Pankaj Arora (Learner) (3134 Points)
29 October 2011
Dear All
One of our pvt.ltd. co. director purchased car of rs.11 lac from his personal a/c now director want to introduce car as capital . but the car dealer raise invoice on co. name and director payment dealer from his personal a/c .. pls tell me can we allot him shares at premium on other than consideration .. pls tell me what are solutions for this car contribution as capital by director.?
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 29 October 2011
Debit car
Credit share capital face value of share
credit share premium
Disclose in Balance sheet as foot note that such no of shares ofsomuch issued to director at a premium of Rs so much for a consideration other than cash
Pankaj Arora
(Learner)
(3134 Points)
Replied 29 October 2011
Thanks can we allot shares on premium to director ? and second question is one of our co. director want to resign and he is asking for his capital contributed money but in our co. we have only two director and one of them is resigning.. pls tell me how to return his capital contributed money and because there is no minimum direcot in pvt. Ltd. Co. as per companies act so what will be the procedure ahead. Should we appoint new person as director or what will be implication on co. if there is single co. will we should shut company and start proprietor ship firm?
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 29 October 2011
Now Pankaj wait for experts to answer namely the practising company secretaries we need to have minimum 2 directors for Pvt Ltd co other procedures let experts answer you
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