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Page No 10.52:

Answer:

Items Sub-head
 Long-term Borrowings  Non-Current Liabilities
 Deferred Tax Liabilities (Net)  Non-Current Liabilities
 Long-Term Provisions  Non-Current Liabilities

Page No 10.52:

Answer:

Items shown under Long-term Borrowings are:

a. Debentures,
b. Bonds,
c. Terms Loans (both from Banks and from others),
d. Public Deposits,
e. Other Loans and Advances.

Page No 10.52:

Answer:

Balance Sheet

as at …

Particulars

Note No.

Amount

(Rs)

I. Equity and Liabilities

 

 

1. Shareholders’ Funds

 

2. Non-Current Liabilities

 

 

Long-term Borrowings

1

1,90,000

3. Current Liabilities

 

 

Short-term Provisions

2

6,000

Total

 

 


II Assets

 

 

1. Non-Current Assets

 

 

Intangible (Fixed Assets)

3

20,000

2. Current Assets

 

 

a. Inventories

4

40,000

Total

 

 

 

 

 


NOTES TO ACCOUNTS
 

Note No.

Particulars

Amount

(Rs)

1

Long-term Borrowings

 

 

10% Debentures

1,90,000

 

 

 

2

Short-term Provisions

 

 

Provision for Tax

6,000

 

 

 

3

Intangible (Fixed Assets)

 

 

Goodwill

20,000

 

 

 

4

Inventories

 

 

Stock-in-Trade

40,000

 

 

 



Page No 10.53:

Answer:

Balance Sheet

as at March 31, 2016

Particulars

Note No.

Amount

(Rs in ‘000)

I. Equity and Liabilities

 

 

1. Shareholders’ Funds

 

 

a. Share Capital

 

800

b. Reserves and Surplus

 

180

2. Non-Current Liabilities

 

 

Long-term Borrowings

 

1,000

3. Current Liabilities

 

 

Trade Payables

 

60

Total

 

2,040


II Assets

 

 

1. Non-Current Assets

 

 

Tangible (Fixed Assets)

 

1,600

2. Current Assets

 

 

Inventories

 

40

Trade Receivables

 

160

Cash and Cash Equivalents

 

240

Total

 

2,040

 

 

 

Page No 10.53:

Answer:

Item Head
1. Debentures
Long-term Borrowings
2. Encashable Leave Payable at the time of Retirement
Long-term Provisions
3. Tax Reserve
Reserves and Surplus

Page No 10.53:

Answer:

S. No.

Items

Main Head

Sub-Head

1

Bills Receivable

Current Assets

Trade Receivables

2

Loose Tools

Current Assets

Inventories

3

Unclaimed Dividend

Current Liabilities

Other Current Liabilities

Page No 10.53:

Answer:

The following are the item with the heads and sub-heads listed in the Asset Side of Balance Sheet :

a. Loans and Advances (Long-Term) as Long-term Loans and Advances (Non-Current Assets)

b. Tangible Fixed Assets shown under Fixed Assets (Non-Current Assets).

c. Investments (Trade) as Non-Current Investments (Non-Current Assets).

d. Inventories as Current Assets.

Page No 10.53:

Answer:

S. No.

Items

Main Head

Sub-Head

1

Loose Tools

Current Assets

Inventories

2

Bills Receivable

Current Assets

Trade Receivables

3

Sundry Debtors

Current Assets

Trade Receivables

4

Livestock

Non-Current Assets

Tangible Fixed Assets 

5

Advances Recoverable in Cash

Current Assets

Short-term Loans and Advances

Page No 10.53:

Answer:

S. No.

Items

Main Head

Sub-Head

1

Debentures

Non-Current Liabilities

Long-term Borrowings

2

Interest Accrued on Investments

Current Assets

Other Current Assets

3

Goodwill

Non-Current Assets

Intangible Fixed Assets

4

Bills of Exchange

Current Assets

Trade Receivables

 

