On application | ₹ 10 per share, |
On allotment | ₹ 25 per share(including premium), |
On first call | ₹ 40 per share, |
On final call | ₹ 30 per share. |
Authorised Capital: 2,000 equity shares at Rs 100 each
Issued Capital:
1,000 equity shares at Rs 100 each to the vendor of the building
1,000 equity shares at Rs 100 each with a premium Rs 5 to the public
Applied by public: 900 equity shares
Payable by public as:
Application |
Rs |
10 |
|
Allotment |
Rs |
25 |
(20+5) |
First Call |
Rs |
40 |
|
Called-up |
|
75 |
(70+5) |
Final Call |
Rs |
30 |
|
|
Rs |
105 |
(100+5) |
Books of Kamal Limited Journal |
|||||
Date |
Particulars |
L.F. |
Debit Amount Rs |
Credit Amount Rs |
|
|
|
|
|
|
|
|
Building A/c |
Dr. |
|
1,00,000 |
|
|
To Vendor A/c |
|
|
1,00,000 |
|
|
(Building purchased from the vendor) |
|
|
|
|
|
|
|
|
|
|
|
Vendor A/c |
Dr. |
|
1,00,000 |
|
|
To Equity Share Capital A/c |
|
|
1,00,000 |
|
|
(1,000 equity shares of Rs 100 each issued to the vendor of building) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
9,000 |
|
|
To Equity Share Application A/c |
|
|
9,000 |
|
|
(Share application money received for 900 shares at Rs 10 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Application A/c |
Dr. |
|
9,000 |
|
|
To Equity Share Capital |
|
|
9,000 |
|
|
(Share application money of 900 shares at Rs 10 each transferred to Share Capital) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Allotment A/c |
Dr. |
|
22,500 |
|
|
To Securities Premium |
|
|
4,500 |
|
|
To Equity Share Capital A/c |
|
|
18,000 |
|
|
(Share allotment due on 900 shares at Rs 25 each including Rs 5 premium) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
22,500 |
|
|
To Equity Share Allotment A/c |
|
|
22,500 |
|
|
(Share allotment money received on 900 shares at Rs 25 each) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share First Call A/c |
Dr. |
|
36,000 |
|
|
To Equity Share Capital A/c |
|
|
36,000 |
|
|
(First call due on 900 shares at Rs 40 each) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
32,000 |
|
|
Calls-in-Arrears A/c |
|
4,000 |
|
|
|
To Equity Share First-call A/c |
|
|
36,000 |
|
|
(First call received on 800 shares and a holder of 100 shares failed to pay it) |
|
|
|
|
|
|
|
|
|
|
|
Equity Share Capital A/c |
Dr. |
|
7,000 |
|
|
To Share Forfeiture A/c |
|
|
3,000 |
|
|
To Calls-in-Arrears A/c |
|
|
4,000 |
|
|
(100 shares of Rs 100 each, Rs 70 called-up forfeited for the non-payment of Rs 40) |
|
|
|
|
|
|
|
|
|
|
|
Bank A/c |
Dr. |
|
6,000 |
|
|
Share Forfeiture A/c |
Dr. |
|
1,000 |
|
|
To Equity Share Capital A/c |
|
|
7,000 |
|
|
(100 shares of Rs 100 each, re-issued at Rs 60 per share as Rs 70 paid-up) |
|
|
|
|
|
|
|
|
|
|
|
Share Forfeiture A/c |
Dr. |
|
2,000 |
|
|
To Capital Reserve A/c |
|
|
2,000 |
|
|
(Balance in Share Forfeiture the Account after re-issue transferred to Capital Reserve) |
|
|
|
|
|
|
|
|
|
As per the Schedule III of Companies Act 2013, the Company's Balance Sheet is presented as follows.
Kamal Ltd. |
||
Balance Sheet |
||
Particulars |
Note No. |
Amount (Rs) |
I. Equity and Liabilities |
|
|
1. Shareholders’ Funds |
|
|
a. Share Capital |
1 |
1,63,000 |
b. Reserves and Surplus |
2 |
6,500 |
2. Non-Current Liabilities |
|
|
3. Current Liabilities |
|
|
Total |
|
1,69,500 |
|
|
|
II. Assets |
|
|
1. Non-Current Assets |
|
|
a. Fixed Assets |
|
|
i. Tangible Assets |
3 |
1,00,000 |
2. Current Assets |
|
|
a. Cash and Cash Equivalents |
4 |
69,500 |
Total |
|
1,69,500 |
|
|
|
NOTES TO ACCOUNTS
Note No. |
Particulars |
Amount (Rs) |
|
1 |
Share Capital |
|
|
|
Authorised Share Capital |
|
|
|
2,000 Equity Shares of Rs 100 each |
2,00,000 |
|
|
Issued Share Capital |
|
|
|
2,000 Equity Shares of Rs 100 each |
2,00,000 |
|
|
Subscribed, Called-up and Paid-up Share Capital |
|
|
|
1,000 Equity Shares of Rs 100 each(for consideration other than cash) |
1,00,000 |
|
|
900 Equity Shares of Rs 100 each, Rs 70 Called-up |
63,000 |
1,63,000 |
|
|
|
|
2 |
Reserves and Surplus |
|
|
Securities Premium |
4,500 |
|
|
Capital Reserve |
2,000 |
6,500 |
|
|
|||
3 |
Tangible Assets |
|
|
Building |
1,00,000 |
||
|
|||
4 |
Cash and Cash Equivalents |
|
|
|
Cash at Bank |
69,500 |
|
|
|
|
Working Notes:
Share Forfeiture (at the time of forfeiture) |
3,000 |
Credit |
Less: Share Forfeiture (at the time of re-issue) |
1,000 |
Debit |
Balance in Share Forfeiture (after re-issue) |
2,000 |
Credit |
Capital Reserve = Balance in Share Forfeiture (after re-issue) = Rs 2,000