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Please Help: Share application money pending allotment

Posted Date : 22-Mar-2017 , 11:25:52 am | Posted By: Abhishek Kabra

Category : Audit | Answers : 0| Comments : 2| Hits: 271

We have got a balance sheet where share application money is being shown with same figure as on 31-03-2014, 2015 and 2016. Even after repeated instances, the company management is least bothered to get the same alloted for the reasons best known to them. Unfortunately, the share application figure is also beyond the authorised paid up capital. In such a case, while closing a balance sheet, what kind of declaration/qualification/representation should an auditor do/take to safeguard his interests.

Comments
Posted By : RPRP & Associatess 18-Apr-2017, 02:08:55
 
Posted By : Deepak 07-Apr-2017, 08:43:04
The amount also cannot be converted to loan as the CA 2013 does not permit the conversion or adjustment of such money and Company has to mandatorily refund that application money within 15 days of the date of completion of sixty days. You can mention note under share capital schedule.
 

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