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.
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.
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.
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Forfeited shares are deducted from the share capital, and securities premium is calculated only on shares issued above face value.
Updated On: Jan 28, 2025
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Solution and Explanation
Balance Sheet of Ronit Ltd. as on 31st March, 2023
\begin{center}
\begin{tabular}{|l|r|}
Particulars & Amount (\rupee)
Equity and Liabilities &
Equity Share Capital & 41,85,000
Securities Premium Reserve & 84,000
Total & 42,69,000
Assets &
Cash and Cash Equivalents & 42,69,000
Total & 42,69,000
\end{tabular} \end{center} Notes to Accounts: Equity Share Capital: Authorised Capital: 75,000 shares of \rupee 100 each = \rupee 75,00,000 Issued and Subscribed Capital: 45,000 shares of \rupee 100 each = \rupee 45,00,000 Paid-up Capital: 41,85,000 (after adjusting forfeiture) Securities Premium Reserve: Securities premium of \rupee 2 per share on 42,000 shares = \rupee 84,000
Equity and Liabilities &
Equity Share Capital & 41,85,000
Securities Premium Reserve & 84,000
Total & 42,69,000
Assets &
Cash and Cash Equivalents & 42,69,000
Total & 42,69,000
\end{tabular} \end{center} Notes to Accounts: Equity Share Capital: Authorised Capital: 75,000 shares of \rupee 100 each = \rupee 75,00,000 Issued and Subscribed Capital: 45,000 shares of \rupee 100 each = \rupee 45,00,000 Paid-up Capital: 41,85,000 (after adjusting forfeiture) Securities Premium Reserve: Securities premium of \rupee 2 per share on 42,000 shares = \rupee 84,000
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