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Question

Himmat Ltd has authorised share capital of ₹ 50,00,000 divided into 5,00,000 Equity Shares of ₹ 10 each . It has existing issued and paid up capital of ₹ 5,00,000. It further issued to public 1,50,000 Equity Shares at par for subscription payable as under:
On Application: ₹ 3
On Allotment: ₹ 4 and
On Call: Balance Amount.

The issue was fully subscribed and allotment was made to all the applicants . Call was made during the year and was duly received.
Show share capital of the company in the Balance Sheet of the Company.

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Solution

Balance Sheet of Himmat Ltd.

Particulars

Note No.

Amount

(Rs)

I. Equity and Liabilities

1. Shareholders’ Funds

a. Share Capital

1

20,00,000

Total

20,00,000

II. Assets

2. Current Assets

  1. Cash and Cash Equivalents

2

20,00,000

Total

20,00,000

Notes to Accounts

Particulars

Amount

(Rs)

1. Share Capital

Authorised Share Capital

5,00,000 Equity Shares of Rs 10 each

50,00,000

Issued Share Capital

50,000 Equity Shares of Rs 10 each

5,00,000

1,50,000 Equity Shares of Rs 10 each

15,00,000

20,00,000

Subscribed and Paid-up Share Capital

50,000 Equity Shares of Rs 10 each

5,00,000

1,50,000 Equity Shares of Rs 10 each

15,00,000

20,00,000

2. Cash and Cash Equivalents

Bank

20,00,000


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