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Question
Scooters India Ltd' is registered with an authorized capital of Rs 50,00,000, divided into 5,00,000 shares of Rs 10 each. The company issued 1, 00,000 shares for subscriptions to the public at par. The amount was payable as follows :
On application and allotment - Rs 3 per share
On 1st call - Rs 2 per share
On 2nd and final call - Rs 5 per share
The issue was fully subscribed. All calls were made and were duly received except 2nd and the final call on 1,000 shares held by Rohan. His shares were forfeited and afterwards re-issued at Rs 8 per share as fully paid up. Present 'Share Capital' in the Balance Sheet of the company as per Schedule VI of the Companies Act, 1956. Also, prepare Notes to accounts for the same.
Solution
| India Auto Ltd Balance Sheet |
||
| Particulars | Note No |
Rs |
|
I. Equity and Liabilities 1. Shareholder’s Funds a. Share Capital |
|
2,49,97,000 |
| Total | 2,49,97,000 | |
|
II. Assets 1.Non - Current Assets a. Fixed Assets 2. Current Assets |
50,00,000 1,99,97,000 |
|
| Total | 2,49,97,000 | |
| Note No | Particulars | Rs |
|
1
|
Share Capital Authorised Share Capital 7,00,000 shares of Rs 100 Issued Share Capital 2,50,000 shares of Rs 100 Subscribed Called-up and Paid up Share Capital 2,49,900 shares of Rs 100 2,49,90,00 Add: Shares Forfeited (100 shares of Rs 70) 7,000 |
2,49,97,000 |
|
2
|
Fixed Assets Building |
50,00,000 |
|
3
|
Cash and Cash Equivalents Cash at Bank
|
1,99,97,000
|
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