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Share application money

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(Querist)
18 December 2008 Can an India company use an account called Share application money for advances from a parent company? How best to treat advances from a parent company, when the work is not performed yet. Need help with entries - cash, advance, share application, revenue, etc.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
18 December 2008 In case the amount is received with an application to subscrbe for the shares in the investee company then the same may be treated as Share Application Money. On the other hand if it is an advance against a contract for purchase of goods or asset or services then it is an advance which may be classified under the head of current liabilities.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 December 2008 Express the same view.
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