Question 33.
The authorised
capital of Sarang Ltd. is ₹1,20,00,000 divided into
12,00,000 shares of 10 each. Out of
these, company issued 8,00,000 shares of ₹10 each at a premium of 20%. The amount per share was payable as
follows:
On Application ₹2
On Allotment ₹6 (including premium)
On First Call ₹2
On Final Call Balance
Public applied for 7,80,000
shares. All the money was duly received. Prepare an extract of Balance Sheet of Sarang
Ltd. as per Schedule ll, Part I of the Companies Act, 2013, disclosing the above
information. Also prepare 'Notes to Accounts' for the same.
(Foreign 2013, Modified)
Answer:
As
per the Schedule III of
Companies Act, 2013, the Company's Balance Sheet is presented as
follows.
|
Blue chip Ltd. |
||
|
Balance Sheet |
||
|
Particulars |
Note No. |
(₹) |
|
I.
Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital b.
Securities premium reserve |
1 2 |
78,00,000 15,60,000 |
|
Total |
|
93,60,000 |
|
|
|
|
|
II.
Assets |
|
|
|
1. Non-Current Assets |
|
|
|
2. Current Assets |
|
|
|
a. Cash and Cash
Equivalents |
2 |
93,60,000 |
|
Total |
|
93,60,000 |
|
|
|
|
NOTES
TO ACCOUNTS
|
|
|||
|
Note No. |
Particulars |
(₹) |
|
|
1 |
Share
Capital |
|
|
|
|
Authorised Share Capital |
|
|
|
|
12,00,000
shares of ₹10 each |
1,20,00,000 |
|
|
|
Issued Share Capital |
|
|
|
|
2,00,000 shares
of ₹10 each |
2,00,000 |
|
|
|
|
||
|
|
Subscribed,
Called-up and Paid-up Share Capital |
|
|
|
|
7,80,000 shares of ₹10 each |
78,00,000 |
|
|
|
|
|
|
|
2 |
Cash
and Cash Equivalents |
|
|
|
|
Cash at Bank |
93,60,000 |
|
|
3 |
Reserve and surplus |
||
|
|
Securities
premium reserve 7,80,000
shares at ₹2 each |
15,60,000 |
|
Question 34:
Ghosh Ltd. made the second and final call on its 50,000 Equity
Shares @ ₹2 per share on 1st January, 2016. The entire amount was
received on 15th January, 2016 except on 100 shares allotted to Venkat. Pass necessary journal entries for the call money
due and received by opening Calls-in-Arrears Account. (CBSE 2006 C, Modified)
Answer:
|
Books
of Ghosh
Limited Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ₹ |
Credit ₹ |
|
|
2016 |
|
|
|
|
|
|
Jan. 01 |
Share Second and Final Call A/c |
Dr. |
|
1,00,000 |
|
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
|
(Share second and final call due
on 50,000 shares at ₹2 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
Jan. 15 |
Bank A/c |
Dr. |
|
99,800 |
|
|
|
Calls-in-Arrears A/c |
Dr. |
|
200 |
|
|
|
To Share Second and Final Call A/c |
|
|
1,00,000 |
|
|
|
(Share second and final call
received from 49,900 shares and 100 shares failed to pay the it) |
|
|
|
|
|
|
|
|
|
|
|
Question 35:
Avon
Ltd. issued for subscription 10,000 shares of
₹25 each, payable
₹5 per share on
application, ₹10 per share on
allotment (including ₹5 per share as
premium), ₹5 per share as
first call on the shares and the balance in two equal amounts at intervals
of three months. All the shares were
applied and allotted.
Due
amount was received except the second call and final call on 200 and 400 shares
respectively.
Pass
the entries in the company's Journal, Cash Book and the Ledger. Also show the
company's Balance Sheet on completion of the above transactions.
