Question

On 1st April, 2012, Vikas Ltd., was formed with an authorised capital of Rs 10,00,000 divided into 1,00,000 equity shares of Rs 10 each. The company issued prospectus inviting applications for 90,000 equity shares. The company received applications for 85,000 equity shares. During the first year, Rs 8 per share were called. Ram holding 1,000 shares and Shyam holding 2,000 shares did not pay the first call of Rs 2 per share. Shyam's shares were forfeited after the first call and later on 1,500 of the forfeited shares were re-issued at Rs 6 per share, Rs 8 called up. Show the following :
(a) Share Capital in the Balance Sheet of the company as per revised Schedule III, Part I of the Companies Act, 2013.
(b) Also prepare 'Notes to Accounts' for the same.

Answer 1

BALANCE SHEET OF VIKAS LTD.

$\begin{array}{ccc}\text{Particulars}& \text{Note No.}& \text{Amount}\\ & & \left(\text{Rs}\right)\\ \text{I}.\text{EQUITY AND LIABILITIES}& & \\ \left(1\right)\text{Shareholder's Funds}:& & \\ \left(a\right)\text{Share Capital}& 1& 6,77,000\end{array}$

Notes to Accounts :

$\begin{array}{cc}\text{Particulars}& \text{Amount}\\ & \left(\text{Rs}\right)\\ 1.\text{Share Capital:}& \\ \text{Authorised Capital}& 10,00,000\\ (1,00,000\text{equity shares of Rs 10 each})& \\ \text{Issued Capital}& 9,00,000\\ (90,000\text{equity shares of Rs 10 each})& \\ \text{Subscribed but not fully paid up}& \\ (85,000-2,000+1,500)\text{shares @ Rs 10 each, Rs 8 called up}6,76,000& \\ (-)\text{Calls-in-Arrears}\left(\text{1,000 shares @ Rs 2 each}\right)(2,000)& \\ +\text{Balance of Share Forfeiture}\left(500\text{shares @ Rs 6 each}\right)3,000& 6,77,000\end{array}$