Question

Girish Ltd. was registered with an authorised capital of ₹1,00,00,000 divided into equity shares of ₹20 each payable as follows:
₹5 on application
₹17 on allotment (including premium ₹10)
Balance on Call
The Company offered 2,00,000 shares for public subscription. Applications were received for 1,90,000 shares and allotment was duly made. All the money was called and received except the following:

1. Allotment and Call money on 8,000 shares held by Abha, and
2. Call money on 6,000 shares heid by Suchi.

Abha's shares were forfeited and out of these, 60% were reissued at ₹18 per share as fully paid.
Show Share Capital in the books of the company alongwith notes to accounts.

Answer 1

Equity and Liabilities

Balance Sheet In the Books of Girish Ltd.
Particulars	Note No.	Amount (₹)
1. Shareholders’ Funds
(a) Share Capital	1	36,88,000

Notes to Accounts

Note 1: Share Capital

Particulars	Amount (₹)
Authorised Capital
5,00,000 Equity Shares of ₹20 each	1,00,00,000
Issued Capital
2,00,000 Equity Shares of ₹20 each	40,00,000
Subscribed Capital
1,90,000 Equity Shares of ₹20 each	38,00,000
Less: Calls in Arrears
Abha: 8,000 shares × ₹9 (Allotment ₹7 + Call ₹2) =	72,000
Suchi: 6,000 shares × ₹6 (Only Call) =
Total Calls in Arrears	72,000
Net Subscribed Capital	37,28,000
Less: Amount paid on forfeited shares (Abha: 8,000 shares × ₹2)	16,000
Subscribed and Fully Paid-up Capital	36,16,000
Subscribed but not fully Paid-up Capital	72,000
Total	36,88,000

Note 2: Forfeited Shares Account

Particulars	Amount (₹)
Amount received on 8,000 forfeited shares @ ₹2 per share (application money only)	16,000
Balance in Share Forfeiture A/c	16,000