Firstyear bs

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NEWLY INCORPORATED COMPANY( IN NOV 2017) STAT AUDIT TO DONE FOR FY2017-18 BUT SHAREHOLDERS NOT TRANSFER SHARE CAPITAL AMOUNT TO COMPANIES CURRENT ACCOUNT

1 - WHEATHER BALANCE SHEET SHOULD SHOW NIL PAID UP CAPITAL

2 -CAN SHARE CAPITAL RECIVED IN CASH?

3- WHAT CLARIFICATION OR REPORTING IS REQUIRED IN TERMS OF STATITORY AUDIT 

Replies (3)
No you can't show Nil paid up capital, subscribers were agreed to subscribe the capital shown in MOA,

what should auditor do now?

further you may prepare BS ending 31.3.19, but before that you have to bring the capital by whatever means. if not possible then you have to write negative remark in main Audit report


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