Why did you choose banking as your profession?
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Answer Posted / sajwan
Banking sector is highest growth sector and most challenging in terms of making and sustaining profit for the organisation. it is highly competitive and demanding sector where every customer look for privilege rights and personalised service. Also, every smallest step or action of the banking business is monitored and regulated by central bank thus require day to day knowledge of regulations and laws. Thus any one would like to join banking will have real fun as well as learn new things and grow with industry as it is on rapid path.
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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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