Dear Member,
Please provide your suggestions on below-
I have Incorporated company in february, 2017. I have not created any bank account in the name of company to deposit the share capital amounts. now as on 31st March, 2017. Company is standing without Application. There are no transactions have been made in the company.
Now,
Finalising the Financial Statements for the Year 2016-17
How can I prepare my balancesheet?
Can I prepare my Balancesheet without Share Capital?
1. How can you incorporate a company without Share capital? What is stated in your Memorandum of Association? Is your company limited by guarantee?
2. Have you started your operations? If the company's operations are due to start, you can just have Balance Sheet (without profit & loss statement)
Thank for reply Mam.
As per MOA, It is Company with share capital but the Share Capital could be deposited in bank late due to delay in opening of bank account as they were out of india. The Amounts are deposited after 31st March, 2017.
And there were only Incorporation expenses.
If you have now opened the account within 31st March 2017. You can show the share capital and Bank in the current assets. All the incorporation expenses can be shown as preliminary expenses (Asset) and they can be amortized over a period of 5 years. If there are no other transaction, the amount amortized can be shown as the expenses.
Bank Account was opened in April of 2017.
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
View Details
CAclubindia
