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Answer Posted / v.purnachandra rao
This's Purnachandra rao.I'm from hyderabad.I've finished
graduation in bcom (computer) with 60%of marks.I've worked
as a Accountant for 2years in comlink co., now i'm working
as accountant in Veekay constuction pvt.ltd.,
| Is This Answer Correct ? | 2 Yes | 5 No |
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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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