Hi All,
If the share application money received from members is allotted within prescribed limit. How we can treat in books without violating the law.
Whether it can be treated as members loan. If treated so, deposit rules attracts. Kindly suggest apprpriate measures.
Thanks in advance
You have to treat it as share application money which is not 'deposit'
[Ref.Rule 291)(c)(vii) of Companies (Acceptance of Deposits) Rules 2014].
Sry sir. Not allotted within time.
Thank you sir
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