Question

Ronit Ltd. was registered with an authorised capital of \rupee 75,00,000 divided into 75,000 equity shares of \rupee 100 each. The company invited applications for issuing 45,000 shares.
The amount was payable as follows: \rupee 30 per share on application, \rupee 30 per share on allotment, \rupee 25 per share on first call, and balance on final call. Applications were received for 42,000 shares and allotment was made to all the applicants. Charvi, to whom 3,300 shares were allotted, failed to pay both the calls. Her shares were forfeited. Present the share capital in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013. Also prepare notes to accounts.

Hint:

Ensure correct classification of share capital as per Schedule III, including details of authorised, issued, and subscribed capital.

Answer 1

Step 1: Calculate Subscribed and Paid-up Capital: \[ \text{Total Shares Subscribed} = 42,000 \text{ shares} \] \[ \text{Paid-up Capital for Forfeited Shares:} 3,300 \times \rupee 60 = \rupee 1,98,000 \] Step 2: Prepare the Balance Sheet: \[ \begin{array}{|c|c|} Particulars & Amount (\rupee)
Equity and Liabilities &
\text{Equity Share Capital:} &
\quad Authorised Capital (75,000 shares of \rupee 100 each) & 75,00,000
\quad Issued Capital (45,000 shares of \rupee 100 each) & 45,00,000
\quad Subscribed and Paid-up Capital (42,000 shares fully paid) & 42,00,000
\quad Less: Calls in Arrears (3,300 shares unpaid at \rupee 40/share) & (1,32,000)
Total & 43,68,000
\end{array} \] Notes to Accounts: Share Capital: \[ \text{Authorised Capital: 75,000 shares of \rupee 100 each = \rupee 75,00,000} \] \[ \text{Issued Capital: 45,000 shares of \rupee 100 each = \rupee 45,00,000} \] \[ \text{Subscribed Capital: 42,000 shares of \rupee 100 each = \rupee 42,00,000} \] \[ \text{Less: Calls in Arrears: \rupee 1,32,000 (from 3,300 shares).} \] Forfeited Shares: Amount forfeited from 3,300 shares is \rupee 1,98,000.