Issue of shares after incorporation

I have one query. In Private limited company, suppose subscribers have not bring share application money after incorporation and more than 10 to 11 months have been passed on. Now subscriber brings their money after 11 months of incorporation, will it be valid ? And can we issue share certificate in this case even after a year of complition of financial year ? One more thing, can we issue to subscriber to MOA after complition of financial year if they brings money after financial year only. In that case the balance sheet will show capital less than 5.00 lacs. is this possible ? Kindly explain and reply.