our company is private limited company, has received share application money in 2004, where we need to show in balance sheet according to revised schedule VI.
3 Replies
Mihir Doshi
(B.Com, CA, CS, LLB)
(2187 Points)
Replied 09 April 2012
The relevant extracts from the Guidance note to Revised Schedule VI:
Specific disclosures are prescribed for Share Application money. The application money not exceeding the capital offered for issuance and to the extent not refundable will be shown separately on the face of the Balance Sheet. The amount in excess of subscripttion or if the requirements of minimum subscripttion are not met will be shown under “Other current liabilities.”
Share Application money pending allotment is to be disclosed as a separate line item on the face of Balance Sheet between “Shareholders’ Funds” and “Non-current Liabilities”. Share application money not exceeding the issued capital and to the extent not refundable is to be disclosed unde rthis line item. If the company’s issued capital is more than the authorized capital and approval of increase in authorized capital is pending, the amount of share application money received over and above the authorized capital should be shown under the head “Other Current Liabilities”.
Hope i have cleared your question.
vivek
(Auditor)
(61 Points)
Replied 25 July 2012
Can share application money ustilized (if unlisted pvt company) ,
and should it kept in separate bak account no and such details is to be shown
under revise schedule VI
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