Effect of Payment in the books of co.
This query is : Resolved
25 March 2010
Mr. X had made a payment towards the instalment of plot and thereafter form a company and become a director cum shareholder of that company. Thereafter company is making payment of instalments which is to be t/f in the name of company after making the full payment. What effect should be given for previous payment made by Mr. X in the books of company. Whether U/L or Share Application Money
25 March 2010
the effect depends on the understanding between the company and its director. If the understanding is that the comapny will issue shares to Mr x then show it as share application money and take a board noting for the same.
However, if the understanding is that the money will be reimbursed by the company then show it as loans from director.
However, if the understanding is that the money will be reimbursed by the company then show it as loans from director.
CA Ashok Kumar Sahu
(Expert)
27 March 2010
agree with expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- GSTR-9C filing
- TDS on Dashcam rent and allied services
- Working on Gold wastage during Melting of old gold jewellery
- Import Order Cancelled.
- IMS (import of goods) ITC related
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
