Question 13 Chapter 8 of +2-A - T.S. Grewal 12 Class

Question 13 Chapter 8 of +2-A

13. The authorized capital of Suhani ltd. Is Rs 4500000 divided into 30000 shares of Rs 150 each at a premium of Rs 10 per share .the amount was payable as follows :
Rs50 per share on the application, Rs 40 per share on the allotment (including premium ), Rs 30 per share on the first call, and balance on the final call. Public applied for 14000 shares. All money was duly received.
Prepare an extract balance sheet of Suhani ltd. Per schedule III, part I of the companies act,2013 disclosing the share capital.

The solution of Question 13 Chapter 8 of +2-A: - 

Date	Particulars		L.F.	Debit	Credit
	Bank A/c	Dr.		7,00,000
	To equity share application A/c				7,00,000
	(Being the application money received )
	Equity Share application A/c	Dr		7,00,000
	To Equity share capital A/c				7,00,000
	(Being application money transferred to equity share capital )
	Equity Share allotment A/c			5,60,000
	To Equity share allotment A/c				4,20,000
	To Equity share premium A/c				1,40,000
	(Being the allotment money due )
	Cash A/c	Dr		5,60,000
	To Equity share allotment A/c				5,60,000
	(Being application money transferred to equity share capital )
	Equity Share first call A/c	Dr		4,20,000
	To Equity Share capital A/c				4,20,000
	(Being the first call money due )
	Cash A/c	Dr		4,20,000
	To Equity Share first, call A/c				4,20,000
	(Being first call money received )
	Equity Share second call A/c	Dr		5,60,000
	To Equity Share capital A/c				5,60,000
	(Being the second call money due )
	Cash A/c	Dr		5,60,000
	To Equity share second call A/c				5,60,000
	(Being second call money received and money of 200 shares were not received capital )

 

Balance Sheet

Particulars (1)	Note no. (2)	Figures as at the end of the Previous Reporting Period (3)
I. Equity and Liabilities
1. Shareholders’ Funds
(a) Share Capital	(1)	21,00,000
		21,00,000

 

Equity share capital A/c

Particulars	Particulars	Amount
Share capital
Authorized capital
30,000 Equity share of Rs 150 each		45,00,000
Issued capital
15,000 equity shares of Rs 150 each		22,50,000
Subscribed capital
Subscribed and fully paid-up
14,000 Equity shares of Rs 150 each
On application (14000 *Rs 50 each )	7,00,000
On allotment (14000 *Rs 30 each )	4,20,000
On first call (14000 *Rs 30 each )	4,20,000
On final call (14000 *Rs 40each )	5,60,000	21,00,000
share capital (subscribed)		21,00,000

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Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

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