Question 04 Chapter 1 of +2-B – USHA Publication 12 Class

Question 04 Chapter 1 of +2-B

Question 04 Chapter 1 of +2-B

Arrangement of Balance sheet Items

4. (Showing Full Format of Share Capital) A company has authorize share capital of Rs 10,00,000 divided into 75,000 Equity shares of Rs 10 each and 2,500 10% preference Shares of Rs 100 each. It issued 60% of Equity shares and 80% Preference Shares. Public Subscribed for 40,000 Equity share and 1,500 Preference Shares. On Equity shares company called up Rs 8 per share and on preference shares Rs 80 were called up. All calls were received on Preference shares but on 1,000 equity shares second call of calls of Rs 2 was not received. Out of 1,000 Equity Shares 600 were forfeited as the amount was not likely to be received.
Show share capital in Balance Sheet.

 

The solution of Question 04 Chapter 1 of +2-B: – 

 

Balance Sheet of Punjab Steel Limited

Particulars
Note no. Amount
I. Equity and Liabilities    
1. Shareholders’ Funds    
Share Capital 1 4,38,000
Total   4,38,000

 

 

Balance Sheet of Punjab Steel Limited

Particulars
Note no. Amount
1. Share Capital    
Authorised Capital    
75,000 equity Shares of Rs 10 each   7,50,000
2,500 10% Preference Shares of Rs 100 each   2,50,000
5,00,000 Shares of Rs 100 each   10,00,000
2. Issued Capital    
45,000 equity Shares of Rs 10 each   4,50,000
2,000, 10% Preference Shares of Rs 100 each   2,00,000
    6,50,000
Subscribed Capital    
Subscribed & Fully Paid-up Capital    
39,400 equity Shares of Rs 10 each, Rs 8 called up    
Less: Calls in arrears (400 x Rs 2 )   3,18,000
     
Add: Share Forfeited (600 x Rs 6 )    
1,500, 10% Preference Shares of Rs 100 each, Rs 80 called up   1,20,000
    4,38,000


To understand more about Balance Sheet please check out following links:

Balance Sheet: Meaning, Format & Examples

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

Usha Publication – Accountancy PSEB (Class 12) – Volume I – Solution

Usha Publication – Accountancy PSEB (Class 12) – Volume II – Solution

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T.S. Grewal’s Analysis of Financial Statements

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