'Telecom Limited' is registered with an authorized capital of Rs 8,00,00,000 divided into 80,00,000 equity shares of Rs 10 each. The company issued 1,00,000 shares at a premium of Rs 2 per share. The amount was payable as follows :
On application - Rs 3 per share
On allotment - Rs 5 per share (including premium)
On first and final call - The balance
All calls were made and were duly received except the first and final call on 1,000 shares held by Asha. Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI Part I of the Companies Act, 1956
Solution
| Telecom Limited Balance Sheet |
||
| Particulars | Note No |
Rs |
|
I. Equity and Liabilities 1. Shareholder’s Funds a. Share Capital b. Reserve and Surplus |
9,96,000 2,00,000 |
|
| Total | 11,96,000 | |
|
II. Assets 1. Current Assets a) Cash and Equivalents |
11,96,000 |
|
| Total | 11,96,000 | |
Note to Accounts:
| Note No | Particulars | Rs |
|
1
|
Share Capital Authorised Share Capital 80,00,000 shares of Cash and Cash Equivalents 10 Issued Share Capital 1,00,000 shares of 10 Subscribed Called-up and Paid up Share Capital 1,00,000 Shares of 100 each 10,00,000 Less: Calls-in-arrears (1,000 shares of 4) 4,000 |
8,00,00,000
10,00,000
9,96,000 |
|
2
|
Reserve and Surplus Securities Premium |
2,00,000 |
|
3
|
Cash and Cash Equivalents Cash Equivalents |
11,96,000 |
