A joint venture public limited company (not listed) has been formed on 1st Jan 2010 in the name of X ltd with share capital of 10 lacs.. 5 other companies and 5 directors were subscriber to the memorandum for the Equity Share Capital of the new company. However up to 31st march 2010 money in regard to those shares has not been paid by any of the company and directors.
Query
1.How to disclose this in the Balance sheet as on 31.03.10.
2.Whether the directors and the companies to be shown as debtors for share application money.
3.What would be the proper disclosure under the head Share Capital of Balance Sheet.
CAclubindia
