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Question
'David Ltd.' issued `40, 00,000 equity shares of Rs 10 each out of its registered capital of Rs 10,00,00,000. The amount payable on these shares was as follows :
On application - Rs 1 per share
On allotment - Rs 2 per share
On the first call - Rs 3 per share
On second and final call - Rs 4 per share
All calls were made and were duly received, except the second and final call on 1,000 shares held by Vipul. These shares were forfeited.
Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956. Also, prepare 'Notes to Accounts'.
Solution
| David Ltd. Balance Sheet |
||
| Particulars | Note No |
Rs |
|
I. Equity and Liabilities 1. Shareholder’s Funds a. Share Capital b. Reserve and Surplus |
1 2 |
39,96,000
|
| Total | 39,96,000 | |
|
II. Assets 2. Current Assets a. Cash and Cash Equivalents |
3 |
39,96,000 |
|
Total |
|
39,96,000 |
NOTES TO ACCOUNTS
| Note N | Particulars | Rs |
|
1
|
Share Capital 1,00,000 shares of Rs 10 Issued Share Capital 40, 00,000 shares of Rs 10 Subscribed Called-up and Paid-up Share Capital 3,99,000 shares of Rs 10 39,90,000 Add: Shares Forfeited (1,000 shares of Rs 6) 6,000 |
10,00,00,000
40,000
39,96,000 |
|
2
|
Reserve and Surplus Securities Premium |
|
|
3
|
Cash and Cash Equivalents Cash at Bank |
39,96,000 |
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