Page No 10.53:

Answer:

S. No.

Items

Main Head

1

Securities Premium Reserve

Reserves and Surplus

2

Bills Receivable

Trade Recivables

3

Authorised Capital

Share Capital

4

Goodwill

Intangible Fixed Assets

 

Page No 10.53:

Answer:

S. No.

Items

Main Head

1

Authorised Capital

Share Capital

2

Forfeited Shares Account

Share Capital

3

Capital Reserve

Reserves and Surplus

4

Secured Debentures

Long-term Borrowings

5

Provision for Tax

Short-term Provisions

6

Unclaimed Dividend

Other Current Liabilities

Page No 10.53:

Answer:

ITEMS HEAD SUB-HEAD
 10% Debentures  Non Current Liabilities  Long-term Borrowings
 Stock-in-Trade  Current Assets  Inventories
 Cash at Bank  Current Assets  Cash and Cash equivalents
 Bills Receivable  Current Assets  Trade Receivables
 Goodwill  Non-Current Assets  Fixed Assets (Intangible Assets)
 Loose Tools  Current Assets  Inventories
 Truck  Non-Current Assets  Fixed Assets (Tangible Assets)
 Provision for Tax  Current Liabilities  Short term Provisions
 Sundry Creditors  Current Liabilities  Trade Payables

Page No 10.53:

Answer:

Item Head Sub-head
i. Bank Balance Current Assets Cash and Cash Equivalents
ii. Investments (Long-Term) Non-Current Assets Non-Current Investments
iii. Outstanding Salary Current Liabilities Other Current Liabilities
iv. Authorised Capital Shareholders’ Fund Share Capital
v. Bills Payable Current Liabilities Trade Payables
vi. Unclaimed Dividends Current Liabilities Other Current Liabilities
vii. Shares option Outstanding Account Shareholder’s Fund Reserves and Surplus
viii. General Reserve Shareholder’s Fund Reserves and Surplus
ix. Subsidy Reserve Shareholder’s Fund Reserves and Surplus
x. Provision for Doubtful Debts Current Liabilities Short-Term Provisions

Page No 10.53:

Answer:

S. No.

Items

Main Head

Sub-Head

1

Calls-in-Arrears

Share Capital

Subscribed Share capital

2

Commission Received in Advance

Current Liabilities

Other Current Liabilities

3

Debentures

Non-Current Liabilities

Long-term Borrowings

4

Stores and Spare Parts

Current Assets

Inventories

5

Land and Building

Non-Current Assets

Tangible Assets

6

Forfeited Shares Account

Share Capital

Subscribed Share Capital

7

Government Securities

Non-Current Assets

Non-Current Investments

8

Uncalled Liability on partly paid shares

Commitments in Notes to Accounts

Commitments in Notes to Accounts

 

Page No 10.53:

Answer:

Item Head Sub-head
i. Public Deposits Long-Term Borrowings Non-Current Liabilities
ii. Office Furniture Fixed Assets (Tangible Assets) Non-Current Assets
iii. Prepaid Rent Current Assets Other Current Assets
iv. Outstanding Salaries Current Liabilities Other Current Liabilities
v. Computer Software Fixed Assets (Intangible Assets) Non-Current Assets
vi. Interest Accrued on Investments Current Assets  Other Current Assets
vii. Bills Discounted but not Matured Contingent Liabilities (to be shown in Notes to Accounts) -
viii. Premium Payable on Redemption of Debentures Long-Term Borrowings Non-Current Liabilities

Page No 10.53:

Answer:

ITEMS MAJOR HEAD SUB-HEAD
 Surplus, i.e. Balance in Statement of Profit and Loss (Dr.)  Shareholder’s Funds  Reserves and Surplus
 Interest accrued and due on debentures  Current Liabilities  Other Current Liabilities
 Computer Software under  development  Non-current Assets  Fixed Assets (Intangible Assets)
 Interest accrued on Investments  Current Assets  Other Current Assets



Page No 10.54:

Answer:

The appropriation will be shown in the following manner:
 

Extract of Balance Sheet

as at …..

