Subscription of shares without receiving money
This query is : Resolved
CA Shraddha Jain
(Querist)
22 August 2016
A private limited company has issued shares to the subscribers of memorandum. The subscriber has given a cheque for subscription of shares but the private company does not have any bank account till the end of financial year. The bank account has been opened after the end of financial year. The auditor has raised an objection for this.
Please suggest a way out..
Please suggest a way out..
Amol S Joglekar
(Expert)
22 August 2016
Auditor's objection is correct. Report the same in audit report.
CA Shraddha Jain
(Querist)
22 August 2016
Yes the auditor is correct but please suggest a way out for the company now so that there is no objectionable remark in auditor's report.
Amol S Joglekar
(Expert)
22 August 2016
Let the remark be there....that is not objectionable....
Let the directors explain the situation in their report....they can explain the reasons why the bank account could NOT be opened....
Let the directors explain the situation in their report....they can explain the reasons why the bank account could NOT be opened....
CA Shraddha Jain
(Querist)
22 August 2016
Okay. Thank you Sir.
Amol S Joglekar
(Expert)
22 August 2016
You are most welcome.
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