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Question no 3 Chapter 1 - Class 12 Part 2 Unimax
Ravi Ltd. was formed with an authorized capital of ₹ 30,00,000 divided into 30,000 shares of ₹ 100 each. The company invited applications for issuing 20,000 equity shares. The amount was payable as follows:
| On Application | : ₹ 40 |
| On Allotment | : ₹ 40 |
| a. share capital | : ₹ 20 |
The issue was fully subscribed and the company allotted a share to all applicants. All money was received except the final call on 2,000 shares. Show the ‘ Share Capital in the Balance Sheet of the company as per Schedule 3 Part 1 of the Companies Act,2013, and also show Notes to Accounts.
| Particulars |
Note No. |
Amount Current year |
Amount previous year |
|---|---|---|---|
| Equity and Liabilities | |||
| 1 Shareholders funds | |||
| a. share capital | 1 | 19,60,000 |
Note to Amounts
| Particulars |
₹ | |
|---|---|---|
| 1 share capital : | ||
| Authorized capital | ||
| 30,000 equity shares of ₹ 100 each | 30,00,000 | |
| Issued capital: | ||
| 20,000 Equity shares ₹ 100 each | 20,00,000 | |
| Subscribed capital | ||
| Subscribed and fully paid up capital | ||
| 18,000 shares of @ 100 each | 18,00,000 | |
| Subscribed but not fully paid 2,000 shares of ₹ 100 each | 2,00,000 | |
| Less: Call in Arrears | -40,000 | |
| (2,000 x 20) | 1,60,000 | 19,60,000 |
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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