Hi guys,
A Company i audit, has to apply for some liecence(govt tender).One precondition is Rs1 crore paid up capital is required. The co's promotor has many assets(land bank) but doesnot want to sell them for money/cash. Now the co has paid up capital of Rs.12 lakhs. Is their any accounting entry or method(showing land as consideration other than money for shares in exchange) of using assets somehow to increase Rs.12 lakhs to Rs.1 crore. A CA is available to sign and authenticate anhy document if required.
Please urgently suggest some way.
CAclubindia
