Question 02 Chapter 1 of +2-B - USHA Publication 12 Class

Question 02 Chapter 1 of +2-B

Arrangement of Balance sheet Items

2. (Exhibiting Not Full Paid-up Capital) Good Year Tyre Limited has an authorized capital of 20,00,000 divided into Rs 10 shares. It invited applications for 1,00,000 shares company received full face value on 99,000 shares. However, on 1,000 shares the final call of Rs 3 is not received.
Show the above in the Balance Sheet.

The solution of Question 02 Chapter 1 of +2-B: - 

Balance Sheet of Good Year Tyre Limited

Particulars	Note no.	Amount
I. Equity and Liabilities
1. Shareholders’ Funds
Share Capital	1	9,97,000
Total		9,97,000

Notes to Accounts

Particulars	Note no.	Amount
1. Share Capital
Authorised Capital
2,00,000 Shares of Rs 10 each		20,00,000
2. Issued Capital
1,00,000 Shares of Rs 10 each		10,00,000
Subscribed Capital
Subscribed & Fully Paid-up Capital
99,000 Shares of Rs 10 each		9,90,000
Subscribed but not Fully Paid-up Capital
1,000 Shares of Rs 100 each
Less :Calls in arrears (1,000 x Rs 3 )		7,000
		9,97,000

 

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