Answer:
Issued and Subscribed Capital 10,000
shares of ₹25 each at ₹5 Premium
Payable as:
|
₹ |
5 |
On application |
|
₹ |
10 |
On allotment (including 5 Premium) |
|
₹ |
5 |
On first call |
|
₹ |
5 |
On Second call |
|
₹ |
5 |
On Third and final call |
|
|
30 |
|
|
Books
of Avon Ltd. Journal |
|
|||||||||||
|
Date |
Particulars |
L.F. |
Debit (₹) |
Credit (₹) |
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Bank A/c (10,000×5) |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share Application A/c |
|
|
50,000 |
|
|||||||
|
|
(Share application money received
for 10,000 shares at₹5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Share Application A/c |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share Capital A/c |
|
|
50,000 |
|
|||||||
|
|
(Share application Money
transferred to Share Capital) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Share Allotment A/c (10,000×10) |
Dr. |
|
1,00,000 |
|
|
||||||
|
|
To Share Capital A/c
(10,000×5) |
|
|
50,000 |
|
|||||||
|
|
To Securities Premium Reserves A/c (10,000×5) |
|
|
50,000 |
|
|||||||
|
|
(Share allotment due on 10,000
shares at₹5 with premium of ₹5 per
share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Bank A/c |
Dr. |
|
1,00,000 |
|
|
||||||
|
|
To Share Allotment A/c |
|
|
1,00,000 |
|
|||||||
|
|
(Share allotment money received) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Share First Call A/c (10,000×5) |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share Capital A/c |
|
|
50,000 |
|
|||||||
|
|
(Share first call due on 10,000 shares
at₹5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Bank A/c (10,000×5) |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share First and Final call A/c |
|
|
50,000 |
|
|||||||
|
|
(Share first call received on
10,000 shares at₹5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Share Second Call A/c (10,000×5) |
Dr. |
|
50,000 |
|
|
||||||
|
|
To Share Capital A/c |
|
|
50,000 |
|
|||||||
|
|
(Share Second call due on 10,000
shares at₹5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|||||||
|
|
Bank A/c (9,800×5) |
Dr. |
|
49,000 |
|
|
||||||
|
|
Calls-in-Arrears A/c (200×5) |
|
|
1,000 |
|
|
||||||
|
|
To Share Second call A/c |
|
|
50,000 |
|
|||||||
|
|
(Share Second call received on 10,000
shares at₹5 per share) |
|
|
|
|
|||||||
|
|
|
|
|
|
||||||||
|
|
Share third and final Call A/c
(10,000×5) |
Dr. |
|
50,000 |
|
|
|||||||
|
|
To Share Capital A/c |
|
|
50,000 |
|
||||||||
|
|
(Share third and final call due on
10,000 shares at₹5 per share) |
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||||||
|
|
Bank A/c (9,600×5) |
Dr. |
|
48,000 |
|
|
|||||||
|
|
Calls-in-Arrears A/c (400×5) |
|
|
2,000 |
|
|
|||||||
|
|
To Share third and final call A/c |
|
|
50,000 |
|
||||||||
|
|
(Share third and final call
received on 10,000 shares at₹5 per share) |
|
|
|
|
||||||||
|
|
|
|
|
|
|
||||||||
|
Cash Book |
|||
|
Particulars |
₹ |
Particulars |
₹ |
|
To Share Application A/c |
50,000 |
By Balance C/d |
2,97,000 |
|
To Share Allotment A/c |
1,00,000 |
|
|
|
To Share First Call A/c |
50,000 |
|
|
|
To Share Second Call A/c |
49,000 |
|
|
|
To Share Third and Final Call A/c |
48,000 |
|
|
|
|
|
|
|
|
|
2,97,000 |
|
2,97,000 |
|
Share
Application Account |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Date |
Particulars |
L.F. |
(₹) |
Date |
Particulars |
L.F. |
(₹) |
|
|
|
|
|
|
|
|
|
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
Share
Allotment Account |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Date |
Particulars |
L.F. |
(₹) |
Date |
Particulars |
L.F. |
(₹) |
|
|
|
|
|
|
|
|
|
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
1,00,000 |
|
|
To Securities Premium |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,00,000 |
|
|
|
1,00,000 |
|
|
|
|
|
|
|
|
|
|
Share
First Call Account |
|
|||||||
|
Dr. |
|
Cr. |
|
|||||
|
Date |
Particulars |
L.F. |
(₹) |
Date |
Particulars |
L.F. |
(₹) |
|
|
|
|
|
|
|
|
|
|
|
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Share
Second Call Account |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Date |
Particulars |
L.F. |
(₹) |
Date |
Particulars |
L.F. |
(₹) |
|
|
|
|
|
|
|
|
|
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
49,000 |
|
|
|
|
|
|
By Calls-in-Arrears |
|
1,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
|
|
|
|
|
|
|
Share
Final Call Account |
|
|||||||||||||||||||||||||
|
Dr. |
|
Cr. |
|
|||||||||||||||||||||||
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
To Share Capital |
|
50,000 |
|
By Bank |
|
48,000 |
|
||||||||||||||||||
|
|
|
|
|
|
By Calls-in-Arrears |
|
2,000 |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
50,000 |
|
|
|
50,000 |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Call-in-Arrears
Account |
