Question

X Ltd., was incorporated with a capital of ₹ 2,00,000 divided into shares of ₹ 10 each . 2,000 shares were offered to the public and out of these , 1,800 shares were applied for and allotted .₹ 3 per share ( including ₹ 1 premium) was payable on application , ₹ 4 per share (including ₹ 1 premium ) on allotment, ₹ 2 per share on first call and v 3 per share on final call . All the money was received . Give necessary journal entries and the Balance Sheet .

Answer 1

Authorised Capital 20,000 shares of Rs 10 each

Issued Capital 2,000 shares

Applied 1,800 shares

Payable as:
Application	Rs	3	(2+1)
Allotment	Rs	4	(3+1)
First Call	Rs	2
Final Call	Rs	3
		12	(10+2)

Books of X Limited Journal
Date	Particulars			L.F.	Debit Amount Rs	Credit Amount Rs
	Bank A/c		Dr.		5,400
	To Share Application A/c					5,400
	(Application money received for 1,800 shares at Rs 3 per shares)
	Share Application A/c		Dr.		5,400
	To Share Capital A/c					3,600
	To Securities Premium A/c					1,800
	(Application money of 1,800 share transferred to Share Capital at Rs 2 per share and Securities Premium Re 1 per share)
	Share Allotment A/c		Dr.		7,200
	To Share Capital A/c					5,400
	To Securities Premium A/c					1,800
	(Share allotment due on 1,800 shares at Rs 4 per share including Re 1 securities premium)
	Bank A/c		Dr.		7,200
	To Share Allotment A/c					7,200
	(Share Allotment money received)
	Share First Call A/c		Dr.		3,600
	To Share Capital A/c					3,600
	(Share first call due on 1,800 shares at Rs 2 per shares)
	Bank A/c		Dr.		3,600
	To Share First Call A/c					3,600
	(Share first call money received)
	Share Final Call A/c		Dr.		5,400
	To Share Capital A/c					5,400
	(Share final call due on 1,800 shares at Rs 3 per share)
	Bank A/c				5,400
	To Share Final Call A/c	Dr.				5,400
	(Share final call money received)

As per the Schedule III of Companies Act, 2013, the Company's Balance Sheet is presented as follows.

X Ltd.
Balance Sheet
Particulars	Note No.	Amount (Rs)
I. Equity and Liabilities
1. Shareholders’ Funds
a. Share Capital	1	18,000
b. Reserves and Surplus	2	3,600
2. Non-Current Liabilities
3. Current Liabilities
Total		21,600
II. Assets
1. Non-Current Assets
2. Current Assets
a. Cash and Cash Equivalents	3	21,600
Total		21,600

NOTES TO ACCOUNTS

Note No.	Particulars	Amount (Rs)
1	Share Capital
	Authorised Share Capital
	20,000 shares of Rs 10 each	2,00,000
	Issued Share Capital
	2,000 shares of Rs 10 each	20,000
	Subscribed, Called-up and Paid-up Share Capital
	1,800 shares of Rs 10 each	18,000
2	Reserves and Surplus
	Securities Premium	3,600
3	Cash and Cash Equivalents
	Cash at Bank	21,600