Particulars

Note No.

Amount 
(Rs)

I. Equity and Liabilities

   

1. Shareholders’ Funds

   

a. Share Capital

   

b. Reserves and Surplus

 1

1,50,000

2.  Share Application Money

Pending Allotment

   

3. Non-Current Liabilities

   

4. Current Liabilities

   

a. Short-term Provisions

 2

25,000

Total

   
 

NOTES TO ACCOUNTS

Note No.

Particulars

Amount 
(Rs)

1

Reserves and Surplus

 
 

(a) Surplus, i.e. Balance in Statement of Profit and Loss

1,00,000

 
 

Add. Profit for the year

75,000

 
 

Less: Appropriations

 
 

Transfer to Debenture Redemption Reserve

(15,000)

 
 

Proposed Dividend

(25,000)

1,35,000

     
 

(b) Debenture Redemption Reserve

 
 

Transferred from Surplus i.e. Balance in Statement of Profit and Loss

15,000

 

Total (a + b) [ to be Shown in Balance Sheet against Reserves and Surplus]

1,50,000

     

2

Short-term Provisions

 
 

Proposed Dividend

25,000

     

Page No 10.54:

Answer:

Extract of Balance Sheet

as at March 31, 2015

Particulars

Note No.

Amount 
(Rs)

2. Non-Current Liabilities

   

 Long-term Borrowings

   

11% Loan from SBI

20,00,000

   

7,500, 10% Debentures of Rs 100 each

7,50,000

 

27,50,000

3. Current Liabilities

   

Other Current Liabilities

   

Current Maturity of Long-term Debts (2,500 Debentures of Rs 100 each maturing within 12 months)



2,50,000

   

Interest accrued and due on Debentures

1,00,000

   

Interest accrued and due on Loan

2,20,000

 

5,70,000

Total

 

33,20,000

 

 

 

Page No 10.54:

Answer:

Balance Sheet

as at March 31, 2016

Particulars

Note No.

Amount

(Rs)

I. Equity and Liabilities

 

 

1. Shareholders’ Funds

 

 

a. Share Capital

1

5,000

b. Reserves and Surplus

2

4,200

2. Non-Current Liabilities

 

 

Long-term Borrowings

3

3,000

3. Current Liabilities

 

 

Other Current Liabilities

 

2,500

Total

 

14,700


II. Assets

 

 

1. Non-Current Assets

 

 

Tangible (Fixed Assets)

4

8,300

2. Current Assets

 

 

Other Current Assets

 

6,400

Total

 

14,700

 

 

 

 

NOTES TO ACCOUNTS
Note No.
Particulars
Amount
(Rs)
1
Share Capital
 
 
Share Capital
5,000
 
 
 
2
Reserves and Surplus
 
 
General Reserve
3,000
 
Balance in Statement of Profit and Loss (Credit)
1,200
 
 
4,200
3
Long-term Borrowings
 
 
8% Debentures
3,000
 
 
 
4
Tangible (Fixed Assets)
 
 
Fixed Assets (Cost)
9,000
 
 
Depreciation
(700)
8,300
 
 
 

Page No 10.54:

Answer:

Balance Sheet
as at March 31, 2016
Particulars
Note No.
Amount
(Rs)
I. Equity and Liabilities
 
 
1. Shareholders’ Funds
 
 
a. Share Capital
1
3,00,000
b. Reserves and Surplus
2
22,000
2. Non-Current Liabilities
 
3. Current Liabilities
 
 
a. Trade Payables
3
20,000
b. Short-term Provisions
4
36,000
Total
 
3,78,000
II. Assets
 
 
1. Non-Current Assets
 
 
a. Fixed Assets
 
 
i) Tangible Assets
5
94,000
ii) Non-Current Investments
 
 
2. Current Assets
 
 
a. Inventories
6
1,60,000
b. Trade Receivables
7
80,000
c. Cash and Cash Equivalents
8
44,000
Total
 
