Nisha Yadav (Accounts exe) (455 Points)
18 April 2012Dear All,
We have one company and one partnership firm.We have transfered 10 lac from partnership firm to company in year 2011-12 in cash.So now problem is that can i show cash entry in both company and how?Please help me its urgent
Thanks in advance
praveen
(Chartered Accountant)
(6971 Points)
Replied 18 April 2012
First off all provisions of section 269SS and Section 269T will be applicable in both the assesses.
These sections do not allow cash payments and cash receipts of loans.
Nisha Yadav
(Accounts exe)
(455 Points)
Replied 18 April 2012
Thanks, Please let me know can we show these amount as capital of director ,coz same person engaged in partnership firm and in pvt ltd company.
praveen
(Chartered Accountant)
(6971 Points)
Replied 18 April 2012
You can show withdrawings from the partnership firm that is very easy.
But if you have to invest in the company then you have to go through the procedures to increase the capital . You will also have to bear the charges of ROC..
Nisha Yadav
(Accounts exe)
(455 Points)
Replied 18 April 2012
Thanks, its so difficult so what to do now....can u have any solutions for it
praveen
(Chartered Accountant)
(6971 Points)
Replied 18 April 2012
could you please post the same at our facebook site so that you will be get more replies.
Vinod Ram
(C A)
(165 Points)
Replied 19 April 2012
I also run a small business and faced several problems before starting. Then I came across this site from Intuit. The services they are offering are for free and asap. You can log in with your facebook and gmail to post a question. Sharing the link here: https://bit.ly/Smallbuiz. Do, check it out.
CAclubindia
