Question

Suvidha Ltd.' is registered with an authorised capital of Rs. 10,00,00,000 divided into 10,00,000 Equity Shares of Rs. 100 each. The company issued 1,00,000 shares for public subscription. A shareholder holding 100 shares, failed to pay the final call of Rs. 20 per share. His shares were forfeiled. The forfeited shares were reissued at Rs. 90 per share as fully paid-up.
Present the 'Share Capital' in the Balance Sheet of the company as per Schedule VI, part I of the Companies Act, 1956 (Now Schedule III, Part I of the Companies ACt, 2013). Also prepare 'Note to Accounts'.

Answer 1

Answer:

Equity and Liability = Rs. 1,00,07,000

Assets = Rs. 1,00,07,000

Explanation:

1. Equity and Liability

a. Shareholder's Funds

i. Share Capital = 1,00,00,000

ii. Reserve and

Surplus = 7,000

Total = 1,00,07,000

2. Assets

a. Current

Assets

i. Cash and

Equivalents = 1,00,07,000

Total = 1,00,07,000

1.SHARE CAPITAL

A. Authorised Share Capital

10,00,000 Shares of 100 each = 10,00,00,000

B. Issued Share Capital

1,00,000 Equity Shares of 100 = 1,00,00,000

each.

C. Subscribed Called Up and Paid

up Share Capital = 1,00,00,000

2. RESERVE AND SURPLUS

Capital Reserve = 7,000

3. CASH AND CASH EQUIVALENTS

Cash at Bank = 1,00,07,000