Question

On 1st April 2012; Janta Ltd. Was formed with an authorized capital of `50,00,000 divided into 1,00,000 equity shares of Rs 50 each. The company issued the prospectus inviting applications for 90,000 shares. The issue price was payable as under:
On Application: Rs 15
On Allotment: Rs 20
On Call: Balance amount

The issue was fully subscribed and the company allotted shares to all the applicants. The company did not make the call during the year.

Show the following:

a. Share capital in the Balance Sheet of the company as per revised Schedule-VI, Part-I of the Companies Act, 1956.

b. Also, prepare 'Notes to Accounts' for the same

Answer 1

Janata Ltd. Balance Sheet
Particular	Note No.	Rs
I. Equity and Liabilities
1. Shareholders’ fund
a. Share capital	1	31,50,000
b. Reserve and Surplus	2
2. Non-Current Liabilities
3. Current Liabilities
Total		31,50,000
II. Assets
1. Non-Current Assets
2. Current Assets
a. Cash and Cash Equivalents	3	31,50,000
Total		31,50,000

Note to Accounts

Note No	Particulars	Rs
1	Share capital 1,00,000 share of Rs 50 each Issued share capital 90,000 share of Rs 50 each Subscribed, called-up and paid-up share Capital 90,000 share of Rs 35 each	50,00,000     45,00,000 31,50,000
2	Reserve and Surplus Securities Premium	-
3	Cash and Cash Equivalents Cash at Bank	31,50,000