Q. On 1st April ,2012 , Vishvas Ltd. was formed with an authorised capital of Rs. 10,00,000 divided into 1,00,000 equity shares of Rs. 10 each. The company issued prospectus inviting applications for 90,000 equity shares. The company received application for 85,000 equity shares . During the first year , Rs. 8 per shares were called . Ram holding 1,000 shares and shyam holding 2,000 shares did not pay the first call of Rs. 2 per shares. Shaym's shares were forfeited after the first call and later on 1,500 of the forfeited shares were re-issued at Rs. 6 per shares , Rs. 8 called up . Show the following : (a) Share Capital in the Balance Sheet of the company as per schedule III Part I of the Companies Act, 2013 (b) Also prepare ' Notes of Accounts ' for the same.
Dear Student
Regards
| Vishwas Ltd | ||
| BALANCE SHEET | ||
| Particulars | Note | March 31 |
| ` | ||
| EQUITY AND LIABILITIES | ||
| SHAREHOLDERS' FUNDS | ||
| Share Capital | 3 | 677,000 |
| Reserves and Surplus (Capital Reserve) | 6,000 | |
| SHARE APPLICATION MONEY PENDING ALLOTMENT | - | |
| NON-CURRENT LIABILITIES | ||
| Long-Term Borrowings | - | |
| Deferred Tax Liabilities (Net) | - | |
| CURRENT LIABILITIES | ||
| Trade Payables | - | |
| Other Current Liabilities | - | |
| Short-Term Provisions | - | |
| TOTAL | 683,000 | |
| ASSETS | ||
| NON-CURRENT ASSETS | ||
| Fixed Assets | - | |
| Tangible Assets | - | |
| Long term loans and advances | - | |
| Other non-current assets | - | |
| Deferred Tax Assets (Net) | - | |
| INVESTMENTS | ||
| CURRENT ASSETS | ||
| Inventories | - | |
| Cash and cash equivalents | 683,000 | |
| Short-term loans and advances | - | |
| Other Current Assets | - | |
| TOTAL | 683,000 | |
| Summary of Significant Accounting Policies | ||
| Notes form an integral part of the Financial Statement | ||
| Note - 3 Share Capital | ||
| Particulars | Amt | Amt |
| Authorised Capital | ||
| 1,00,000 Equity Shares of Rs. 10/- each. | 1,000,000 | |
| Issued Capital | ||
| 90,000 Equity Shares of Rs. 10/- each. | 900,000 | |
| Subscribed Capital | ||
| Subscribed and Fully Paid up | ||
| 0 Equity Shares of Rs. 10/- each | - | |
| Subscribed but not Fully Paid up | ||
| 84,500 Equity Shares of Rs. 10/- each Rs 8 Called Up | 676,000 | |
| Less : Calls in Arrears (1,000 x 2) | 2,000 | 674,000 |
| Add: Share Forefiture A/c | 3,000 | |
| 677,000 |
Regards