Loan to director

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 April 2014 A company was incorporated in Nov'13. The director haven't put any capital into the company . If we prepare the balance sheet for Mar'14. we have to Dr. Share capital receivable and Cr. Share Capital,
1.Do this Share capital receivable represent loan give to director ,
2.Will it attract penal provision of new company act for giving/taking loan to director,
3. Can we prepare 18 months balance sheet to avoid this.

Rupesh Jain

Rupesh Jain (Expert)
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08 April 2014 in MOU first subscriber name and amount of shares are available. this amount will given by the first subscriber.
and also mention that shares are partly paid or fully paid.

you have not mention nature of company pvt ltd or ltd.

in ltd company it is not possible. that company take loan without issue prospectus.
you can prepare 18 month B/S

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