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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Altaur Ltd. was registered with an authorised capital of ₹4,00,00,000, divided into 25,00,000 Equity Shares of ₹10 each and 1,50,000 9% Preference Shares of ₹100 each. The company issued 8,00,000 Equity Shares for public subscription at a 20% premium, payable ₹3 on application, ₹7 on allotment (including premium), and the balance on call. The public applied for 10,00,000 shares; excess applications were sent letters of regret. All allotment dues were received except on 15,000 shares held by Sanju. Another shareholder, Rocky, paid his call dues along with allotment on his holding of 25,000 shares. Prepare the Balance Sheet as per Schedule III of the Companies Act, 2013, showing the Share Capital balance, along with Notes to Accounts.
BALANCE SHEET OF ALTAUR LTD. (Extract)
| Particulars | Note No. | ₹ |
|---|---|---|
| Shareholders’ Funds: Share Capital | 1 | 63,25,000 |
NOTES TO ACCOUNTS
| Particulars | ₹ |
|---|---|
| 1. Share Capital | |
| Authorised: 25,00,000 Equity Shares of ₹10 each | 2,50,00,000 |
| Authorised: 1,50,000 9% Preference Shares of ₹100 each | 1,50,00,000 |
| Total Authorised Capital | 4,00,00,000 |
| Issued Share Capital: 8,00,000 Equity Shares of ₹10 each | 80,00,000 |
| Subscribed and Fully Called-up (of what has been called): 7,85,000 Equity Shares of ₹10 each, ₹8 called-up | 62,80,000 |
| Subscribed but not Fully Paid-up: 15,000 Equity Shares of ₹10 each, ₹8 called-up | 1,20,000 |
| Less: Calls-in-Arrears (15,000 × ₹5) | (75,000) |
| Net | 45,000 |
| Total Share Capital | 63,25,000 |
Note: The company has so far called up ₹8 per share (₹3 application + ₹5 face value on allotment, the remaining ₹2 of allotment being premium). Sanju’s 15,000 shares are short by ₹5 per share (the face-value portion of allotment). Rocky’s early payment for his 25,000 shares would ordinarily create a Calls-in-Advance balance, but this is not separately broken out in the source solution.
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.6 - 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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