Question 1:
Hi-tech 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:
|
Hi-tech
Ltd. |
||
|
Balance Sheet |
||
|
Particulars |
Note No. |
( `) |
|
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 |
( `) |
|
|
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 |
|
|
|
|
|
|
Question 2:
Farm
Products 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 Farm Products Ltd |
||
|
Particulars |
Note No. |
( `) |
|
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 |
( `) |
||
|
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 |
||
|
|
|
||
Question 3:
Global Trade 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 Fancy co. Ltd. |
||
|
Particulars |
Note No. |
( `) |
|
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 |
( `) |
|
|
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 |
|
|
|
|
|
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. |
|
|
I. Equity
And Liabilities Shareholders’ Funds |
|
|
|
Share Capital |
1 |
23,63,000 |
|
|
|
|
|
Notes to
Accounts: |
|||
|
Note No. |
Particulars |
|
|
|
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 |
|
|
|
|
|
Ts Grewal Solution 2022-2023
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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
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