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Question
Authorized capital of Suhani Ltd. is ₹ 45,00,000 divided into 30,000 shares of ₹ 150 each. Out of these company issued 15,000 shares of ₹ 150 each at a premium of ₹ 10 per share. The amount was payable as follows:
₹ 50 per share on application, ₹ 40 per share on allotment (including premium), ₹ 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 Schedule III, Part I of the Companies Act, 2013, disclosing the above information. Also prepare 'Notes to Accounts ' for the same.
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Solution
| Balance Sheet of Suhani Ltd. | ||
|---|---|---|
| Particulars | Note No. | ₹ |
| EQUITY AND LIABILITIES | ||
| Shareholders' Funds | ||
| Share Capital | 1 | 21,00,000 |
| Reserves and Surplus – Securities Premium | 1,40,000 | |
| Notes to Accounts | |
|---|---|
| Particulars | ₹ |
| Note 1: Share Capital | |
| Authorised Capital: | |
| 30,000 Equity Shares of ₹ 150 each | 45,00,000 |
| Issued Capital: | |
| 15,000 Equity Shares of ₹ 150 each | 22,50,000 |
| Subscribed and Fully Paid-up Capital: | |
| 14,000 Equity Shares of ₹ 150 each | 21,00,000 |
| Total Share Capital | 21,00,000 |
Working Note:
Face value per share: ₹ 150
Premium per share: ₹ 10
Shares applied for and allotted: 14,000 shares
Since all the money was duly received, the shares are fully paid-up.
14,000 × ₹ 150 = ₹ 21,00,000
Securities Premium:
14,000 × ₹ 10 = ₹ 1,40,000
