X ltd. has an authorised capital of rs. 10,00,000 divided into equity shares of rs. 10 each. The company invited applications for 50,000 shares. Applications for 45,000 shares were received. All calls were duly received except the final call of rs. 2 per share on 1,000 shares. 500 of the shares on which the final call was not received were forfeited. Show how share capital will appear in the company balance sheet of the company as per schedule vi, Part i of the companies act,1956.
PARTICULARS | NOTE NO. | DETAILS |
A EQUITY AND LIABILITIES 1. Shareholders’ funds (a) Share capital | 1 | 448000 |
TOTAL | 448000 | |
B ASSETS 1. Current assets (a) Cash and cash equivalents | 448000 | |
TOTAL | 448000 |
NOTES TO ACCOUNTS
(1)Share Capital
1. Authorized share capital
100000 Equity Shares of Rs. 10 each 1000000
2. Issued share capital
50000 Equity Shares of Rs.10 each 500000
3. Subscribed & not Fully Paid up share capital
44500 Equity Shares of Rs.10 each fully called up 445000
Less: Calls in arrear (500*2) (1000)
Add: Share forfeiture (500*8) 4000
448000