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 1^st May 2021, first call money on 1^st August 2021 and final call on 1^st October 2021. X whom 1,000 shares were allotted, did not pay the allotment and call money; Y an allottee 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.

Answer 1

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:

Particulars	Amount (₹)	Amount (₹)
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