A company issued 1,00,000 of rs 100 shares for public subscription A shareholder holding 100 shares failed to pay - Accountancy - Accounting for Share Capital

Question

A company issued 1,00,000 of rs 100 shares for public subscription
A shareholder holding 100 shares failed to pay the final call of rs
20 per share His shares were forfeited The forfeited shares were
re-issued at rs 90 pershare fully paid up Present share capital in
balance sheet and not to accounts

Neha Chopra · Accepted Answer

Dear Student,

Balance Sheet Extract

Particulars

I Equity &
Liabilities

(I) Shareholders
Funds
Note
No
Amount (in
Rs)

(a) Share
Capital
1
10,000,000

(b) Reserves &
Surplus
2
7000

Notes to
Accounts

Note No
1

Share
Capital

Particulars
Amount (in
Rs)

Authorised Share
Capital

Issued Share
Capital

100,000 equity shares of
Rs 100 each
10,000,000

Subscribed Share
Capital

1,00,000 shares @ Rs 100
each fully paid
10,000,000

Note No
2

Reserves &
Surplus

Capital Reserve
(100*80)-(100*10)
7,000

Regards,

Notes to Accounts
Note No 1
Share Capital
Particulars	Amount (in Rs)
Authorised Share Capital


Issued Share Capital
100,000 equity shares of Rs 100 each	10,000,000

Subscribed Share Capital
1,00,000 shares @ Rs 100 each fully paid	10,000,000

Note No 2
Reserves & Surplus
*Capital Reserve (10080)-(10010)*	7,000

Particulars
I. Equity & Liabilities
(I) Shareholders Funds	Note No	Amount (in Rs)
(a) Share Capital	1	10,000,000
(b) Reserves & Surplus	2	7000