subscribers to the newly incorporated pvt ltd company have subscribed to the shares but share application money has not been received s on balance sheet date .. company has been incorporated in the month july 17 and as on 31-03-18 part payment is receivable. is it tenable in co. law/ . if yes ,how it should be shown in balace sheet and as as auditor whether it should be commented upon?
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Non receipt of share subscription money
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Auditor have right to ask..
1. why the subscribers have not yet subscribed the shares which they have accepted to subscribe.
2. If no money have been accepted from subscribers, company technically has no funds in their bank account. How is company functioning it that case ?
1. why the subscribers have not yet subscribed the shares which they have accepted to subscribe.
2. If no money have been accepted from subscribers, company technically has no funds in their bank account. How is company functioning it that case ?
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