3,78,000
 
 
 
 
NOTES TO ACCOUNTS
Note No.
Particulars
Amount
(Rs)
1
Share Capital
 
 
20,000 Equity Shares of Rs 10 each
2,00,000
 
10,000 Preference Shares of Rs 10 each
1,00,000
 
 
3,00,000
2
Reserves and Surplus
 
 
Transfer to General Reserve
10,000
 
Statement of Profit and Loss:
 
 
Profit for the year
58,000
 
 
 Less: Appropriations
 
 
        Transfer to General Reserve
(10,000)
 
 
         Proposed Dividend
 
 
Equity
(30,000)
 
 
Preference
(6,000)
12,000
 
Balance of Statement of Profit and Loss (Credit)
22,000
 
 
 
3
Trade Payables
 
 
Creditors
20,000
 
 
 
4
Short-term Provisions
 
 
Proposed Dividend
36,000
 
 
 
5
Tangible Assets
 
 
Machinery (cost)
35,000
 
 
Less: Provision for Depreciation
(7,000)
28,000
 
Premises (Cost)
60,000
 
Office Furniture
6,000
 
 
94,000
6
Inventories
 
 
Stock
1,60,000
 
 
 
7
Trade Receivables
 
 
Debtors
80,000
 
 
 
8
Cash and Cash Equivalents
 
 
Cash at Bank
44,000
 
 
 
 



Page No 10.55:

Answer:

Balance Sheet
as at March 31, 2016
Particulars
Note No.
Amount
(Rs)
I. Equity and Liabilities
 
 
1. Shareholders’ Funds
 
 
a. Share Capital
1
30,00,000
b. Reserves and Surplus
2
4,00,000
2. Non-Current Liabilities
 
 
a. Long-term Borrowings
3
6,00,000
3. Current Liabilities
 
 
a. Other Current Liabilities
4
8,00,000
b. Short-term Provisions
5
2,00,000
Total
 
50,00,000

II Assets
 
 
1. Non-Current Assets
 
 
a. Fixed Assets
 
 
i) Tangible Assets
6
30,00,000
b. Non-Current Investments
7
4,00,000
2. Current Assets
 
 
a. Inventories
8
6,00,000
b. Trade Receivables
9
8,00,000
c. Cash and Cash Equivalents
10
1,50,000
d. Short-term Loans and Advances
11
50,000
Total
 
50,00,000
 
 
 
 
NOTES TO ACCOUNTS
Note No.
Particulars
Amount
(Rs)
1
Share Capital
 
 
Equity Share Capital
20,00,000
 
12% Preference Share Capital
10,00,000
 
 
30,00,000
2
Reserves and Surplus
 
 
Workmen Compensation Reserve
1,00,000
 
Balance in Statement of Profit and Loss (Credit)
3,00,000
 
 
4,00,000
3
Long-term Borrowings
 
 
12% Debentures
6,00,000
 
 
 
4
Other Current Liabilities
 
 
Current Liabilities
8,00,000
 
 
 
5
Short-term Provisions
 
 
Provision for Taxation
2,00,000
 
 
 
6
Tangible Assets
 
 
Fixed Assets (Cost)
46,60,000
 
 
Depreciation
(16,60,000)
30,00,000
 
 
 
7
Non-Current Investments
 
 
Investments
4,00,000
 
 
 
8
Inventories
 
 
Stock
6,00,000
 
 
 
9
Trade Receivables
 
 
Sundry Debtors
8,00,000
 
 
 
10
Cash and Cash Equivalents
 
 
Cash
1,50,000
 
 
 
11
Short-term Loans and Advances
 
 
Loans and Advances
50,000
 
 
 

Page No 10.55:

Answer:

