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Querist : Anonymous

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Querist : Anonymous (Querist)
15 September 2012 i have incorported new pvt. ltd.co of x. ihave received amount of rs.1,00,000 from various shareholders in the form of cash and not in the form of a/c payee cheque and passed the entry

cash a/c dr.
to equtiy shares. is there any violatoin of co.act or income tax act plz solve my query
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Amol S Joglekar

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Amol S Joglekar (Expert)
15 September 2012 No violation. You can very pass the entry.
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SANYAM ARORA

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SANYAM ARORA (Expert)
15 September 2012 No there is no violation in the same.
Just keep the copy of receipt issued.
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