Accounting entry
This query is : Open
23 December 2016
Dear Experts,
Date of Incorporation of the Company is 25/02/2016, date of opening bank account is 04/04/2016. Director have deposited the money on account of share capital on 05/042016. I want to know 1) Whether I have to record share capital when i am preparing the balance sheet of f.y. 2015-16, under the head issued, subscribed and paid up capital ?
2) If i have to record then what will be the journal entry as money is given by directors on 05/04/2016 i.e in next financial years. Kindly resolve this query as soon as possible.
Date of Incorporation of the Company is 25/02/2016, date of opening bank account is 04/04/2016. Director have deposited the money on account of share capital on 05/042016. I want to know 1) Whether I have to record share capital when i am preparing the balance sheet of f.y. 2015-16, under the head issued, subscribed and paid up capital ?
2) If i have to record then what will be the journal entry as money is given by directors on 05/04/2016 i.e in next financial years. Kindly resolve this query as soon as possible.
23 December 2016
Dear Ajay, you are not required to pass the journal entry in FY 2015-16 as this transaction belongs to FY 2016-17 so amount received in bank will be recorded in bank in 2016-17 only
24 December 2016
Thanks to all for your valuable response.
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