Balance Sheet
as at March 31, 2016
Particulars
Note No.
Amount
(Rs)
I. Equity and Liabilities
 
 
1. Shareholders’ Funds
 
 
a. Share Capital
1
2,40,000
b. Reserves and Surplus
2
1,86,000
2. Non-Current Liabilities
 
 
Long-term Borrowings
3
1,20,000
3. Current Liabilities
 
 
a. Other Current Liabilities
4
1,97,400
b. Short-term Provisions
5
90,000
Total
 
8,33,400

II. Assets
 
 
1. Non-Current Assets
 
 
a. Fixed Assets
 
 
i) Tangible Assets
6
4,20,000
b. Non-Current Investments
7
1,14,000
c. Long-term Loans and Advances
8
6,000
2. Current Assets
 
 
a. Other Current Assets
9
2,93,400
Total
 
8,33,400
 
 
 
 
NOTES TO ACCOUNTS
Note No.
Particulars
Amount
(Rs)
1
Share Capital
 
 
2,400 Equity Shares of Rs 100 each
2,40,000
 
 
 
2
Reserves and Surplus
 
 
Reserves
1,98,000
 
 
Less: Underwriting Commission
(12,000)
1,86,000
 
 
 
3
Long-term Borrowings
 
 
Secured Loans
90,000
 
Unsecured Loans
30,000
 
 
1,20,000
4
Other Current Liabilities
 
 
Current Liabilities
1,97,400
 
 
 
5
Short-term Provisions
 
 
Provision for Taxation
90,000
 
 
 
6
Tangible Assets
 
 
Fixed Assets (Cost)
5,46,000
 
 
Less: Provision for Depreciation
(1,26,000)
4,20,000
 
 
 
7
Non-Current Investments
 
 
Investments
1,14,000
 
 
 
8
Long-term Loans and Advances
 
 
Loans and Advances
6,000
 
 
 
9
Other Current Assets
 
 
Current Assets
2,93,400
 
 
 

Page No 10.55:

Answer:

Balance Sheet
as at March 31, 2016
Particulars Note
No.
Amount
(Rs)
I. Equity and Liabilities    
1. Shareholders’ Funds    
a. Share Capital
1 13,00,000
b. Reserves and Surplus
2 31,67,000
2. Non-Current Liabilities    
a. Long-term Borrowings
3 20,00,000
3. Current Liabilities    
a. Short Term Borrowings
4 2,00,000
b. Trade Payables
5 18,45,000
c. Other Current Liabilities
6 1,70,000
d. Short-term Provisions
7 20,200
Total   87,02,200

II Assets
   
1. Non-Current Assets    
a. Fixed Assets
   
i) Tangible Assets
8 51,50,000
ii) Capital Work-in-Progress
  2,00,000
b. Non-Current Investments
  2,25,200
c. Long Term Loans and Advances
9 3,72,000
2. Current Assets    
a. Inventories
10 12,00,000
b. Trade Receivables
11 12,25,000
c. Cash and Cash Equivalents
12 2,75,000
d. Short-term Loans and Advances
  55,000
Total   87,02,200
     
 
NOTES TO ACCOUNTS
Note
No.
Particulars Amount
(Rs)
1 Share Capital  
 
3,000 Equity Shares of Rs 100 each
3,00,000
 
10,000, 10% Preference Shares of Rs 100 each
10,00,000
    13,00,000
2 Reserves and Surplus  
 
