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Question
On 1st April 2012; Janta Ltd. Was formed with an authorized capital of `50,00,000 divided into 1,00,000 equity shares of Rs 50 each. The company issued the prospectus inviting applications for 90,000 shares. The issue price was payable as under:
On Application: Rs 15
On Allotment: Rs 20
On Call: Balance amount
The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year.
Show the following:
a. Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies Act, 1956.
b. Also, prepare 'Notes to Accounts' for the same
Solution
| Janata Ltd. Balance Sheet | ||
| Particular | Note No. | Rs |
| I. Equity and Liabilities | ||
| 1. Shareholders’ fund | ||
| a. Share capital | 1 | 31,50,000 |
| b. Reserve and Surplus | 2 | |
| 2. Non-Current Liabilities | ||
| 3. Current Liabilities | ||
| Total | 31,50,000 | |
| II. Assets | ||
| 1. Non-Current Assets | ||
| 2. Current Assets | ||
| a. Cash and Cash Equivalents | 3 | 31,50,000 |
| Total | 31,50,000 | |
Note to Accounts
| Note No | Particulars | Rs |
|
1
|
Share capital 1,00,000 share of Rs 50 each Issued share capital 90,000 share of Rs 50 each Subscribed, called-up and paid-up share Capital 90,000 share of Rs 35 each |
50,00,000
45,00,000 31,50,000 |
|
2
|
Reserve and Surplus Securities Premium |
- |
|
3
|
Cash and Cash Equivalents Cash at Bank |
31,50,000 |
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Information
|
Particulars |
Amount Rs |
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Net Sales |
60,00,000 |
|
Cost of goods sold |
45,00,000 |
|
Other current assets |
11,00,000 |
|
Current liabilities |
4,00,000 |
|
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|
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3,00,000 |
|
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1,00,000 |
|
Debentures Redemption Reserve |
2,00,000 |
|
Closing Stock |
1,00,000 |
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