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Question 12 Chapter 4 - Unimax Publication Class 12 Part 2 - 2021
X Ltd. has an authorized capital of ₹ 30,00,000 dividend into equity shares of ₹ 10 each. The company invited application for 1,20,000 shares. Application for 90,000 shares were received. All calls were made and were duly received except the final call of ₹ 2 per shares on 11,000 shares. 5,000 of the shares on which the final call was not received were forfeited. Show how share capital will appear in the balance sheet of the company as per Schedule 3 part 1 of the companies Act, 2013.
Balance sheet (Extract from)
| Equity and Liabilities | Note | Amount ₹ |
|---|---|---|
| Shareholder’s Fund | ||
| Share capital | 1 | 8,78,000 |
| Share capital (85,000 share @ 10each) | 8,50,000 | |
| + share forfeited (5000 x 8) | 40,000 | |
| - Calls in Arrear (6000 x 2) | 12,000 | |
| 8,78,000 |
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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