For our registered PVT ltd company, we didn't have bank account till last month and were maintaining all the inital capital of 100,000 as cash hand.
We showed this capital as 100,000 as cash in hand. After opening of the company bank account last week, do we have to deposit this money into our bank company account by cash deposit or directors can transfer it from their personal account to company account via NEFT ? Is this acceptable ?
Also, if a director was supposed to transfer say 50,000 for his shares... can he transfer 60,000 instead of 50,000 ? Can we show remaining 10,000 as loan from director to the company and 50,000 as payment for his shares ?
CAclubindia
