Question

'X' Ltd. was formed with a capital of Rs. 15,00,000 divided into equity shares of Rs. 10 each. Out of these, 6,000 were issued into the vendors as fully paid as purchase consideration for a building acquired and 3,000 shares were issued to signatories to the Memorandum of Association as fully paid. The Directors offered 19,500 shares to the public and called up Rs. 6 per share and received the entire called up amount on shares allotted. Prepare a Balance Sheet showing Share Capital as per Schedule III Part I of Companies Act, 2013 from the above transactions in the books of 'X' Ltd.

Answer 1

EXTRACT OF BALANCE SHEET OF X LTD.
as at ..........................................

$\begin{array}{cccc}\text{Particulars}& \text{Note No.}& \text{Amount Current Year (Rs.)}& \text{Amount Previous Year (Rs.)}\\ \text{I. EQUITY AND LIABILITIES:}& & & \\ \text{1. Shareholder's funds}& & & \\ \text{(a) Share Capital}& 1& 2,07,000& \end{array}$

Notes to Accounts:

$\begin{array}{ccc}& & Rs.\\ \text{(1) Share Capital}& & \\ \text{Authorised Capital:}& & \\ 1,50,000\text{Equity Shares of Rs.}10\text{each}& & \underset{–}{\underset{–}{15,00,000}}\\ & & \\ \text{Issued Capital:}& & \\ 28,500\text{Equity Shares of Rs.}10\text{each}& & \underset{–}{\underset{–}{2,85,000}}\\ \text{Subscribed Capital:}& & \\ \text{Subscribed and Fully Paid Capital:}& & \\ 9,000\text{Equity Shares of Rs.}10\text{each fully Called-up}& 90,000& \\ \text{Subscribed but not Fully Paid Capital:}& & \\ 19,500\text{Equity Shares of Rs.}10\text{each, Rs 6 Called-up}& \underset{–}{1,17,000}& \underset{–}{\underset{–}{2,07,000}}\end{array}$

Note: Out of above, 6,000 equity shares of Rs.10 each were allotted as fully paid-up to vendors without payment being received in cash.