I have one more quetion on this. If private limited company incorporate on 31st March i.e. last day of accounting year as per MOA/AOA and has only share application money even that also less than 1 lac, in that case what should be done?
11 March 2010
Share application money is just a proposal money as liability. Without allotment of equity shares to the proposed allottee share application can not be treated as paid up capital of the company.
CAclubindia
