Janta Ltd. had an authorised capital of rs. 2,00,000 divided into equity shares of rs. 10 each. The company offered for subscription rs. 1,00,000 shares. The issue was fully subscribed. The amount payable on application was rs. 2 per share. Rs. 4 per share was payable each on allotment and first and final call. A shareholder holding 100 shares failed to pay the allotment money. His shares were forfeited. The company did not make the final call.
Show how the SHARE CAPITAL will be shown in the company's balance sheet. Also prepare Notes to Accounts for the same.
Janta Ltd. | ||
Balance Sheet | ||
Particulars | Note No. | Amount (Rs) |
I. Equity and Liabilities |
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1. Shareholders’ Funds |
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a. Share Capital | 1 | 59,600 |
2. Non-Current Liabilities |
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3. Current Liabilities |
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Total |
| 59,600 |
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II. Assets |
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1. Non-Current Assets |
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2. Current Assets |
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a. Cash and Cash Equivalents | 2 | 59,600 |
Total |
| 59,600 |
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NOTES TO ACCOUNTS
Note No. | Particulars | Amount (Rs) | |
1 | Share Capital |
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| Authorised Share Capital |
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| 20,000 shares of Rs 10 each | 2,00,000 | |
| Issued Share Capital |
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| 10,000 shares of Rs 10 each | 1,00,000 | |
| Subscribed, Called-up and Paid-up Share Capital |
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| 9,900 shares of Rs 10 each on which Rs 6 Called-up | 59,400 | |
| Add: Shares Forfeited (100 × 2) | 200 | 59,600 |
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2 | Cash and Cash Equivalents |
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| Cash at Bank | 59,600 | |
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