I wanted to know is there any procedure for a Company accepting share application money?? is there any need for the resolution to be passed for receiving the share application money??
What is the timeline by which the share should be alloted against the application money received?
Can any unsecured loans of past year... in the balance sheet shown in current year as Share application money to modify the debt equity combination in the balance sheet?
unsecured loan can not be shown as share capital except it is subscribed by new member on issue of fresh capital i.e. on conversion of loan into capital
No such procedure has been prescribed for acceptance of share application money except that money should be reflected in your Co's bank A/c. Furthermore there is no need of passing any resolution.
No time limit has been prescribed for conversion of application money into Share Capital.
If unsecured loan has been shown in your previous year's BS then i don't think that the same can be converted into share application money.
However kind views of other members are solicited.
T R SOOD & CO
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CAclubindia
