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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.


Solution

                          BALANCE SHEET OF ADI SHAKTI MAA LTD. 
                                             as at 31-3-2018 
      ParticularsNoteAmountAmountNo.(Rs)(Rs)I.Equity and Liabilities(1)     Shareholders' Funds         (a)     Share Capital16,77,000  

Notes to Accounts :  
                                   ParticularsAmountAmount(Rs)   (Rs)   I.Share CapitalAuthorised Capital10,00,000–––––––––1,00,000 equity shares of Rs 10 eachIssued Capital9,00,000––––––––90,000 equity shares of Rs 10 echSubscribed but not fully paid up(85,000 - 2,000 + 1,500) 84,500 shares of Rs 10 each, Rs 8 called up6,76,000(-) Calls in arrears 1,000 shares of Rs 2 each(2,000)+ Balance of Share Forfeiture on 500 shares3,0006,77,000

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