Question 13 Chapter 8 of +2-A
13. The authorized capital of Suhani ltd. Is Rs 4500000 divided into 30000 shares of Rs 150 each at a premium of Rs 10 per share .the amount was payable as follows :
Rs50 per share on the application, Rs 40 per share on the allotment (including premium ), Rs 30 per share on the first call, and balance on the final call. Public applied for 14000 shares. All money was duly received.
Prepare an extract balance sheet of Suhani ltd. Per schedule III, part I of the companies act,2013 disclosing the share capital.
The solution of Question 13 Chapter 8 of +2-A: –
| Date | Particulars |
L.F. | Debit | Credit | |
| Bank A/c | Dr. | 7,00,000 | |||
| To equity share application A/c | 7,00,000 | ||||
| (Being the application money received ) | |||||
| Equity Share application A/c | Dr | 7,00,000 | |||
| To Equity share capital A/c | 7,00,000 | ||||
| (Being application money transferred to equity share capital ) | |||||
| Equity Share allotment A/c | 5,60,000 | ||||
| To Equity share allotment A/c | 4,20,000 | ||||
| To Equity share premium A/c | 1,40,000 | ||||
| (Being the allotment money due ) | |||||
| Cash A/c | Dr | 5,60,000 | |||
| To Equity share allotment A/c | 5,60,000 | ||||
| (Being application money transferred to equity share capital ) | |||||
| Equity Share first call A/c | Dr | 4,20,000 | |||
| To Equity Share capital A/c | 4,20,000 | ||||
| (Being the first call money due ) | |||||
| Cash A/c | Dr | 4,20,000 | |||
| To Equity Share first, call A/c | 4,20,000 | ||||
| (Being first call money received ) | |||||
| Equity Share second call A/c | Dr | 5,60,000 | |||
| To Equity Share capital A/c | 5,60,000 | ||||
| (Being the second call money due ) | |||||
| Cash A/c | Dr | 5,60,000 | |||
| To Equity share second call A/c | 5,60,000 | ||||
| (Being second call money received and money of 200 shares were not received capital ) | |||||
| Balance Sheet | ||
|
Particulars (1) |
Note no. (2) |
Figures as at the end of the Previous Reporting Period (3) |
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| (a) Share Capital | (1) | 21,00,000 |
| 21,00,000 | ||
| Equity share capital A/c | ||
| Particulars |
Particulars |
Amount |
| Share capital | ||
| Authorized capital | ||
| 30,000 Equity share of Rs 150 each | 45,00,000 | |
| Issued capital | ||
| 15,000 equity shares of Rs 150 each | 22,50,000 | |
| Subscribed capital | ||
| Subscribed and fully paid-up | ||
| 14,000 Equity shares of Rs 150 each | ||
| On application (14000 *Rs 50 each ) | 7,00,000 | |
| On allotment (14000 *Rs 30 each ) | 4,20,000 | |
| On first call (14000 *Rs 30 each ) | 4,20,000 | |
| On final call (14000 *Rs 40each ) | 5,60,000 | 21,00,000 |
| share capital (subscribed) | 21,00,000 | |
Thanks, Please Like and share with your friends
Comment if you have any questions.
Also, Check out the solved question of previous Chapters: –
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
