall not be treated as borrowing if it is refunded within 180 days.
CAclubindia
