CBSE (Arts) Class 12CBSE
Share
Notifications

View all notifications

On 1st April 2012, Micro-tech Ltd. Was Formed with an Authorised Capital of Rs 50,00,000 Divided into 5,00,000 Equity Shares Of Rs 10 Each. 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 - CBSE (Arts) Class 12 - Accountancy

Login
Create free account


      Forgot password?

Question

On 1st April 2012, Micro-tech Ltd. was formed with an authorised capital of Rs 50,00,000 divided into 5,00,000 equity shares of  Rs 10 each. The company issued a prospectus inviting applications for 4,50,000 equity shares. The company received applications for 4,20,000 equity shares.
During the first year, Rs 8 per share were called. Ram holding 1,000 shares and Rajesh holding 2,000 shares did not pay the first call of  Rs 2 per share. Rajesh's shares were forfeited after the first call and later on 1,500 of the forfeited share were 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' for the same

Solution

Balance Sheet
As at April 01, 2012
Particulars Note No. Rs

I. Equity and Liabilities

  1. Shareholders’ fund

     a. Share capital

     b. Reserve and Surplus

  2. Non-Current Liabilities

  3. Current Liabilities

 

 

 

33,57,000

6,000

 

 

Total   33,63,000

II. Assets

   1. Non-Current Assets

   2. Current Assets

      Cash and Cash Equivalents

 

 

 

 

33,63,000

Total   33,63,000

Note to Account

Note No Particulars Rs

1

 

 

 

 

 

 

 

 

Share capital

Authorised Capital

5,00,000 share of  Rs 10 each

Issued capital

4,50,000 equity share of Rs 10 each

Subscribed Called up and paid up Capital

4,19,500 equity share of  Rs 8 each                                                3,56,000

Less: Calls-in- arrears (on 1,000 equity share @ Rs 2 per Share           (2,000)

Add: Share forfeiture( on 500 equity share)                                        3,000

 

 

50,00,000

 

 

45,00,000

 

 

33,57,000

2

 

Reserve and Surplus

Capital Reserve

 

6,000

8

 

Cash and Cash Equivalents

Cash at Bank

 

33,63,000

  Is there an error in this question or solution?
Solution On 1st April 2012, Micro-tech Ltd. Was Formed with an Authorised Capital of Rs 50,00,000 Divided into 5,00,000 Equity Shares Of Rs 10 Each. 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 Concept: Accounting Treatment of Forfeiture and Re-issue of Share.
S
View in app×