Question

Sunrise Ltd. was formed on 1^st November, 2021, with a capital of ₹ 20,00,000 divided into Equity shares of ₹ 20 each. It offered 95% shares to the public which were all subscribed for.
60% amount was payable on application;
30% on allotment;
And the balance on final call
The applicants paid ₹ 11,40,000 on application and ₹ 5,40,000 on allotment.
Final call was not made by the company till the Balance Sheet date.

You are required to prepare:

1. An extract of the Balance Sheet showing Share Capital.
2. Notes to Accounts.

Answer 1

Extract of Balance Sheet of Sunrise Ltd. as at 31-3-2022
Particulars	Note No.	31-3-2022 (₹)	31-3-2021 (₹)
1. Equity and Liabilities
Shareholder's Funds
a. Share capital	1	16,80,000

Notes to accounts:

Particulars	(₹)	Amount (₹)
I. Share Capital
Authorised capital
1,00,000 equity shares of ₹20 each		20,00,000
Issued Capital
95,000 equity shares of ₹20 each		19,00,000
Subscribed Capital:
Subscribed but not fully paid-up Capital:
95,000 equity shares of ₹ 20 each, ₹18 called up	17,10,000	16,80,000
Less: Calls in Arrears A/c (95,000 × 6) = 5,70,000 - 5,40,000	(30,000)