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Question No 2 Chapter 1 - Unimax Class 12 Part 2 - 2021
XYZ Ltd. is registered with capital of ₹ 30,00,000 divided into 3,00,000 equity shares of ₹ 10 each. The company issued ₹ 2,50,000 equity share for subscription to the public. The public applied for 2,40,000 equity shares and all the money was duly received, except the final call of ₹ 3 per share on 10,000 share. Show how share capital will appear in the Balance sheet of the company. Also prepare ‘Note to Accounts for the same.
| Particulars |
Note No. |
Amount Current year |
Amount previous year |
|---|---|---|---|
| Equity and Liabilities | |||
| 1 Share holders funds | |||
| a. share capital | 1 | 23,70,000 |
Note to Amounts
| Particulars |
₹ | |
|---|---|---|
| 1 share capital : | ||
| Authorized capital | ||
| 3,00,000 equity share of ₹ 10 each | 30,00,000 | |
| Issued capital: | ||
| 2,50,000 Equity shares ₹ 10 each | 25,00,000 | |
| Subscribed capital | ||
| Subscribed and fully paid up capital | ||
| 2,30,000 equity shares @ ₹ 10each | 23,00,000 | |
| Subscribed but not fully paid 10,000 equity share @ 10 | 1,00,000 | |
| Less Call in Arrears | 30,000 | |
| (10,000*3) | 70,000 | 23,70,000 |
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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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