the entry should be
Bank A/c dr 10,00,000
To Issued Share Capital 1,00,000
To Share Application Money 99,00,000
ca ankita kesarwani
(gbfb)
(119 Points)
Replied 07 July 2011
the entry should be
Bank A/c dr 10,00,000
To Issued Share Capital 1,00,000
To Share Application Money 99,00,000
SAYYED ANWAR
(Practising as a Registered Sales Tax Practitioner)
(80 Points)
Replied 07 July 2011
i think CA Ankita is correct.
bcoz we cant show Paid up sh. Cap. mpre than Authorised Sh. Cap.
We can show it as Sh. Application Money.
Dhananjaya.N
(Asst. Manager Finance & Accounts)
(57 Points)
Replied 07 July 2011
Authoraised share capital should be equal/more than paid up capital, you have 2 ways no a) increse your share capital b) move rs.9 lacs to loans
Girish
(AICWA)
(25 Points)
Replied 07 July 2011
Issued Share Capital has to be under Authorised Share Capital.
Apart, as an accountant we need to have full access to information relating to credit entry (as well as debit entry)/ to credit to share capital or any payable should be decided on the basis of receipt of information.
If, by any chance, it is entry made by bank wrongly (10,00000/- instead of Rs. 100000/-) then we need to enter for only 100000/- and prepare a BRS for the difference.
Girish Chandra Newalia
CA AMIT AGRAWAL
(Chartered Accountant)
(173 Points)
Replied 08 July 2011
If authorised capital is 1 lac then only shares of rs.100000 only can be issued and entry for the same will be -
Bank A/c Dr. 100000
To Share Application and Allotment Money A/c 100000
and the remaining will be considered as received on over subscripttion and hence will be refunded within statutory time period and entry will be-
Share Application and Allotment Money A/c Dr. 900000
To Bank A/c 900000
sonia
(article)
(62 Points)
Replied 09 July 2011
Shah Tarun
(Student)
(800 Points)
Replied 09 July 2011
Sonia,your issue is really complicated,there may be misunderstanding from either side so better is discuss this with your principal and ask for explanation...
After all, any journal entry is based on three basic accounting principal so when you will understand the matter you yourself will give theanswer :)
CA Suhas Prabhu
(Chartered Accountant)
(159 Points)
Replied 11 July 2011
Bank A/c . . . . . . . . . . . . .. . . . . . . . . .Dr 10,00,000
To Share Capital A/c 1,00,000
To Securities Premium A/c 9,00,000
Bhasker
(Student)
(21 Points)
Replied 22 March 2012
1. When i am trying to TDS payment entry in payment voucher "entry is not accepted".
2. When i am trying to E-mail from tally it show error.
3. what the hell is "Type of Ref " at the time of voucher entry in tally 9 and how to avoid this.
Rafiqual Hussain
(Accountant cum Internal Auditor)
(31 Points)
Replied 09 August 2012
in tally7.2 (but not orginial): when i enter cash book in month of july , it is not open and a message appear like : " Tr01350.500 , size : 1024, position : 2944 , char : 128 (done 0)
Rafiqual Hussain
(Accountant cum Internal Auditor)
(31 Points)
Replied 09 August 2012
in tally7.2 (but not orginial): when i enter cash book in month of july , it is not open and a message appear like : " Tr01350.500 , size : 1024, position : 2944 , char : 128 (done 0)
so any body help me what to do to recoved the all entries
Rafiqual Hussain
(Accountant cum Internal Auditor)
(31 Points)
Replied 09 August 2012
First point is : your company has authorised capital Rs 1,00,000/- so your share capital- i.e. Issued capital should not exceed of authorise capltal .
Now entries
Share Capital (Issued) ........................Cr 1.00,000/-
Share Application ....................................................Cr 9,00,000/-
To Bank .................................................................... 10,00,000/-
Note: you have to refund Share application money because u cant allot share authorised capital is complited by issued capital . If u like to allot share capital from share application money. then first enhance your authorised capital from ROC then you can allot share Capital othewise it is public money u have to refund without delay they may claim interest of its .
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