||||||||||||||||||||||||||
|
Dr. |
|
Cr. |
||||||||||||||||||||||||
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
To Share Second Call |
|
1,000 |
|
By Balance c/d |
|
3,000 |
|||||||||||||||||||
|
|
To Share Final Call |
|
2,000 |
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
3,000 |
|
|
|
3,000 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Share
Capital Account |
||||||||||||||||||||||||||
|
Dr. |
|
Cr. |
||||||||||||||||||||||||
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
|||||||||||||||||||
|
|
To Balance c/d |
|
2,50,000 |
|
By Share Application |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
By Share Allotment |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
By Share First Call |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
By Share Second |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
By Share Final Call |
|
50,000 |
|||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
|
|
|
2,50,000 |
|
|
|
2,50,000 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Securities
Premium Account |
||||||||||||||||||||||||||
|
Dr. |
|
Cr. |
||||||||||||||||||||||||
|
Date |
Particulars |
L.F. |
Amount (₹) |
Date |
Particulars |
L.F. |
Amount (₹) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
To Balance c/d |
|
50,000 |
|
By Share Allotment |
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
50,000 |
|
|
|
50,000 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Balance
Sheet |
||
|
Particulars |
Note
No. |
Amount (₹) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
2,47,000 |
|
b. Reserves and Surplus |
2 |
50,000 |
|
2. Non-Current Liabilities |
|
|
|
3. Current Liabilities |
|
|
|
Total |
|
2,97,000 |
|
|
|
|
|
II. Assets |
|
|
|
1. Non-Current Assets |
|
|
|
2. Current Assets |
|
|
|
a. Cash and Cash Equivalents |
3 |
2,97,000 |
|
Total |
|
2,97,000 |
|
|
|
|
Notes to Accounts
|
|
|
|||||
|
Particulars |
|
(₹) |
||||
|
1. Share Capital |
|
|
||||
|
Authorised Share Capital |
|
|
||||
|
………. Equity Shares of ₹25 each |
|
… |
||||
|
|
|
|
||||
|
|
|
… |
||||
|
Issued
Share Capital |
|
|
||||
|
10,000 Equity Shares of ₹25 each |
|
2,50,000 |
||||
|
|
|
|
2,50,000 |
|||
|
Subscribed Share Capital |
|
|
||||
|
Subscribed and Fully Paid-up Share Capital |
|
|
||||
|
9,400
Equity Shares of 25 each |
|
235,000 |
||||
|
Subscribed and But not Fully Paid-up Share
Capital |
|
|||||
|
600 Equity Shares of 25 each |
15,000 |
|
||||
|
Less: Call-in-arrears (200×5)+(400×5) |
|
(3,000) |
12,000 |
|||
|
|
|
|
2,47,000 |
|||
|
2.
Reserve and Surplus |
|
|
||||
|
Securities Premium Reserve
(10,000×5) |
|
50,000 |
||||
|
|
|
50,000 |
||||
|
|
|
|
||||
|
3.
Cash and Cash Equivalents Bank |
|
2,97,000 |
||||
|
|
|
2,97,000 |
||||
Question
36: Usha
Ltd. was formed with a capital of ₹10,00,000
divided into shares of ₹100
each. It of fered 90% sharesto public for subscription. The amount per
share was payable as 40% on application, 20% on allotment andthe
balance on first and final call. The applicants paid ₹3,60,000 on application and ₹1,69,000
on allotment.
The call has not yet been made. Calculate:
(a) Authorised Capital,
(b) Issued Capital, (c) Subscribed Capital, (d) Called-up Capital, (e) Paid-up Capitaland (f) Calls-in-Arrears.
Answer:
|
|
|||
|
Particulars |
(₹) |
||
|
Share Capital |
|
||
|
A |
Authorised Share Capital |
|
|
|
|
10,000 shares of ₹100 each |
10,00,000 |
|
|
B |
Issued Share Capital |
|
|
|
|
9,000 shares of ₹100 each |
9,00,000 |
|
|
C |
Subscribed Share Capital |
|
|
|
|
9,000 shares of ₹100
each, |
9,00,000 |
|
|
D |
Called-up share capital |
|
|
|
|
9,000
shares of ₹60 each |
5,40,000 |
|
|
E |
Paid – up share capital 9,000
shares of ₹60 each 5,40,000 Less:
Calls-in-arrears (550×20) 11,000 |
5,39,000 |
|
|
F |
Calls-in-arrears Money
received on Allotment ₹1,69,000 No. of
shares on allotment money received= = 1,69,000/20= 8,450 No. of
shares on allotment money have not been received =9,000-8,450=550 Allotment money not received= 550×20 |
11,000 |
|
Ts Grewal Solution 2025-2026
Click below for more Questions
Class 12 / Volume – 2
Chapter 9- Company Accounts- Accounting for Share Capital
Question No. 1 To 4
Question No. 5 To 8
Question No. 9 To 12
Question No. 13 To 16
Question No. 17 To 20
Question No. 21 To 24
Question No. 25 To 28
Question No. 29 To 32
Question No. 33 To 36
Question No. 37 To 40
Question No. 41 To 44
Question No. 45 To 48
Question No. 49 To 52
Question No. 53 To 56
Question No. 57 To 60
Question No. 61 To 64
Question No. 65 To 68
Question No. 69 To 72
Question No. 73 To 76
Question No. 77 To 80
Question No. 81 To 84
Question No. 85 To 88
Question No. 89 To 92
Question No. 93 To 96
Question No. 97 To 100
Question No. 101 To 104
Question No. 105 To 108
Question No. 109 To 112
Question No. 113