General Reserve
30,50,000
 
Securities Premium Reserve
4,75,000
 
Profit & Loss A/c (Loss)
(3,58,000)
    31,67,000
3 Long-term Borrowings  
 
Term Loan (Secured)
20,00,000
     
4  Short-term Borrowings  
 
Loan from Debtors
2,00,000
     
5 Trade Payables  
 
Sundry Creditors
18,45,000
     
6. Other Current Liabilities  
 
Taxes Payable
1,70,000
     
7 Short-term Provisions  
 
Provision for Doubtful Debts
20,200
     
8 Tangible Assets  
 
Fixed Assets
51,50,000
    51,50,000
9 Long  Term Loan and Advances  
 
Advances
3,72,000
10 Inventories  
 
Stores
4,00,000
 
Finished Goods
7,50,000
 
Loose Tools
50,000
    12,00,000
11 Trade Receivables  
 
Sundry Debtors
12,25,000
     
12 Cash and Cash Equivalents  
 
Cash and Bank Balances
2,75,000
     

Note: The total of balance sheet given in the textbook is Rs 86,82,300, however, as per the solution provided it should be Rs 87,02,200.



Page No 10.56:

Answer:

Balance Sheet
as at 31st March, 2016
Particulars
Note No.
Amount
(Rs in ‘000)
I. Equity and Liabilities
 
 
1. Shareholders’ Funds
 
 
a. Share Capital
 
2,500
b. Reserves and Surplus
 
1,000
2. Share Application Money Pending
    Allotment
 
200
3. Non-Current Liabilities
 
 
a. Long-term Borrowings (10% Debentures)
 
600
b. Other Long-term Liabilities
 
500
c. Long-term Provisions
 
150
4. Current Liabilities
 
 
a. Trade Payables
 
375
b. Short-term Provisions
 
100
c. Other Current Liabilities
 
250
Total
 
5,675

II. Assets
 
 
1. Non-Current Assets
 
 
a. Fixed Assets
 
 
i) Tangible Assets
 
1,600
ii) Intangible Assets
 
550
iii) Intangible Assets Under Development
 
100
iv) Capital Work-in-Progress
 
575
b. Non-Current Investments
 
 
2. Current Assets
 
 
a. Trade Receivables
 
600
b. Inventories
 
250
c. Other Current Assets
 
1,000
d. Cash and Cash Equivalents
 
1,000
Total
 
5,675
 
 
 

Page No 10.56:

Answer:

Balance Sheet of Rama Ltd.
as at March 31, 2015
Particulars Note
No.
Amount
(Rs)
I. Equity and Liabilities    
  1. Shareholders’ Funds    
   a. Share Capital
1 10,00,000
   b. Reserves and Surplus
2 1,50,000
  2. Non-Current Liabilities    
   a. Long-term Borrowings
3 5,00,000
  3. Current Liabilities    
   a. Trade Payables
4 2,00,000
   b. Short-term Provisions
5 50,000
Total   19,00,000

II Assets
   
  1. Non-Current Assets    
   a. Fixed Assets
   
    i) Tangible Assets
6 9,00,000
    ii) Capital Work-In-Progress
  3,50,000
   b. Non-Current Investments
7 6,00,000
  2. Current Assets    
   a. Cash and Cash Equivalents
8 50,000
Total   19,00,000
     
 
NOTES TO ACCOUNTS
Note
No.
Particulars Amount
(Rs)
1 Share Capital  
 
1,00,000 Equity Shares of Rs 10 each
(Out of above, 15,000 shares of Rs 10 each issued for consideration other than cash)
10,00,000
    10,00,000
2 Reserves and Surplus  
 
Securities Premium Reserve
2,00,000
 
Profit and Loss A/c (Loss)
(50,000)
    1,50,000
3 Long Term Borrowings  
 
12% Debentures
5,00,000
     
4 Trade Payables  
 
Creditors
2,00,000
     
5 Short-term Provisions  
 
Proposed Dividend
50,000
     
6 Tangible Assets  
 
Land & Building
9,00,000
    9,00,000
7 Non Current Investments  
 
Government Bonds
6,00,000
     
8 Cash and Cash Equivalents  
 
Cash at Bank
50,000
     

Page No 10.56:

Answer:

 

In the Books of Ell Kay Ltd.

Journal

Date

Particulars

L.F.

Debit

Amount

(Rs)

Credit

Amount

(Rs)

 

 

 

 

 

 

 

Office Machinery A/c

Dr.

