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Answer Posted / chandrasekhar
In the U.S. financial markets, the term penny stock
commonly refers to any stock trading outside one of the
major exchanges (NYSE, NASDAQ, or AMEX), and is often
considered pejorative. However, the official SEC definition
[1] of a penny stock is a low-priced, speculative security
of a very small company, regardless of market
capitalization or whether it trades on a securitized
exchange (like NYSE or NASDAQ) or an "over the counter"
listing service, such as the OTCBB or Pink Sheets. The
terms penny stock, microcap stock, small caps, and nano
caps are sometimes all used interchangeably, however per
the SEC definition, penny stock status is determined by
share price, not market capitalization or listing service.
In the UK markets, a penny stock, or penny shares, as they
are more commonly called, generally refer to a stock and
shares in small cap companies, defined as being companies
with a market capitalization of less than £100 million
and/or a share price of less than £1 with a bid/offer
spread greater than 10%. In the UK Penny Shares are covered
by a standard regulatory risk warning issued by the
Financial Services Authority(FSA).
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my boss (Managing Partner of a firm) promoted along with his wife a private limited company. he and she spent some Rs. 75,000/- (approx) for the promotion of the company. i know that they usually fall under the head of preliminary expenses. but after receiving the certification of incorporation of the company how shall i repay them to the promoters i.e. what is the accounting entry in the books (initial books of accounts) for the expenditure incurred. they have kept in hand 5,00,000/- each to meet the expenses and they were allotted shares of equal to the amount. can i allot shares for a consideration of cash from and excluding the preliminary expenses. can i take cash towards the share application money (being the cash more than Rs. 20,000/-) as the company has not opened a bank account yet. please give me the detailed answer with journal entries that can be entered in tally. thank you.
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