Share capital payment

Dear sir/madam,

Can a Managing Director of a Pvt Ltd company pay his share capital amount via cash? For example if 70% of shares hold by MD. In that for 30% of shares he made payment via bank (company account). And the remaining amount he paid via cash, I mean't he/she directly bring that cash amount into business. And the accounting entry is been like [Cash A/C  'Dr', Share allotment A/C 'Cr']. Can we do like this?