Question

On 1st April, 2017, Adi Shakti Maa Ltd. was formed with an authorised capital of Rs 10,00,000 divided into 1,00,000 equity share 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 how Share Capital in the Balance Sheet of the company as per Revised Schedule III, Part I of the Companies Act, 2013 is to be presented.

Answer 1

BALANCE SHEET OF ADI SHAKTI MAA LTD.
as at 31-3-2018
$\begin{array}{ccccc}& \text{Particulars}& \text{Note}& \text{Amount}& \text{Amount}\\ & & \text{No.}& \text{(Rs)}& \text{(Rs)}\\ \text{I.}& \text{Equity and Liabilities}& & & \\ & \text{(1)}\text{Shareholders' Funds}& & & \\ & \text{(a)}\text{Share Capital}& 1& 6,77,000& \end{array}$

Notes to Accounts :
$\begin{array}{cccc}& \text{Particulars}& \text{Amount}& \text{Amount}\\ & & \text{(Rs)}& \text{(Rs)}\\ \text{I.}& \text{Share Capital}& & \\ & \text{Authorised Capital}& & \underset{–}{10,00,000}\\ & \text{1,00,000 equity shares of Rs 10 each}& & \\ & \text{Issued Capital}& & \underset{–}{9,00,000}\\ & \text{90,000 equity shares of Rs 10 ech}& & \\ & \text{Subscribed but not fully paid up}& & \\ & \text{(85,000 - 2,000 + 1,500) 84,500 shares of Rs 10 each, Rs 8 called up}& 6,76,000& \\ & \text{(-) Calls in arrears 1,000 shares of Rs 2 each}& (2,000)& \\ & \text{+ Balance of Share Forfeiture on 500 shares}& 3,000& 6,77,000\end{array}$