Plz ans 10
Q.10. On 1st April, 2012, Micro-tech Ltd. was formed with an authorised capital of Rs. 50,00,000 divided into 5,00,000 equity shares of Rs. 10 each. The company issued prospectus inviting applications for 4,50,000 equity shares. The company received applications for 4,20,000 equity shares. During the first year, Rs. 8 per share were called. Trilok holding 1,000 shares and Rajesh holding 2,000 shares did not pay the first call of Rs. 2 per share. Rajesh's shares were forfeited after the first call and later on 1,500 of the forfeited shares were re-issued at Rs. 6 per share, Rs. 8 called up. Show the following :
(a) Share Capital in the Balance Sheet of the company as per revised Schedule III of Company Act 2013.
(b) Also prepare 'Notes to Accounts' for the same.
Dear Student,
Regards,
| Balance Sheet of Micro-tech Ltd as on 31st Mar 2013 | ||
| Particulars | Note No | Amount (in Rs) |
| A Equity & Liabilities | ||
| I Shareholders Fund | ||
| a) Share Capital | 1 | 3,357,000 |
| b) Reserves & Surplus | 6,000 | |
| Notes to Accounts | ||
| Particulars | Amount (in Rs) | |
| Authorised or Nominal Capital | ||
| 5,00,000 Equity shares of Rs 10 each | 5,000,000 | |
| Issued Capital | ||
| 4,50,000 Equity shares of Rs 10 each | 4,500,000 | |
| Subscribed Capital | ||
| Subscribed but not fully paid up | ||
| 4,19,500 Equity shares of Rs 8 each | 3,356,000 | |
| Less: Calls-in-arrears (1,000*2) | -2,000 | |
| Add: Forfeited shares (500*6) | 3,000 | 3,357,000 |
Regards,