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Question

Lennova Ltd. has authorised share capital of ₹ 1,00,00,000 divided into 1,00,000 Equity Shares of ₹ 100 each . It has existing issued and paid up capital of ₹ 25,00,000. It further issued to public 25,000 Equity Shares at a premium of 20% for subscription payable as under:
On Application: ₹ 30
On Allotment: ₹ 60 and
On Call: Balance Amount.

The issue was fully subscribed and allotment was made to all the applicants . The company did not make the call during the year.
Show share capital of the company in the Balance Sheet of the Company.

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Solution

Balance Sheet of Lennova Ltd.

Particulars

Note No.

Amount

(Rs)

I. Equity and Liabilities

1. Shareholders’ Funds

a. Share Capital

1

42,50,000

b. Reserves and Surplus

2

5,00,000

Total

47,50,000

II Assets

2. Current Assets

  1. Cash and Cash Equivalents

3

47,50,000

Total

47,50,000

Notes to Accounts

Particulars

Amount

(Rs)

1. Share Capital

Authorised Share Capital

1,00,000 Equity Shares of Rs 100 each

1,00,00,000

Issued Share Capital

25,000 Equity Shares of Rs 100 each

25,00,000

25,000 Equity Shares of Rs 100 each

25,00,000

50,00,000

Subscribed Share Capital

Subscribed and Fully paid-up

25,000 Equity Shares of Rs 100 each

25,00,000

Subscribed but not fully paid-up

25,000 Equity Shares of Rs 100 each, 70 called-up

17,50,000

2. Reserves and Surplus

Securities Premium Reserve
(25,000 shares @ Rs 20 per share)

5,00,000

3. Cash and Cash Equivalents

Bank

47,50,000


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