Pankaj Ltd. Was formed
with capital of Rs. 5,00,000 divided into 5000 shares of Rs. 100 each. Of these
1000 shares were issued to the vendor as fully paid in payment of purchase of
machinery. 3,000 shares were offered to the public and of these 2,500 shares
were applied and allotted. Rs. 10 were payable on application and Rs. 25 on
allotment. The balance was yet to be called. All the money called up was duly
received with the exception of allotment money on 300 shares.
Solution:
Particulars
|
Amount
|
Amount
|
Authorised
Share Capital:
|
500000
|
|
5000 shares of Rs. 100
each
|
||
Issued Share
Capital:
|
400000
|
|
1000 + 3000 shares of
Rs. 100 each
|
||
Subscribed
Share Capital:
|
350000
|
|
1000 + 2500 shares of
Rs. 100 each
|
||
Called – up share
capital:
|
||
1000 shares of Rs. 100
each
|
100000
|
|
2500 shares of Rs. 35
each
|
87500
|
187500
|
Paid – up share
capital:
|
||
1000 shares of Rs. 100
each
|
100000
|
|
2500 shares of Rs. 35
each
|
87500
|
|
187500
|
||
(-) 300 shares of Rs.
25
|
(7500)
|
180000
|
Calls – in arrears 300
shares of Rs. 25
|
(7500)
|
|
Uncalled
share capital 2,500 shares of Rs. 65 each
|
162500
|
Balance Sheet as on 31 st March ……………
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
Authorised Share Capital:
|
Cash at Bank
|
180000
|
|||
5000 shares of Rs. 100
each
|
500000
|
||||
Issued Share Capital:
|
|||||
4000 shares of Rs. 100
each
|
400000
|
||||
Subscribed Share
Capital:
|
|||||
3500 shares of Rs. 100
each
|
350000
|
||||
Called up share
capital
|
|||||
1000 shares of Rs. 100
each as fully paid
|
100000
|
||||
2500 shares of Rs. 100
each Rs. 35 per share called up
|
87500
|
||||
Less: Calls – in –
arrears 300 shares of Rs. 25
|
(7500)
|
80,000
|
|||
Paid up
Capital :
|
180000
|
180000
|
