Question 1 Chapter 1 – V.K. Publication Class 12 Part 2 – 2021
1. X Ltd. has an authorised capital of Rs. 7,50,000 divided into 50,000 Equity shares of Rs 10 Each and 25,000, 8% preference shares of Rs. 10 each.
The whole of preference shares were subscribed, called and paid. However, the company issued only 45,000 equity shares. 42,500 equity shares were subscribed for. During the first year Rs. 8 per share were called. Ravi holding 500 shares did not pay first call of Rs. 2. Also Sunil holding 1,000 shares did not pay first call of Rs. 2. Only Sunil’s shares were forfeited after the first call and later on 750 of the forfeited shares were reissued at Rs. 6 per share, Rs 8 called up.
- Show share capital in Balance Sheet as per Schedule III of the Companies Act as at 31st March, 2018.
- Prepare relevant Notes to Accounts.
The solution of Question 1 Chapter 1 – V.K. Publication Class 12 Part 2: –
Balance Sheet of X Ltd.as at 31st March, 2018 (Extract)
| Particulars | Note No. | 31st March,2018 (Rs.) | 31st March,2017 (Rs.) |
| I. EQUITY AND LIABILITIES | |||
| Shareholders’ Funds | |||
| (a) Share Capital | 1. | 5,88,500 | |
| (b) Reserves and Surphus | 2. | 3,000 | |
| Total | 5,91,500 |
NOTES TO ACCOUNT
| Particulars | Amount (Rs.) |
| 1. Share Capital: | |
| Authorited Capital | |
| 50,000 equity shares of Rs. 10 each | 5,00,000 |
| 25,000 8% preference shares of Rs. 10 each | 2,50,000 |
| 7,50,000 | |
| Issued Capital: | |
| 45,000 equity shares of Rs. 10 each | 4,50,000 |
| 25,000 8% preference shares of Rs. 10 each | 2,50,000 |
| 7,00,000 | |
| Subscribed Capital: | |
| Subscribed and fully paid-up capital: | |
| 25,000, 8% Preference shares of Rs. 10 each | 2,50,000 |
| Subscribed but not fully paid-up: | |
| 42,250 equity shares of Rs. 10 each, Rs. 8 called-up | 3,38,000 |
| Less: Calls-in-arrears (500 X 2) | 1,000 |
| Add: Share Forfeited A/c (250 x 6) | 1,500 |
| 5,88,500 | |
| 2. Reserves and Surplus: | |
| Capital Reserve | 3,000 |
Financial Statements of a Company and Its formats
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication