Malakar’s Limited is authorized with a capital of Rs.50,00,000 divided into 50,000 shares of Rs.100 each. The company issued 30,000 shares to the public for subscription. The company received application for 25,000 shares. In 1st year, Rs.80 is called by the company. Ranjeet and Sandeep are two shareholders holding 2,000 and 4,000 shares respectively. Both the shareholders did not pay first call money of Rs.20 per share. Sandeep’s shares forfeited by the company after first call and later on 3,000 shares out of forfeited were re-issued at Rs.60 per share as Rs.80 called-up. Show the following: (i) Share capital in the Balance sheet of the company as per Schedule III, Part I of the Companies Act 2013. (ii) Also prepare notes to accounts for the same.
Answers
Answer:
Malakar’s Limited is authorized with a capital of Rs.50,00,000 divided into 50,000 shares of Rs.100
each. The company issued 30,000 shares to the public for subscription. The company received application
for 25,000 shares. In 1st year, Rs.80 is called by the company.
Ranjeet and Sandeep are two shareholders holding 2,000 and 4,000 shares respectively. Both the
shareholders did not pay first call money of Rs.20 per share. Sandeep’s shares forfeited by the company
after first call and later on 3,000 shares out of forfeited were re-issued at Rs.60 per share as Rs.80 calledup.
Show the following:
(i) Share capital in the Balance sheet of the company as per Schedule III, Part I of the Companies
Act 2013.
(ii) Also prepare notes to accounts for the same
Answer:
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