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Question
On 1st April, 2012, Khanna Ltd. was formed with an authorised capital of Rs 20,00,000 divided into 2,00,000 equity shares of Rs 10 each. The company issued prospectus inviting applications for 1,80,000 equity shares. The company received applications for 1,70,000 equity shares. During the first year, Rs 8 per share were called, Shikha holding 2,000 share and Poonam holding 4,000 shares did not pay the first call of Rs 2 per share. Poonam's shares were forfeited after the first call and later on 3,000 of the forfeited shares re-issued at Rs 6 per share, Rs 8 called up.
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'.
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Solution
|
Balance Sheet as at April 01, 2012 |
||
|
Particulars |
Note No. |
Amount (Rs) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
13,54,000 |
|
b. Reserves and Surplus |
2 |
12,000 |
|
2. Non-Current Liabilities |
|
|
|
3. Current Liabilities |
|
|
|
Total |
|
13,66,000 |
|
|
|
|
|
II Assets |
|
|
|
1. Non-Current Assets |
|
|
|
2. Current Assets |
|
|
|
3 |
13,66,000 |
|
Total |
|
13,66,000 |
|
|
|
|
|
NOTES TO ACCOUNTS |
|||
|
Note No. |
particulars |
Amount (Rs) |
|
|
1 |
Share Capital |
|
|
|
|
Authorised Capital |
|
|
|
|
2,00,000 equity shares of Rs 10 each |
20,00,000 |
|
|
|
Issued Capital |
|
|
|
|
1,80,000 equity shares of Rs 10 each |
18,00,000 |
|
|
|
Subscribed, Called up and Paid up Capital |
|
|
|
|
1,69,000 equity shares of Rs 8 each |
13,52,000 |
|
|
|
Less: Calls-in-arrears (on 2,000 equity shares @ Rs 2 per share) |
4,000 |
|
|
|
Add: Share forfeiture (on 1,000 equity shares) |
6,000 |
13,54,000 |
|
|
|
|
|
|
2 |
Reserves and Surplus |
|
|
|
|
Capital Reserve |
12,000 |
|
|
|
|
|
|
|
8 |
Cash and Cash Equivalents |
|
|
|
|
Cash at Bank |
13,66,000 |
|
|
|
|
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