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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
The authorised capital of Sarang Ltd. is ₹1,20,00,000, divided into 12,00,000 shares of ₹10 each. Of these, the company issued 8,00,000 shares of ₹10 each at a premium of 20%. Payable: On Application ₹2; On Allotment ₹6 (including premium); On First Call ₹2; On Final Call the balance. The public applied for 7,80,000 shares. All the money was duly received. Prepare an extract of the Balance Sheet as per Schedule III, Part I of the Companies Act, 2013, along with Notes to Accounts. (Foreign 2013, Modified)
BALANCE SHEET OF SARANG LTD. (Extract)
| Particulars | Note No. | ₹ |
|---|---|---|
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| a. Share Capital | 1 | 78,00,000 |
| b. Securities Premium Reserve | 2 | 15,60,000 |
| Total | 93,60,000 | |
| II. Assets | ||
| Current Assets: Cash and Cash Equivalents | 3 | 93,60,000 |
NOTES TO ACCOUNTS
| Particulars | ₹ |
|---|---|
| 1. Share Capital | |
| Authorised Share Capital: 12,00,000 shares of ₹10 each | 1,20,00,000 |
| Issued Share Capital: 8,00,000 shares of ₹10 each | 80,00,000 |
| Subscribed, Called-up and Paid-up: 7,80,000 shares of ₹10 each | 78,00,000 |
| 2. Securities Premium Reserve | |
| 7,80,000 shares @ ₹2 each | 15,60,000 |
| 3. Cash and Cash Equivalents | |
| Cash at Bank | 93,60,000 |
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.
This guide covers "T.S. Grewal Class 12 Vol 2 Chapter 1 Q.33 - Share Capital", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 1 - Share Capital.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
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