Page No 8.111:
Question 1:
Gopal
Ltd. was registered with an authorised capital of ` 50,00,000 divided into
Equity Shares of
` 100 each . The company offered
for public subscription all the shares . Public
applied for 45,000 shares and allotment was made to all the applicants. All the
calls were made and were duly received except the final call of `
20 per share on 500 shares.
Prepare the Balance Sheet of the company showing the different types of share
capital.
Answer:
Gopal Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount ( `) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
44,99,000 |
2. Non-Current
Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
44,99,000 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
2. Current Assets |
|
|
a. Cash and Cash
Equivalents |
2 |
44,99,000 |
Total |
|
44,99,000 |
|
|
|
NOTES TO ACCOUNTS
|
|||
Note No. |
Particulars |
Amount ( `) |
|
1 |
Share Capital |
|
|
|
Authorised Share
Capital |
|
|
|
5,00,000 equity shares
of ` 10
each |
50,00,000 |
|
|
Issued Share Capital |
|
|
|
5,00,000 equity
shares of ` 10
each |
50,00,000 |
|
|
Subscribed, Called-up
and Paid-up Share Capital |
|
|
|
4,50,000 equity
shares of ` 10
each |
45,00,000 |
|
|
Less: Calls in Arrears (500 shares × ` 2) |
(1,000) |
44,99,000 |
|
|
|
|
2 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
44,99,000 |
|
|
|
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Page No 8.111:
Question 2:
Madanlal
Ltd has authorised share capital of ` 50,00,000 divided
into 5,00,000 Equity Shares of ` 10
each . It has existing issued and paid up capital of ` 5,00,000. It further
issued to public 1,50,000 Equity Shares at par for
subscription payable as under:
On Application: |
` 3 |
On Allotment: |
` 4 and |
On Call: |
Balance Amount. |
The issue was fully subscribed and allotment was made to all the applicants . Call was made during the year and was duly
received.
Show share capital of the company in the Balance Sheet of the Company.
Answer:
Balance Sheet of Madanlal Ltd. |
||
Particulars |
Note No. |
Amount ( `) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
20,00,000 |
Total |
|
20,00,000 |
II. Assets |
|
|
2. Current Assets |
|
|
a.
Cash and Cash Equivalents |
2 |
20,00,000 |
Total |
|
20,00,000 |
Notes to Accounts |
|
||
Particulars |
Amount ( `) |
||
1.
Share Capital |
|
||
Authorised Share
Capital |
|
||
5,00,000 Equity Shares
of ` 10
each |
50,00,000 |
||
Issued Share Capital |
|
||
50,000 Equity Shares of
` 10
each |
5,00,000 |
|
|
1,50,000 Equity Shares
of ` 10
each |
15,00,000 |
20,00,000 |
|
Subscribed and
Paid-up Share Capital |
|
||
50,000 Equity Shares of
` 10
each |
5,00,000 |
|
|
1,50,000 Equity Shares
of ` 10
each |
15,00,000 |
20,00,000 |
|
|
|
||
2.
Cash and Cash Equivalents |
|
||
Bank |
20,00,000 |
||
|
|
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Page No 8.112:
Question 3:
Nishant co. Ltd. has authorised
share capital of `
1,00,00,000 divided into 1,00,000 Equity Shares of ` 100 each . It has existing
issued and paid up capital of ` 25,00,000. It further issued to public
25,000 Equity Shares at a premium of 20% for subscription payable as under:
On Application: |
` 30 |
On Allotment: |
` 60 and |
On Call: |
Balance Amount. |
The issue was fully subscribed and allotment was made to all the applicants . The company did not make the call during the
year.
Show share capital of the company in the Balance Sheet of the Company.
Answer:
Balance Sheet of Nishant co. Ltd. |
||
Particulars |
Note No. |
Amount ( `) |
I. Equity and Liabilities |
|
|
1.
Shareholders’ Funds |
|
|
a. Share Capital |
1 |
42,50,000 |
b. Reserves and Surplus |
2 |
5,00,000 |
Total |
|
47,50,000 |
II Assets |
|
|
2. Current
Assets |
|
|
a.
Cash and Cash Equivalents |
3 |
47,50,000 |
Total |
|
47,50,000 |
Notes to Accounts |
||
Particulars |
Amount ( `) |
|
1.
Share Capital |
|
|
Authorised Share
Capital |
|
|
1,00,000 Equity Shares
of ` 100
each |
1,00,00,000 |
|
Issued Share
Capital |
|
|
25,000 Equity
Shares of ` 100
each |
25,00,000 |
|
25,000 Equity
Shares of ` 100
each |
25,00,000 |
50,00,000 |
Subscribed Share
Capital |
|
|
Fully Called-up
& Paid-up Capital |
|
|
25,000 Equity Shares of
` 100
each |
25,00,000 |
|
Partially Called-up
& Paid-up Capital |
|
|
25,000 Equity Shares of
` 100
each, 70 called-up |
17,50,000 |
|
|
|
|
2.
Reserves and Surplus |
|
|
Securities
Premium Reserve |
5,00,000 |
|
|
|
|
3.
Cash and Cash Equivalents |
|
|
Bank |
47,50,000 |
|
|
|
Page No 8.112:
Question 4:
Star
Ltd. is registered with capital of `
50,00,000 divided into 50,000 equity shares of ` 100 each, The Company issued 25,000 equity shares for
subscription. Subscription was received for 23,750 shares and all the due
amount was duly received, except the first and final call of `
20 per share on 600 shares. Show the 'Share Capital' in the Balance Sheet of
the company.
Answer:
In the books of Star Ltd. An Extract of Balance Sheet As at ………. |
||
Particulars |
Note No. |
Amount |
I. Equity And Liabilities Shareholders’
Funds |
|
|
Share Capital |
1 |
23,63,000 |
|
|
|
Notes to Accounts: |
|||
Note No. |
Particulars |
|
Amount |
1. |
Share Capital |
|
|
|
Authorised Capital |
|
|
|
50,000 equity shares of `100 each |
|
50,00,000 |
|
|
|
|
|
Issued Capital |
|
|
|
25,000 shares of `100 each |
|
25,00,000 |
|
|
|
|
|
Subscribed Capital |
|
|
|
23,750 shares of `100 each |
23,75,000 |
|
|
Less: Calls-in-Arrears (600 × 20) |
12,000 |
23,63,000 |
|
|
|
23,63,000 |
|
|
|
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Page No 8.112:
Question 5:
Moneyplus
company issued 2,50,000 Equity Shares of ` 10 each to public. All amounts have been received in
lump sum. Pass necessary Journal entries in the books of the company.
Answer:
Authorised
Capital 2,50,000 equity shares of ` 10
each
Issued
and Subscribed Capital 2,50,000 shares
In the books of Moneyplus |
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Date |
Particulars |
L.F. |
Debit Amount (
`) |
Credit Amount (
`) |
|
|
|
|
|
|
|
|
Bank
A/c |
Dr. |
|
25,00,000 |
|
|
To Equity Share
Application A/c |
|
|
25,00,000 |
|
|
(Share
application money received for 2,50,000 equity shares of ` 10
each) |
|
|
|
|
|
|
|
|
|
|
|
Equity
Share Application A/c |
Dr. |
|
25,00,000 |
|
|
To Equity Share Capital
A/c |
|
|
25,00,000 |
|
|
(Share
application of 2,50,000 equity shares of ` 10 each transferred to Equity Share Capital Account
) |
|
|
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