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Get complete step-by-step solutions for USHA Publication Class 12 Part 2 2024 - Chapter No. 11 – Financial Statements of a Company, USHA 2024 Part 2. Study double-entry system details, practice timed problems, and verify answers directly.
Chapter No. 11 – Financial Statements of a Company, USHA 2024 Part 2
Question 1 Chapter 11 of Class 12 Part – 2 – 2024
Arrangement of Balance sheet Items
1. (Exhibiting full paid-up capital) Punjab Steel Ltd. Has an authorized capital of 50,00,000 divided into shares of Rs100 each. It issues 40,000 shares to the public.
Public subscribed for 38,000 shares and received the full amount on shares. Show share capital in the Balance Sheet.
Balance Sheet of Punjab Steel Limited
| Particulars |
Note no. | Amount |
|---|---|---|
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| Share Capital | 1 | 38,00,000 |
| Total | 38,00,000 |
Balance Sheet of Punjab Steel Limited
| Particulars |
Note no. | Amount |
|---|---|---|
| 1. Share Capital | ||
| 50,000 Shares of Rs 100 each | 50,00,000 | |
| 2. Issued Capital | ||
| 40,000 Shares of Rs 100 each | 40,00,000 | |
| Subscribed & Fully Paid-up Capital | ||
| 38,000 Shares of Rs 100 each | 38,00,000 |
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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.