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Question
Saraswati Ltd. has an authorised capital of ₹ 10,00,000 divided into equity shares of ₹ 10 each. Subscribed and fully paid-up share capital of the company was ₹ 4,00,000. To meet its new financial requirements, the company issued 20,000 equity shares of ₹ 10 each which were payable as follows : ₹ 3 on application; ₹ 3 on allotment, ₹ 2 on first call and ₹ 2 on second and final call. The issue was fully subscribed. The allotment money was payable on 1st May 2021, first call money on 1st August 2021 and final call on 1st October 2021. X whom 1,000 shares were allotted, did not pay the allotment and call money; Y an allotee of 600 shares, did not pay the two calls; and Z whom 400 shares were allotted, did not pay the final call. Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare Notes to Accounts for the same.
Solution
| Balance Sheet as on ...... |
||
| Particulars | Note No. | Amount (₹) |
| I. EQUITY AND LIABILITIES | ||
| 1. Shareholder's Funds | ||
| Share Capital | 1 | 5,89,800 |
| Total | 5,89,800 | |
Notes to Accounts:
| Note No. | Particulars | Amount (₹) | Amount (₹) |
| 1. | Authorised Capital | ||
| 1,00,000 Equity Shares of ₹10/- each | 10,00,000 | ||
| Issued Capital | |||
| 60,000 Equity Shares of ₹10/- each | 6,00,000 | ||
| Subscribed Capital | |||
| Subscribed and fully paid-up | |||
| 58,000 Equity Shares of ₹10/- each | 5,80,000 | ||
| Subscribed but not fully paid-up | |||
| 2,000 Equity Shares @ ₹10/- each | 20,000 | 9,800 | |
| Less: Calls-in-arrears | |||
| 1,000 Equity Shares @ ₹ 7/- each | (7,000) | ||
| 600 Equity Shares @ ₹ 4/- each | (2,400) | ||
| 400 Equity Shares @ ₹ 2/- each | (800) | ||
| 5,89,800 |
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