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'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 Follow 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 - CBSE (Arts) Class 12 - Accountancy

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Question

'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

  Is there an error in this question or solution?
Solution '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 Follow 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 Concept: Accounting for Share Capital.
S
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