Subscription money
This query is : Resolved
16 June 2015
Dear Friends / Experts,
Please guide me on the following, IF POSSIBLE:
A Private Limited Company was incorporated in August 2013. Accounts were finalized for the period ended on 31/03/14. However, the Company did not receive Subscription Amount from the Subscribers to MOA till date.
Query
I need to understand the non-compliance and whether there is any penalty under CA 2013.
Your reply, please..............
Thanks in advance for possible replies from all concerned.
Please guide me on the following, IF POSSIBLE:
A Private Limited Company was incorporated in August 2013. Accounts were finalized for the period ended on 31/03/14. However, the Company did not receive Subscription Amount from the Subscribers to MOA till date.
Query
I need to understand the non-compliance and whether there is any penalty under CA 2013.
Your reply, please..............
Thanks in advance for possible replies from all concerned.
17 June 2015
Hi Arthi,
As per Sec.10(2) of the Companies Act, 2013, all money payable by any member to the company under M0A and AOA shall be a debt due from the member to the company.
Allotment of shares has to be for cash/consideration in lieu of cash.
Till the amount is received, it is a debt due from them and has to be shown accordingly in the financial statements for year ended 31.3.2014
Hi Arthi,
As per Sec.10(2) of the Companies Act, 2013, all money payable by any member to the company under M0A and AOA shall be a debt due from the member to the company.
Allotment of shares has to be for cash/consideration in lieu of cash.
Till the amount is received, it is a debt due from them and has to be shown accordingly in the financial statements for year ended 31.3.2014
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
- Tax on Deemed Capital Gain
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Exiting partner in partnership firm in gst portal
- Average Cost Of High Quality Diamonds
- Loss of interest in PF transfer from EPFO to Trust
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- NRI INSURANCE ADVISOR
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
