Question

The authorized capital of Suhani Ltd. is Rs 45,00,000 divided into 30,000 shares of Rs 150 each. Out of these company issued 15,000 shares of Rs 150 each at a premium of Rs 10 per share. The amount was payable as follows: Rs 50 per share on the application, Rs 40 per share on the allotment (including premium), Rs 30 per share on first call and balance on final call. Public applied for 14,000 shares. All the money was duly received. Prepare an extract of Balance Sheet of Suhani Ltd. as per Revised Schedule VI Part - I of the Companies Act 1956 disclosing the above information. Also, prepare 'notes to accounts' for the same.

Answer 1

Suhani Ltd. Balance Sheet
Particulars	Note No.	Rs
I. Equity and Liabilities    1. Shareholders’ fund        a. Share Capital        b. Reserve and Surplus     2. Non-Current Liabilities     3. Equity and Liabilities	1 2	21,00,000 1,40,000
Total		22,40,000
II. Assets    1. Non-Current Liabilities    2. Equity and Liabilities       a. Cash and Cash Equivalents	3	22,40,000
Total		22,40,000

 

Note to Account

Note No.	Particulars	Rs
1	Share capital Authorised 30,000 Share of Rs 150 each Issued Capital 15,000 Share of Rs 150 each Subscribed Called up and Paid-up Share Capital 14,000 Share of Rs 150 each	45,00,000   22,50,000   21,00,000
2	Reserves and Surplus Securities Premium	1,40,000
3	Cash and Cash Equivalents Cash at Bank	22,40,00