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Question
Solution
| Date | Particulars | L.F | Debit amount Rs | Credit Amount Rs |
|
Bank A/c To Share Application A/c (Share Application money received on application for 50,000 shares @ ₹25 per share) |
12,50,000
|
12,50,000
|
||
|
Share Application A/c To Share Capital A/c (Share Application money of 50,000 shares transferred to Share Capital Account) |
12,50,000
|
12,50,000
|
||
|
Share Allotment A/c To Share Capital A/c To Securities Premium A/c (Share Allotment money due on 50,000 shares @ ₹45 each at a premium of ₹5) |
25,00,000
|
22,50,000
2,50,000
|
||
|
Bank A/c To Share Allotment A/c (Allotment money received for 50,000 shares @ ₹50 per share)
|
25,00,000
|
25,00,000
|
||
|
Share First and Final Call A/c To Share Capital A/c (Share First and Final call due on 50,000 shares @ ₹30 per share) |
15,00,000
|
15,00,000
|
||
|
Bank A/c Calls in Arrears A/c To Share First and Final Call A/c (Share First and Final Call received except 400 shares) |
14,88,000 12,000
|
15,00,000 |
Sumit Machine Ltd.
Balance Sheet
| Particulars | Note No. |
Amount (₹) |
|
I. Equity and Liabilities 1. Shareholders’ Funds a. Share Capital b. Reserves and Surplus 2. Non-Current Liabilities 3. Current Liabilities
|
1 2
|
49,88,000 2,50,000
|
| Total | 52,38,000 | |
|
II. Assets Non-Current Assets Current Assets a. Cash and Cash Equivalents |
3 |
52,38,000 |
| Total |
Notes to Accounts
| Note No. |
Particulars |
Amount (₹) |
|
| 1 |
Share Capital Authorised Share Capital …….. shares of ₹ 100 each Issued Share Capital 50,000 shares of ₹ 100 each Subscribed, Called-up and Paid-up Share Capital 50,000 shares of ₹ 100 each Less: Calls-in-Arrears |
50,00,000 (12,000) |
50,00,000
49,88,000 |
| 2 |
Reserves and Surplus Securities Premium Reserve |
2,50,000 | |
| 3 |
Cash and Cash Equivalents Cash at Bank |
52,38,000 |
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