On 1st April, 2012; Vivek Ltd. Was formed with an authorized capital of Rs.1,00,00,000 divided into 2,00,000 equity shares of Rs.50 each. The company issued prospectus inviting applications for 1,80,000 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.
Solution
Journal
| Date | Particulars | L.F. | Debit(Rs.) | Credit(Rs.) |
|
Bank A/c Dr To Share Application A/c (Being application for 1,80,000 share received @ 15 per share)
Share Application A/c Dr To share capital A/c (Being share application money transferred to share capital)
Share Allotment A/c Dr To Share Capital A/c (Being share allotment money due on 1,80,000 share @ 20 each) |
27,00,000
27,00,000
36,00,000
|
27,00,000
27,00,000
36,00,000
|
Balance Sheet
| Particulars | Note No. | Amount(Rs.) |
|
I. Equity and Liabilities 1. Shareholder's fund a. Share capital |
1 |
63,00,000 |
| 63,00,000 |
Note to Accounts
| Note No. | Particulars | Amount(Rs.) |
|
1
|
Share Capital 2,00,000 share of Rs.50 each
Issued Capital 1,80,000 share of Rs.50 each
Subscribed Capital 1,80,000 share of Rs.50 each
|
1,00,00,000
90,00,000
90,00,000
|
|
Called and paid –up capital 1,80,000 share of Rs.35 each |
63,00,000 |
