Question

ques- A Company With authorised capital of ₹10L issued 20000 shares of ₹5 at prem. of ₹2 to the public. The issue was over subscribed by 8000 shares. Extra money was refunded through bank. Application money, allotment money and 1st call money are of ₹1.
Mr. A didn't pay 2nd call money of ₹2 on 150 shares. However he paid 1st call money along with allotment money on 100 shares.
Mr B paid all money upto 2nd call on allotment on 50 shares.
Mr C only paid application money on 200 shares.
Journalise entries ignoring forfeiture effect.

Answer 1

Explanation:

Balance Sheet

Particulars

Note No.

Amount

(Rs)

I. Equity and Liabilities

1. Shareholders’ Funds

a. Share Capital

1

44,99,000

2. Non-Current Liabilities

3. Current Liabilities

Total

44,99,000

II. Assets

1. Non-Current Assets

2. Current Assets

a. Cash and Cash Equivalents

2

44,99,000

Total

44,99,000

NOTES TO ACCOUNTS

Note No.

Particulars

Amount

(Rs)

1

Share Capital

Authorised Share Capital

5,00,000 equity shares of Rs 10 each

50,00,000

Issued Share Capital

5,00,000 equity shares of Rs 10 each

50,00,000

Subscribed, Called-up and Paid-up Share Capital

4,50,000 equity shares of Rs 10 each

45,00,000

Less: Calls in Arrears (500 shares × Rs 2)

(1,000)

44,99,000

2

Cash and Cash Equivalents

Cash at Bank

44,99,000