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Sun Pharma Ltd. is Registered with an Authorized Capital of 1,00,00,000 Divided into 1,00,000 Equity Shares of Rs 100 Each. the Company Issued 50,000 Shares at a Premium of Rs 40 per Shares. a Shareholder Holding 500 Shares Did Not Pay the Final Call of Rs 20 per Share - CBSE (Arts) Class 12 - Accountancy

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Question

Sun Pharma Ltd. is registered with an authorized capital of 1,00,00,000 divided into 1,00,000 equity shares of Rs 100 each. The company issued 50,000 shares at a premium of Rs 40 per shares. A shareholder holding 500 shares did not pay the final call of Rs 20 per share. His shares were forfeited. Present the 'Share Capital' in the Balance Sheet of the Company as per Schedule VI Part I of the Companies Act, 1956. Also, prepare notes to accounts.

Solution

Balance Sheet Extract
Sun Pharma India Ltd.
Particulars Note
No
Rs

I. Equity and Liabilities

   1. Shareholder’s Funds

     a. Share Capital

     b. Reserve and Surplus

 

 

1

2

 

 

49,90,000

20,00,000

Total   69,90,000

II. Assets

   2. Current Assets

    a. Cash and Equivalents

 

 

3

 

 

69,90,000

Total   69,90,000

 

Note
No
Particulars Rs

1

 

 

 

 

 

 

 

Share Capital

Authorised Share Capital

    1,00,000 shares of 100 each

Issued Share Capital

    50,000 Equity Shares of 100 each

Subscribed Called-up and Paid up Share Capital

   49,500 Shares of 100 each                              49,50,000

       Add: Shares Forfeited (500 shares x 80)           40,000    

 

 

50,00,000

 

50,00,000

 

 

49,90,000

2

 

Reserve and Surplus

Securities Premium (50,000 x 40)

 

20,00,000

3

 

Cash and Cash Equivalents

Cash at Bank

 

69,90,000

  Is there an error in this question or solution?

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Solution Sun Pharma Ltd. is Registered with an Authorized Capital of 1,00,00,000 Divided into 1,00,000 Equity Shares of Rs 100 Each. the Company Issued 50,000 Shares at a Premium of Rs 40 per Shares. a Shareholder Holding 500 Shares Did Not Pay the Final Call of Rs 20 per Share Concept: Accounting Treatment of Forfeiture and Re-issue of Share.
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