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Q. Sonu has an authorized capital of Rs 30,00,000 divided into equity shares of Rs 10 each. The company invited applications for 81 ,000 shares from public and 3,000 shares allotted to signatories to Memorandum of Association as fully paid. Applications for 80,000 shares were received from public. All calls were made except the final call of Rs 2 and all dues were duly received except the first call of Rs 3 per share on 1000 shares which were forfeited. Out of forfeited shares, 700 shares were reissued at Rs 7 per share, Rs 8 called up.
Show how Share Capital will appear in Balance Sheet of Sonu Ltd. as per Revised Schedule III and also prepare Notes to Accounts.
Dear Student
Regards
| Sonu Ltd | ||
| BALANCE SHEET | ||
| Particulars | Note | March 31 |
| ` | ||
| EQUITY AND LIABILITIES | ||
| SHAREHOLDERS' FUNDS | ||
| Share Capital | 3 | 669,100 |
| Reserves and Surplus (Profit on Reissue = 700 x 4) | 2,800 | |
| 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 | 671,900 | |
| 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 | 671,900 | |
| Short-term loans and advances | - | |
| Other Current Assets | - | |
| TOTAL | 671,900 | |
| Summary of Significant Accounting Policies | ||
| Notes form an integral part of the Financial Statement | ||
| Note - 3 Share Capital | ||
| Particulars | Amt | Amt |
| Authorised Capital | ||
| 3,00,000 Equity Shares of Rs. 10/- each. | 3,000,000 | |
| Issued Capital | ||
| 84,000 Equity Shares of Rs. 10/- each. | 840,000 | |
| Subscribed Capital | ||
| Subscribed and Fully Paid up | ||
| 3,000 Equity Shares of Rs. 10/- each | 30,000 | |
| Subscribed but not Fully Paid up | ||
| 79,000 Equity shares of Rs 10/- each, Rs 8/- called up | 632,000 | |
| 700 Equity Shares of Rs. 10/- each , Rs 8/- called up | 5,600 | |
| Less : Calls in Arrears | - | 5,600 |
| Add: Share Forefiture A/c (300 x 5) | 1,500 | |
| Total of share capital | 6,69,100 |
Regards