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Question

The authorised capital of Suhani Ltd. is Rs 45,00,000 divided into 30,000 shares of Rs 150 each. Out of these, the company issued 15,000 shares of Rs 150 each at a premium of Rs 10 per share. The amount was payable as follows Rs 50 per share on application, Rs 40 per share on allotment (including premium) Rs 30 per share on first call and balance on final call. Public applied for 14,000 shares. All the money was duly received.

Prepare an extract of Balance Sheet of Suhani Ltd. as per Schedule II of the Companies Act, 2013 disclosing the above information. Also prepare Notes to Accounts for the same.


Solution

                      AN EXTRACT OF BALANCE SHEET OF SUHANI LTD. 

 ParticularsNotes No.Amount(Rs)Equity and Liabilities(i)Shareholder Funds(a)Share Capital121,00,000(b)Reserves and Surplus2  1,40,000                                      Total22,40,000I. Non-current AssetsII. Current AssetsCash at Bank322,40,000                                      Total22,40,000

                       Notes to Account: 

NotesParticularsAmountNo.(Rs)1Share CapitalAuthorised Capital30,000 Equity Shares of RS 150 Each45,00,000Issued Capital: 15,000 Equity Shares of Rs 150 Each22,50,000Subscribed and Fully Paid: 14,000 Shares of Rs 150 each21,00,0002Reserves and SurplusSecurities Premium Reserve : 14,000 Shares @ Rs 10 each1,40,0003Cash and Cash Equivalent Cash at Bank (14,000×160)22,40,000

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