Abc Pvt Ltd is incorporated with a paid up share capital of 1 lakh. The promoters do not want to open a bank account for at least 2-3 years (as the company will not undertake full fledged activities).
Can the initial capital be bought in cash and shown as cash in hand (in balance sheet) for 2-3 years?
Yes, you can do so.
Auditor will raise queries. It cannot be done
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