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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. 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 - CBSE (Arts) Class 12 - Accountancy

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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

Solution

Janata Ltd.
Balance Sheet
Particular Note No. Rs

I. Equity and Liabilities

   1. Shareholders’ fund

       a. Share capital

       b. Reserve and Surplus

   2. Non-Current Liabilities

   3. Current Liabilities

 

 

1

2

 

 

 

 

31,50,000

 

 

 

Total   31,50,00

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

  Is there an error in this question or solution?

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Solution 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. 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 Concept: Share Capital - Issue and Allotment of Equity Shares.
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