 

11,50,000

 

 

   To Excel Ltd A/c

 

 

 

11,50,000

 

(Office Machinery purchased)

 

 

 

 

 

 

 

 

 

 

 

Excel Ltd. A/c

Dr.

 

11,50,000

 

 

   To Bank A/c

 

 

 

50,000

 

   To 15 % Preference Shares

 

 

 

10,00,000

 

   To Securities Premium Reserve A/c

 

 

 

1,00,000

 

(Settlement of account of vendor)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c (5 × 5,00,000)

Dr.

 

25,00,000

 

 

   To Equity Share Application A/c

 

 

 

25,00,000

 

 (Application money received for 5,00,000 shares @ Rs 5)

 

 

 

 

 

 

 

 

 

 

 

Equity Share Application A/c (5 × 5,00,000)

Dr.

 

25,00,000

 

 

    To Equity Share Capital A/c (5 × 2,00,000)

 

 

 

10,00,000

 

    To Equity Share Allotment A/c

 

 

 

15,00,000

 

(Application money transferred to Share Capital Account and excess adjusted towards allotment)

 

 

 

 

 

 

 

 

 

 

 

Equity Share Allotment A/c (8 × 2,00,000)

Dr.

 

16,00,000

 

 

    To Equity Share Capital A/c (3 × 2,00,000)

 

 

 

6,00,000

 

    To Securities Premium Reserve A/c (5 × 2,00,000)

 

 

 

10,00,000

 

 

 

 

 

 

 

Bank A/c

Dr.

 

99,500

 

 

Calls in Arrears A/c

Dr.

 

500

 

 

    To Equity Share Allotment A/c

 

 

 

1,00,000

 

(Amount received on all shares except from Anil)

 

 

 

 

 

 

 

 

 

 

 

Equity Share Final Call A/c (2 × 2,00,000)

Dr.

 

4,00,000

 

 

    To Equity Share Capital A/c (2 × 2,00,000)

 

 

 

4,00,000

 

 

 

 

 

 

 

Bank A/c

Dr.

 

3,94,000

 

 

Calls in Arrears A/c (1,000 × 2) + (2,000 × 2)

Dr.

 

6,000

 

 

    To Equity Share Final Call A/c

 

 

 

4,00,000

 

(Amount received on all shares except from Anil and Gopal)

 

 

 

 

 

 

 

 

 

 

 

Share Capital A/c

Dr.

 

10,000

 

 

Securities Premium Reserve A/c

Dr.

 

5,000

 

 

    To Calls-in-Arrears A/c

 

 

 

2,500

 

    To Share Forfeiture A/c

 

 

 

12,500

 

(1,000 shares forfeited)

 

 

 

 

 

Bank A/c

Dr.

 

7,500

 

 

    To Share Capital A/c

 

 

 

5,000

 

    To Securities Premium Reserve A/c

 

 

 

2,500

 

(Reissue of 500 forfeited shares)

 

 

 

 

 

 

 

 

 

 

 

Forfeited Shares A/c

Dr.

 

6,250

 

 

    To Capital Reserve A/c

 

 

 

6,250

 

(Gain on Reissue transferred)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

20,00,000

 

 

   To 10% Pref. Share Application A/c

 

 

 

20,00,000

 

 (Application money received for 40,000 shares @ Rs 50)

 

 

 

 

 

 

 

 

 

 

 

10% Pref. Share Application A/c

Dr.

 

20,00,000

 

 

    To 10% Pref. Share Capital A/c (50 × 25,000)

 

 

 

12,50,000

 

    To Bank A/c

 

 

 

7,50,000

 

(Application money transferred to Share Capital Account and excess refunded)

 

 

 

 

 

 

 

 

 

 

 

10% Pref. Share Allotment A/c (30 × 25,000)

Dr.

