Newbie Ltd. was registered with an authorized capital of Rs 5,00,000 divided into 50,000 equity shares of Rs 10 each. Since the economy was in robust shape, the company decided to offer to the public for subscription 30000 equity shares of Rs 10 each at a premium of Rs 20 per share. Applications for 28,000 shares were received and allotment was made to all the applicants. All calls were made and duly received except the final call of Rs 2 per share on 200 shares. Show the 'Share Capital' in the balance Sheet of Newbie Ltd. as per Schedule III of the Companies Act 2013. Also prepare Notes to Accounts for the same.
Answers
Following is the balance sheet of newbie ltd.
Explanation:
Share capital of a company is calculated by adding all the amount received after the issue of shares less the amount unpaid on the calls . make sure the amount of security premium will go under the head reserve and surplus.
Balance sheet of Newbie ltd. for the year ending..
Particulars note no. ₹
EQUITY and LIABILITIES
shareholder's fund
share capital 1. 279600
total 279600
Notes to accounts:
1.share capital
equity share of 28000 issued, paid up of ₹10 each = 280000
- unpaid amount ( 200shares*₹2each) = (400)
total received amount = 279600