New company accounts and return filing questions

Hello Ma'am,

There are lot of queries and also we need further details for apt responses.

Kindly contact us personally.

You have issued share capital and registered the name of share holder with ROC so you need to show the amount in balance sheet as issued share capital and instead of debiting bank debit the share holder as receivable.

Yes you need to create DTA for preliminary expense as in company law it is written off in single year and in income tax it will take 5 years.

Instead of showing the amount as loan from director who I am assuming are also the share holder show it as share money received from share holder so there would be no issue of loan and interest on loan.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Hi

1. Yes, share capital has to be shown. Equivalent amount should be shown in assets side as amount receivable against shares issued.

2. The shareholders who have subscribed the memorandum have to be added. No company is formed without share capital. Reasons of non-receipt of money could be many like delay in bank account opening, etc.

3. If directors have borne such interest, it would be - miscellaneous expenditure to directors loan account.

4. Yes, you need to recognise DTA.

Dear Ma'am,

Hope you are doing well !!

1. Yes, you need to pass share capital entry as on 31.03.2019.

The issued share capital in balance sheet would be Rs 1 lakh in liabilities side.

The same amount would be shown in assets side as receivable from shareholders.

2. The shareholding pattern must be described in MOA.

You need to check the same with your CS.

3. It would be part of miscellaneous expenditures. 

4. No.

Hello,

1. Yes, you need to show share capital. As on 31st March 2019, show it as receivable.

2. Yes, the details of shareholding as on 31st March 2019 is to be given with the details of share application money pending allotment as on 31st March 2019.
3. You can show it as a loan from the directors.

4. Yes, DTA will be recognised.

I hope that this answer satisfies your requirement.

Regards,

CA Hunny Badlani

You can take phone consultation for better resolution.

Dear Ma'am,

It is advisable to take a phone consultation for complete understanding.

1. Yes, you need to pass entry for share capital. Dr. Share holders Cr. Share capital

2. Fill SH-1. In amount received write zero.

3. Dr. Pre-incorporation expenses and Cr. all expenses. It can be incurred from any source of funds.

4. Yes