Initial authorised and paid up share capital
This query is : Resolved
08 March 2014
The query is regarding deposit of authorised and paid up share capital in bank account:
One of my client - a private limited company incorporated in July 2013 - never deposited initial share capital of Rs. 100000/- in company's bank account. My question is:
1. can a company keep its share capital in the form of cash in its cash book.
2. Is it altogether mandatory to deposit the initial share capital money in bank account or the company can carry the amount in its cash book and show the utilisation in cash only.
One of my client - a private limited company incorporated in July 2013 - never deposited initial share capital of Rs. 100000/- in company's bank account. My question is:
1. can a company keep its share capital in the form of cash in its cash book.
2. Is it altogether mandatory to deposit the initial share capital money in bank account or the company can carry the amount in its cash book and show the utilisation in cash only.
08 March 2014
1&2. No express provisions in the act.
1&2. Prudence says no.
1&2. Prudence says no.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Sale of Equity shares for Purchase of Residential Property
- ECO SUPPLY REPORTIONG IN GSTR-1
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Payment to foreign customer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
