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Negative cash

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(Querist)
21 April 2008 If i have a negative cash balance what is the way to solve the problem
Is it possible i will receive it from director in form of cash.
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pushpendra

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pushpendra (Expert)
22 April 2008 How much is -ve cash balance?
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R.V.RAO

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R.V.RAO (Expert)
22 April 2008 YES A COMPANY MAY RECEIVE CASH AS AN UNSECURED LOAN FROM A DIRECTOR.
BUT THEN THE DIRECTOR MUST BE ABLE TO SHOW THE SOURCE FOR THESE FUNDS IN HIS BOOKS.
SEC 269 OF IT ACT LIMITS BE KEPT IN MIND.
BUT IF BANKS /FIN. INST. ARE ALREADY LENDERS , THESE UNSECURED LOANS FROM DIRECTORS CANNOT BE PAID BACK BEFORE REPAYING BANK LOANS.
STILL EASIER IS TO SHOW AS CASH ADV. FROM A CUSTOMER / RECOVERY OF VERY OLD DEBTOR BALANCES BELOW RS. 20000/ PER DAY IF POSSIBLE.
OR SHOW REFUND OF TOUR ADV. IN CASH BY AN EMPLOYEE IF YOU HAVE ANY DUES.
SOME COS. SHOW RECEIPT OF CASH ON SALE OF SCRAP / FACTORY YARD WASTE.
R.V.RAO
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CA Shailesh +91 9393926464

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CA Shailesh +91 9393926464 (Expert)
24 April 2008 very well answered Mr R V Rao
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