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Q. Sonu has an authorized capital of Rs 30,00,000 divided into equity shares of Rs 10 each. The company invited applications for 81 ,000 shares from public and 3,000 shares allotted to signatories to Memorandum of Association as fully paid. Applications for 80,000 shares were received from public. All calls were made except the final call of Rs 2 and all dues were duly received except the first call of Rs 3 per share on 1000 shares which were forfeited. Out of forfeited shares, 700 shares were reissued at Rs 7 per share, Rs 8 called up.
Show how Share Capital will appear in Balance Sheet of Sonu Ltd. as per Revised Schedule III and also prepare Notes to Accounts.

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Sonu Ltd

BALANCE SHEET

Particulars Note March 31

`

EQUITY AND LIABILITIES

SHAREHOLDERS' FUNDS

Share Capital 3 669,100

Reserves and Surplus (Profit on Reissue = 700 x 4) 2,800

SHARE APPLICATION MONEY PENDING ALLOTMENT -

NON-CURRENT LIABILITIES

Long-Term Borrowings -

Deferred Tax Liabilities (Net) -

CURRENT LIABILITIES

Trade Payables -

Other Current Liabilities -

Short-Term Provisions -

TOTAL 671,900

ASSETS

NON-CURRENT ASSETS

Fixed Assets -

Tangible Assets -

Long term loans and advances -

Other non-current assets -

Deferred Tax Assets (Net) -

INVESTMENTS

CURRENT ASSETS

Inventories -

Cash and cash equivalents 671,900

Short-term loans and advances -

Other Current Assets -

TOTAL 671,900

Summary of Significant Accounting Policies

Notes form an integral part of the Financial Statement

Note - 3 Share Capital

Particulars Amt Amt

Authorised Capital

3,00,000 Equity Shares of Rs. 10/- each. 3,000,000

Issued Capital

84,000 Equity Shares of Rs. 10/- each. 840,000

Subscribed Capital

Subscribed and Fully Paid up

3,000 Equity Shares of Rs. 10/- each 30,000

Subscribed but not Fully Paid up

79,000 Equity shares of Rs 10/- each, Rs 8/- called up 632,000

700 Equity Shares of Rs. 10/- each , Rs 8/- called up 5,600

Less : Calls in Arrears - 5,600

Add: Share Forefiture A/c (300 x 5) 1,500

Total of share capital 6,69,100

Regards

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Sonu Ltd
BALANCE SHEET

Particulars	Note	March 31
Particulars	Note	`
EQUITY AND LIABILITIES

SHAREHOLDERS' FUNDS
Share Capital	3	669,100
Reserves and Surplus (Profit on Reissue = 700 x 4)		2,800

SHARE APPLICATION MONEY PENDING ALLOTMENT		-

NON-CURRENT LIABILITIES
Long-Term Borrowings		-
Deferred Tax Liabilities (Net)		-

CURRENT LIABILITIES
Trade Payables		-
Other Current Liabilities		-
Short-Term Provisions		-

TOTAL		671,900

ASSETS

NON-CURRENT ASSETS
Fixed Assets		-
Tangible Assets		-
Long term loans and advances		-
Other non-current assets		-
Deferred Tax Assets (Net)		-
INVESTMENTS

CURRENT ASSETS
Inventories		-
Cash and cash equivalents		671,900
Short-term loans and advances		-
Other Current Assets		-

TOTAL		671,900

Summary of Significant Accounting Policies
Notes form an integral part of the Financial Statement

Note - 3 Share Capital
Particulars	Amt	Amt

Authorised Capital
3,00,000 Equity Shares of Rs. 10/- each.		3,000,000

Issued Capital
84,000 Equity Shares of Rs. 10/- each.		840,000

Subscribed Capital

Subscribed and Fully Paid up
3,000 Equity Shares of Rs. 10/- each		30,000

Subscribed but not Fully Paid up
79,000 Equity shares of Rs 10/- each, Rs 8/- called up		632,000

700 Equity Shares of Rs. 10/- each , Rs 8/- called up	5,600
Less : Calls in Arrears	-	5,600

Add: Share Forefiture A/c (300 x 5)		1,500
Total of share capital		6,69,100