Sun Pharma Ltd. is registered with an authorized capital of 1,00,00,000 divided into 1,00,000 equity shares of Rs 100 each. The company issued 50,000 shares at a premium of Rs 40 per shares. A shareholder holding 500 shares did not pay the final call of Rs 20 per share. His shares were forfeited. Present the 'Share Capital' in the Balance Sheet of the Company as per Schedule VI Part I of the Companies Act, 1956. Also, prepare notes to accounts.
Solution
| Balance Sheet Extract Sun Pharma India Ltd. |
||
| Particulars | Note No |
Rs |
|
I. Equity and Liabilities 1. Shareholder’s Funds a. Share Capital b. Reserve and Surplus |
1 2 |
49,90,000 20,00,000 |
| Total | 69,90,000 | |
|
II. Assets 2. Current Assets a. Cash and Equivalents |
3 |
69,90,000 |
| Total | 69,90,000 | |
| Note No |
Particulars | Rs |
|
1
|
Share Capital Authorised Share Capital 1,00,000 shares of 100 each Issued Share Capital 50,000 Equity Shares of 100 each Subscribed Called-up and Paid up Share Capital 49,500 Shares of 100 each 49,50,000 Add: Shares Forfeited (500 shares x 80) 40,000 |
50,00,000
50,00,000
49,90,000 |
|
2
|
Reserve and Surplus Securities Premium (50,000 x 40) |
20,00,000 |
|
3
|
Cash and Cash Equivalents Cash at Bank |
69,90,000 |