 

7,50,000

 

 

    To Equity Share Capital A/c (30 × 25,000)

 

 

 

7,50,000

 

(Allotment due on Pref. Shares)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c

Dr.

 

7,65,000

 

 

    To 10% Pref. Share Allotment A/c

 

 

 

7,50,000

 

    To Calls in Advance A/c (20 × 500)

 

 

 

10,000

 

(Amount received on all shares plus final call on 500 shares)

 

 

 

 

 

 

 

 

 

 

 

Preference Share Final Call A/c (20 × 25,000)

Dr.

 

5,00,000

 

 

    To 10% Pref. Share Capital A/c

 

 

 

5,00,000

 

(Share final call money due)

 

 

 

 

 

 

 

 

 

 

 

Bank A/c (23,500 × 20)

Dr.

 

4,70,000

 

 

Calls in Arrears A/c (1,000 × 20)

Dr.

 

20,000

 

 

Calls in Advance A/c (500 × 20)

 

 

10,000

 

 

    To 10% Pref. Share Final Call A/c

 

 

 

5,00,000

 

(Amount received on all shares except from Amit)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dr.

Calls in Arrears Account

Cr.

Date

Particulars

Amount (Rs.)

Date

Particulars

Amount (Rs.)

 

Eq. Share Allotment A/c

500

 

Share Capital A/c

2,500

 

Eq. Share Final Call A/c

6,000

 

Balance c/d

24,000

 

10% Pref. Share Final Call A/c

20,000

 

 

 

 

 

26,500

 

 

26,500

 

 

 

 

 

 

             

 

Dr.

Calls in Advance Account

Cr.

Date

Particulars

Amount (Rs.)

Date

Particulars

Amount (Rs.)

 

10% Pref. Share Final Call A/c

10,000

 

Bank A/c

10,000

 

 

10,000

 

 

10,000

 

 

 

 

 

 

             

 

 

Particulars

Note No.

Figures at the end of current reporting period

I. Equity and Liabilities

 

 

1. Shareholders’ Funds

 

 

a. Share Capital

1

64,77,750

b. Reserves and Surplus

2

11,03,750

Total

 

75,81,000

 

 

 

II Assets

 

 

1. Non-Current Assets

 

 

  1. Fixed Assets

3

11,50,000

2. Current Assets

 

 

  1. Cash and Cash Equivalents

4

64,31,000

Total

 

75,81,000

 

 

 

 

NOTES TO ACCOUNTS

Note No.

Particulars

Amount 

(Rs)

1

Share Capital

 

 

Authorised Capital

 

 

5,00,000 Equity Shares of Rs 10 each

50,00,000

 

50,000 Preference Shares of Rs 100 each

50,00,000

 

 

1,00,00,000

 

Issued, Paid up and Subscribed Capital

 

 

50,000 Equity Shares of Rs 10 each

5,00,000

 

5,000, 10% Preference Shares of Rs 100 each

5,00,000

 

10,000, 15% Preference Shares of Rs 100 each

10,00,000

 

25,000 10% Preference Shares of Rs 100 each

25,00,000

 

1,99,500 Equity Shares of Rs 10 each

19,95,000

 

 

Less: Calls in Arrears*

(24,000)

 

 

Add: Share Forfeiture

6,250

19,77,250

 

 

64,77,250

 

 

 

2

Reserves and Surplus

 

 

Capital Reserve

6,250

 

Securities Premium Reserve

10,97,500

 

 

11,03,750

 

 

 

3

Fixed Assets

 

 

Tangible Assets- Machinery

11,50,000

 

 

 

 

 

 

8

Cash and Cash Equivalents

 

 

Cash at Bank

64,31,000

 

 

 


Number of Shares Applied by Anil: 5,00,0002,00,000×1,000=2,500 SharesSurplus paid at the time of application=(2,500 - 1,000)×5=Rs 7,500Amount due on Allotment=Rs (8×1,000)=Rs 8,000Calls in Arrears are Rs 500



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